UOB and Lazada Announce Regional Strategic Partnership to Enhance Payment and Financial Services

UOB and Lazada Group have entered a Memorandum of Understanding (MOU) to collaborate on retail products and banking solutions for their combined customer base across Singapore, Malaysia, Indonesia, Thailand, and Vietnam. This partnership will be Lazada’s first with a bank for various payments and financial services in Southeast Asia and UOB’s first regional collaboration with an e-commerce platform. The collaboration aims to increase access to financing for e-commerce sellers on the Lazada platform and enhance payment and financial services for customers and sellers in the region.

As part of this partnership, UOB will offer Lazada cashback vouchers worth up to $200 as a welcome gift for new customers in Singapore. In Thailand, Malaysia, and Vietnam, the Citi-Lazada co-brand credit cards will be refreshed as new UOB-Lazada co-brand credit cards with enhanced benefits later this year, while UOB and Lazada will look to extend the co-brand credit card partnership to Singapore and Indonesia. The two partners are also looking into offering loans to sellers on the Lazada platform through a new digital lending experience, and they will collaborate on cash management and transaction processing services for Lazada sellers across the region.

This strategic partnership aims to strengthen both parties’ capabilities to deliver personalised rewards to customers across Southeast Asia and provide better access to payment and financial services that best meet their needs.

19 April 2023

Author: Terry KS

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