SINGAPORE - United Overseas Bank Limited (UOB) and Zilingo, a fashion and lifestyle e-commerce platform, have inked a memorandum of understanding (MOU) that will give small and medium-sized enterprises (SMEs) access to the lender's banking solutions directly through the 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," both companies said in a joint statement on Wednesday (June 26).
Said Zilingo's CEO and co-founder, Ankiti Bose: "Through this collaboration with UOB, we want to reaffirm our commitment towards empowering merchants and manufacturers with everything they need to run their business.
"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."
Added Choo Kee Siong, UOB's head of industry groups, group commercial banking: "At UOB, we have been working with various ecosystem partners to offer our banking products and services to companies across entire supply chains, helping them pursue growth strategies and seize business opportunities.
"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."
UOB also noted that it will explore support for Zilingo's platform in other areas, including cash management and foreign exchange services to workplace banking services.
Founded in 2015, Zilingo has offices in eight cities, with over 500 employees globally.