SINGAPORE: United Overseas Bank (UOB) and Lazada Group have signed a memorandum of understanding (MOU) to collaborate on retail products and banking solutions for their combined customer base in Singapore, Malaysia, Indonesia, Thailand and Vietnam.
UOB will offer its new customers Lazada cashback vouchers worth up to $200 as a welcome gift, says the bank on April 17.
The regional strategic partnership will also help e-commerce merchants on the Lazada platform access financing.
This is Lazada's first partnership with a bank across a variety of payments and financial services in Southeast Asia, as well as UOB's first regional collaboration with an e-commerce platform.
Following UOB's acquisition of Citigroup's consumer banking businesses in four Asean markets, UOB will continue the Citi-Lazada co-branded credit cards in Thailand, Malaysia and Vietnam.
In these three markets, the cards will be refreshed as new UOB-Lazada co-branded credit cards later this year with enhanced benefits. Cardholders will also gain access to special Lazada deals during mega sale events.
Source : The Edge Markets