Alibaba-owned Lazada Group and credit card issuer Citi today announced the launch of the Citi Lazada credit card in Singapore.
Photo credit: Citi
The Citi Lazada credit card in the city-state offers 12x reward points for every S$1 spent on Lazada shopping transactions during the launch period from December 2019 to February 2020, according to a statement.
Entering the growing purchasing power of millennial consumers in Singapore, Citi and Lazada aim to serve over 50% of young professionals locally with the new card over the next few years.
“Over the first 11 months of the year, Lazada saw a 43% year-on-year increase in the number of customers aged 18 to 35 shopping on our platform in Singapore,” James Chang, CEO of Lazada Singapore, said.
Citi’s data also shows that more than half of its new credit card customers in Singapore are digitally acquired, and that these customers are more engaged with close to 3x more spending than others within three months of onboarding.
According to Forrester Research, online retail in Southeast Asia is expected to grow from US$19 billion in 2018 to US$53 billion by 2023, accounting for 6.5% of all retail sales.
The new card is an extension of the companies’ regional partnership, which began in Singapore in 2015. They target over 500,000 new credit cards in Southeast Asia over the next few years.
Singapore is the fourth market to receive the Citi Lazada credit card, which was launched in Malaysia, Thailand, and Vietnam in the last two months. The card will be progressively rolled out to other markets in the coming year, according to a statement.
Editing by Charmaine de Lazo
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