United Overseas Bank has tied up with Zilingo, a fashion and lifestyle e-commerce platform to grow ASEAN's fashion industry.
United Overseas Bank (UOB) and Zilingo, a fashion and lifestyle e-commerce platform, announced on Wednesday that they have signed a Memorandum of Understanding (MOU) to support the growth of ASEAN’s fashion industry. Zilingo is a commerce platform that makes the fashion and beauty supply chain more efficient and has over 35,000 merchants on the platform.
«Through our MOU with Zilingo, fashion businesses across ASEAN will be able to access our comprehensive range of banking solutions seamlessly to meet their operational and financial needs,» said Choo Kee Siong, Head of Industry Groups, Group Commercial Banking at UOB.
Access For Zilingo's Merchants
Under the MOU, businesses on Zilingo’s platform, which are mostly small- and medium-sized enterprises (SMEs), will be able to access UOB’s banking solutions through the e-commerce platform. The greater access to banking solutions will enable Zilingo’s merchants and manufacturers across the region to manage their cash flow better and to grow their businesses more efficiently and easily, the bank said.
«Where businesses may find difficulty in accessing capital due to insufficient financial records, Zilingo’s unique position as a connector of the fashion supply chain will allow us to leverage a bird’s eye view of the supply chain to make a comprehensive assessment of the business’ capabilities and value proposition,» said Ankiti Bose, CEO of Zilingo, commenting on the tie-up with UOB.
Expanding Its Ecosystem Partners
UOB has been working with various ecosystem partners to offer banking products and services to companies across entire supply chains. Last July, the bank set up Singapore's largest car ecosystem by tying up car distributors and popular classifieds app Carousell.
The following month, the bank launched digital home loan solutions to Singapore's property ecosystem with Propnex.
