UOB's venture with Zilingo aims to benefit SMEs

From left: Mr Choo Kee Siong, UOB's head of industry groups, group commercial banking, Zilingo's CEO and co-founder Ankiti Bose, and UOB's head of group business banking Lawrence Loh at yesterday's signing of the deal meant to help drive the growth o
From left: Mr Choo Kee Siong, UOB's head of industry groups, group commercial banking, Zilingo's CEO and co-founder Ankiti Bose, and UOB's head of group business banking Lawrence Loh at yesterday's signing of the deal meant to help drive the growth of Asean's fashion industry.PHOTO: UOB

United Overseas Bank (UOB) has signed a deal that will give smaller firms access to its banking services via the platform of fashion and lifestyle e-commerce firm Zilingo.

The link-up will allow Zilingo's merchants and manufacturers "across the region to manage their cash flow better and to grow their businesses more efficiently", both companies said yesterday.

Zilingo was founded in 2015 and has offices in eight cities, with around 500 employees globally.

Its chief executive and co-founder Ankiti Bose said: "Where businesses may find difficulty in accessing capital due to insufficient financial records, Zilingo's 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."

The link-up will allow Zilingo's merchants and manufacturers "across the region to manage their cash flow better and to grow their businesses more efficiently", both companies said yesterday.

Mr Choo Kee Siong, UOB's head of industry groups, group commercial banking, noted: "We have been working with various partners to offer our banking products and services to companies across entire supply chains.

"Through our (agreement) with Zilingo, fashion businesses across Asean will be able to access our.. banking solutions."

UOB also said it will explore support for Zilingo's platform in other areas, including cash management and foreign exchange services.

A version of this article appeared in the print edition of The Straits Times on June 27, 2019, with the headline 'UOB's venture with Zilingo aims to benefit SMEs'. Print Edition | Subscribe