The Silicon Review ^Asia

Lazada, a Singapore-based, Alibaba-owned company and Citi have entered into a partnership to roll out a co-branded credit card for the Southeast Asian region. “Through our partnerships, we are looking to increase our consumer banking customer base in the Asia Pacific by about 2 million over the next few years,” said Sergio Zanatti, Citi Asia Pacific and EMEA exec.

According to a statement, the new credit card is now available in Malaysia and will be launched in other markets over the next six months.

The partnership will pave the way for Lazada to widen the scope of its products and services through Citi’s global platform. On the other hand, Citi will be able to tap into a customer base that is attracted by the e-commerce players in the region; mostly the young and tech-savvy population. Both the companies will target 500,000 sign-ups across the region over the next few years.

Lazada Citi Credit card: Benefits

Users will be able to gain 10x more rewards on purchases from the company’s platform when using the credit card and carry put top-ups for their Lazada wallets. Every month, the credit card rewards 1,000 bonus points to its users – in accordance with the minimum spending made by the customers.

Staying ahead in the competition

In September, Lazada was ranked as the number one e-commerce player in the Southeast Asian region, with over 50 million active buyers every year. In Q1 2019, the company had the largest number of monthly active users in the Southeast Asian region.