Citi and e-commerce platform Lazada Group announced the launch of the Citi Lazada credit card in Singapore on Monday. The new co-brand credit card allows millennial shoppers to enjoy the launch promotions and card benefits as they shop online during the year-end festive season.
Tapping into the growing purchasing power of millennial consumers in Singapore, Citi and Lazada aim to serve over 50 percent of young professionals locally with the new card over the next few years. Data from Citi, the world's largest credit card issuer, 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 three times more spending than others within three months of onboarding.
«With over 30 per cent of our customers’ credit card spend now made via digital channels, it is important for us to continue expanding our presence and scale in digital ecosystems, and deepening our engagement with the growing eCommerce customer base in Singapore,» said Brendan Carney, CEO of Citibank Singapore Limited and Global Consumer Banking ASEAN Cluster Head in a media statement.
Natural Extension
The Citi Lazada credit card launch is a natural extension to Citi and Lazada’s regional partnership, which began in Singapore in 2015. With the new card, Citi gains access to a younger, digitally-savvy customer pool that makes up the majority of eCommerce customers in the region, while Lazada widens its breadth of offers and services by leveraging a global financial platform. Together, the partners target over 500,000 new credit cards in Southeast Asia over the next few years.
«Over the first 11 months of the year, Lazada saw a 43 percent year-on-year increase in the number of customers aged 18-35 shopping on our platform in Singapore. Millennials are now buying more groceries, household supplies, and beauty products online than ever before. As eCommerce in Southeast Asia continues to flourish and meet consumers’ expanding needs, Citi and Lazada are unified by a common goal to develop the eCommerce ecosystem and provide more value to digital natives,» said James Chang, CEO of Lazada Singapore.
