Lazada Group, a Southeast Asian e-commerce platform operator, has teamed up with global banking group, Citibank, to introduce the region’s first e-commerce co-brand credit card, Malaysian National News Agency (BERNAMA) reported.
Citibank regional director, credit cards and personal loans (Asia Pacific) Sanjay Nambiar said Citibank and Lazada has set a target over 500,000 sign-ups of the new card across the region over the next few years.
"Malaysia is the first country to launch the card. There will be subsequent launches in other countries in the region in over the next six months," he told reporters after the launching of the card here Wednesday.
Citibank Malaysia consumer business manager Elaine Fan said the collaboration is a step forward in co-branding for the credit card business as it showcases the combination of the powerful e-Commerce with the strengths of a global financial platform.
"At Citibank, our priorities include expanding into new segments such as millennial shoppers who make up the most number of e-commerce customers," she said.
The new card she added, would enable Citibank to access a younger, digitally-savvy customer pool who make up the majority of e-commerce customers in the region while Lazada would widen its breadth of offerings and services by leveraging on a global financial platform.
Lazada group chief marketing officer Mary Zhou said the card is expected to be well received in Malaysia and in the region backed by various incentives and benefits.
Cardholders she said would enjoy 10 times points on Lazada purchases and up to 20 per cent cashback on Lazada on Wallet top-ups.
Cardholders could also earn 1,000 bonus points every month by using the card for their retail purchases with a minimum retail spend of US$357 (RM1,500) per statement month, she said.
"The card also comes packed with unique travel, wellness and lifestyle benefits and discounts from selected partners such as Malindo, Klook, Fraser Hospitality, Dominos, Healthland and ClassPass," she added.
Citibank's Asia Pacific Consumer Banking business has around 15.2 million credit cards, covering 12 markets in the region.
Lazada has about 50 million active users in the Southeast Asia region.
Source : BERNAMA