Lazada Group, an e-commerce platform operator in Southeast Asia, has partnered with global banking group Citibank to launch the region’s first co-branded e-commerce bank card, the Malaysian National Information Agency (BERNAMA) said.
Citibank’s regional director for bank cards and private loans (Asia Pacific) Sanjay Nambiar said Citibank and Lazada have set a goal of over 500,000 latest card registrations across the region in the subsequent few years.
“Malaysia is the primary country to introduce this card. There can be further launches in other countries within the region over the subsequent six months,” he told reporters after the cardboard’s launch on Wednesday.
Elaine Fan, Citibank Malaysia’s consumer business manager, said the collaboration is a step forward in creating co-branding for the bank card industry because it showcases the mixture of powerful e-commerce with the strengths of a worldwide financial platform.
“At Citibank, our priorities are to expand into new segments, such as millennials, who constitute the largest number of e-commerce customers,” she said.
Its latest card addition will enable Citibank to access a younger, digitally savvy customer base that makes up nearly all of e-commerce customers within the region, while Lazada will expand its offerings and services by leveraging its global financial platform.
Lazada group chief marketing officer Mary Zhou said the cardboard is predicted to be well received in Malaysia and the region, accompanied by various incentives and advantages.
Its cardholders will receive 10x points on Lazada purchases and as much as 20% cashback on Lazada purchases on wallet top-ups.
Cardholders can even earn 1,000 bonus points every month after they use the cardboard for retail purchases with a minimum retail spend of US$357 (RM1,500) in a billing month, she added.
“The card also offers exclusive travel, wellness and lifestyle benefits and discounts with select partners such as Malindo, Klook, Fraser Hospitality, Dominos, Healthland and ClassPass,” she added.
Citibank’s Asia-Pacific retail banking business handles roughly 15.2 million bank cards and serves 12 markets within the region.
Lazada has roughly 50 million lively users within the Southeast Asia region.
source: BERNAMA
