SINGAPORE (June 26): United Overseas Bank (UOB) and Zilingo, the fashion and lifestyle e-commerce platform, have signed a Memorandum of Understanding (MOU) to support the growth of Asean’s fashion industry.
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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,” say the partners in a Wednesday press release.
Ankiti Bose, CEO and co-founder, Zilingo, says, “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”.
Choo Kee Siong, Head of Industry Groups, Group Commercial Banking, UOB, says, “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.”
In addition to supporting Zilingo’s merchants, UOB will also explore support for the e-commerce platform in a number of other areas, from cash management and foreign exchange services to workplace banking services.
