UOB and Lazada partner for better commerce payments in SEA

This is their first cross-industry collaboration.

United Overseas Bank (UOB) has teamed up with Lazada Group to link their banking solutions and retail products across Southeast Asia (SEA).

The partnership target consumers from Singapore, Malaysia, Indonesia, Thailand and Vietnam.

This is Lazada’s first alliance with a bank for a range of financial services and payments in the region. As such, UOB is set to have its first collaboration with an e-commerce platform.

“ASEAN plays a strategic role as an economic powerhouse to the world. As a bank with strong presence in ASEAN, our ambition is to open doors to new business opportunities across the region. Working with an e-commerce partner like Lazada complements our continued effort to bring personalised and innovative solutions to a thriving ASEAN,” Frederick Chin, Head of Group Wholesale Banking and Markets, UOB, said.

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This partnership will leverage Lazada's technology and stature as a prominent e-commerce platform in the SEA region, alongside UOB's established competence in financial products, top-notch digital banking services, and customer trust.

Singapore-based UOB customers opening a Lazada account will receive a welcome gift of cashback vouchers worth up to $200.

UOB's purchase of Citigroup's consumer banking operations in four ASEAN countries will result in the continuation of the Citi-Lazada co-brand credit cards partnership in Thailand, Malaysia, and Vietnam. 

These cards will be rebranded as new UOBLazada co-brand credit cards later this year, with improved perks. UOB and Lazada also intend to expand the co-brand credit card program to Singapore and Indonesia.

Further, UOB and Lazada aim to partner on cash management and transaction processing services for Lazada vendors across the region.