United Overseas Bank (UOB), a multinational banking corporation headquartered in Singapore, has signed a Memorandum of Understanding (MOU) with Lazada, a top player in the eCommerce industry, to provide a mix of ecommerce and banking solutions in its five markets in Southeast Asia – Thailand, Malaysia, Indonesia, Vietnam, and Singapore. This is the first partnership between Lazada and a bank and UOB’s pioneering regional collaboration with an eCommerce platform.
The partnership aims to leverage Lazada’s solutions and brand and UOB’s success in the fintech industry. This will allow buyers and sellers to have access with benefits and rewards with the financial solutions offered to meet the demands of the market. The partnership is aimed to be long-term and sustainable for all stakeholders involved.
Lazada’s Chief Executive Officer, Mr. James Dong, said one of Lazada’s goals is to establish an accessible platform for users in Southeast Asia, and the partnership with UOB will help with carrying out this vision. Customers will have access to user-friendly and safe payment options, and for sellers, it will help them drive their brands to success.
UOB’s Head of Group Wholesale Banking and Markets, Mr. Frederick Chin, said that the ASEAN region plays a major role in the economic growth of the globe, and the partnership with an established eCommerce platform like Lazada will help them offer tailored and advanced solutions to both customers and brands by providing financial services alongside rewards and vouchers.
The partnership will focus on three things: improved benefits for the consumers, better financial solutions for brands, and improved consumer engagement and personalisation. UOB and Lazada users in Singapore and Indonesia will be the first ones to see the benefit of the partnership. For new consumers in Singapore, they will receive Lazada cashback vouchers valued up to $200 as a welcome gift. Mega sale event rewards will also be enjoyed by UOB cardholders. The partnership will help with transaction processing and cash management for brands under Lazada placed in the region.
The partnership between UOB and Lazada will aim to provide loans to brands in the eCommerce platform to help with providing access to an advanced digital lending experience. The process will be centralized and integrating onboarding, approval, and disbursement of the loans.
The objective of the partnership is to help with providing a personalised shopping experience for the users. This will help draw more people in, and the partnership will help with improving the financial solutions offered to brands in the eCommerce platform. Overall, the partnership between UOB and Lazada is expected to be a game-changer in the eCommerce industry and the banking sector in Southeast Asia.