UOB, Qoo10 collaborate to drive ASEAN eCommerce

United Overseas Bank Limited (UOB) and Qoo10, a leading e-commerce platform, today announced that they have formed a strategic regional alliance to drive e-commerce growth across ASEAN.

The strategic regional alliance is in effort to bring banking services closer to consumers and small businesses across ASEAN. Qoo10, Singapore’s  top e-commerce platform with over 3 million buyers,QuuBe, a blockchain-based e-commerce platform  in January and which already has more than two million products on the marketplace.

Via this alliance, Qoo10 will be able to tap UOB’s holistic suite of financial solutions to help consumers and merchants buy and sell products more easily on both the Qoo10 and QuuBe platforms. Both organisations will also promote each other’s products and services to create greater value for their customers across ASEAN.

Direct financing for small businesses

Small businesses will also be able to apply for financing directly on Qoo10’s site. Singapore-based merchants who have been using Qoo10 for at least six months will have their loan application processed in just one business day.

By the second half of the year, merchants will be able to apply for business loans directly on Qoo10’s site instead of having to submit physical documents such as the company’s financial statements to the Bank. The Bank is also exploring the use of artificial intelligence to cut down the credit assessment process so that business owners can receive an outcome on their loan application in the same day.

The strategic alliance will also support Qoo10’s efforts to grow its QuuBe marketplace. The platform provides merchants a more cost-effective way of selling online by removing service or transaction fees that are usually imposed on online sellers.