SINGAPORE (Dec 13): United Overseas Bank (UOB) is working with Mamahome to provide the payment service for the Shanghai-based start-up providing apartment rental matching services in its first overseas market outside China.
Specifically, UOB will support Mamahome’s expansion into Singapore by integrating the UOB Virtual Account Solution within Mamahome’s online web service and mobile app. Singapore property giant City Developments has a 20% stake in Mamahome.
Through the UOB Virtual Account Solution, tenants will receive a unique virtual account number assigned to the property they are leasing to pay their rent. The unique identifier enables Mamahome to identify and to reconcile quickly and easily the property-related payments it receives.
“At UOB, we are committed to enabling the enterprise and innovation of promising companies,” says So Lay Hua, the bank’s managing director and head of group transaction banking, which is part of UOB’s wholesale banking group.
“This includes helping them expand across borders and by providing financial solutions to deepen their capabilities,” she adds.
Mamahome is able to cover the whole rental process from sourcing and securing a property to settling related payments such as stamp duty and recurring rent fees.
Prospective tenants can negotiate the terms of the lease for their desired home with the property’s representative via a built-in online chat function.
Mamahome will also be launching online e-tenancy services. This will enable tenants and landlords to sign the tenancy agreement electronically and to maintain a digital record of the documents relating to the rental of the property.
To keep its users sticky, Mamahome will also be the first property rental service in Singapore to offer tenants reward points for the payment of rent and other ancillary services. The points can be used for free housekeeping or delivery services.
Calvin Cai, country head at Mamahome, says UOB is able to provide the cashless payment and infrastructure needed for this new property rental business model. “The time has come for an effective disruption when it comes to traditional rental processes,” he says.
