JAKARTA - UOB and Lazada Group agreed on a Memorandum of Understanding (MoU) to collaborate in retail products and banking solutions for UOB customers and Lazada users in five main markets in Southeast Asia, such as Singapore, Malaysia, Indonesia, Thailand, and Vietnam. Through strategic collaboration at the regional level, the two industry leaders will also work together to increase access to financing for traders on the Lazada platform.
This collaboration is Lazada's first partnership with a bank involving various types of financing and financial services in Southeast Asia. Likewise for UOB, which is also the first time it has collaborated with an e-commerce platform.
Later, the cooperation will take advantage of technology from Lazada and UOB's tested expertise in financial products, superior banking services, as well as longstanding customer trust.
This will help both UOB customers and Lazada customers to gain access and benefits for better financing and financial services and according to their needs.
Head Group Wholesale Banking and Markets UOB Frederick Chin said the ASEAN Region played a strategic role as a world economic force.
"As a bank with a strong track record in ASEAN, our ambition is to open the door to new business opportunities throughout the region. Collaboration with e-commerce partners such as Lazada complements our ongoing efforts to present innovative and personalized solutions in the ASEAN region that continue to grow," he said in a press release, quoted Wednesday, April 26.
"Through this partnership, both consumers and businesses can benefit from smooth financial services, as well as provide more experience in the dynamic ASEAN digital landscape," added Frederick.
Meanwhile, Lazada Group Chief Executive Officer James Dong said that his party is committed to building an ecosystem that is open and easily accessible in Southeast Asia.
"We are happy to have the same vision with UOB. For customers, we will offer easy-to-use, convenient, and safe financing and finance options to meet their lifestyle needs. Meanwhile, for brands and sellers, we are helping to develop and accelerate business growth," he said.
James said that his party wanted to be present for a long period of time in order to achieve sustainable and long-term growth together with all partners.
"In our ecosystem, both UOB customers and Lazada customers will benefit more when shopping on Lazada's e-commerce platform and using UOB's lifestyle banking services for their spending," he added.
For your information, UOB and Lazada plan to expand their co-brand credit card offer to Singapore and Indonesia. In addition to being able to enjoy various attractive bonuses throughout the year from Lazada, cardholders will get access to various special offers at Lazada online shopping festivals.
In line with Lazada's steps to localize financing and financial service products at the regional level, Lazada and UOB will also collaborate in cash management services and transaction processing for Lazada sellers in ASEAN.
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