Citibank has announced a new partnership with Singaporean e-commerce firm, Lazada Group, marking the first venture of this type for the bank.
Citi card holders will now receive discounts of up to 15 per cent to shop on e-commerce sit, Lazada, after the bank entered into a partnership deal with the Singapore-based shopping and selling site. The program will launch in Thailand, Indonesia, Malaysia and the Philippines in October, following on from the current partnerships in Singapore and Vietnam.
Citibank is currently the largest credit card issuer in Asia with over 16 million customers. Citi head of Asia-Pacific customer banking, Anand Selva, said that the partnership venture would help with further growth for the bank, as well as promoting Citi’s digital ecosystem initiative.
“We have seen that the rapid adoption of mobile and other digital channels has truly transformed how and where people bank,” he said.
“Partnering with Lazada [will] drive growth in our cards business via new acquisitions and increased customer loyalty.”
E-commerce is a current boom in Singapore, with industry growth up significantly on quarter two last year. Citibank chief executive officer, Han Kwee Juan, said: “E-commerce platforms have been growing at a phenomenal rate and so has the affinity for online purchases by our customers, which have been increasing in tandem.”
“This is testament of our relentless efforts in driving digital with key players across the region to meet the evolving lifestyle behaviours and preferences of our customers.
“We are pleased with this hugely successful and popular concept, which has made shopping even more rewarding.”