UOB Partners Local E-commerce Platform To Mine Opportunities
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United Overseas Bank has partnered with a popular e-commerce platform to build ecosystem partnerships. This follows a string of partnerships announced with other high profile online platforms. United Overseas Bank (UOB) announced a regional alliance with local e-commerce platform Qoo10 on Monday, complementing the bank’s efforts to help small businesses seize opportunities in the digital economy. Qoo10, with more than three million buyers, is the top e-commerce platform in Singapore.
«Our alliance with Qoo10 enables us to extend our touchpoints to provide small businesses with the financing they need directly on the e-commerce site, helping them to take advantage of opportunities quickly as they arise,» said Lawrence Loh, Head of Group Business Banking at UOB.
In January this year, Qoo10 launched QuuBe, a blockchain-based e-commerce platform which already has more than two million products on the marketplace. Through the 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.
«Partnering established and trusted allies such as UOB enables us to empower our merchants and customers with readily accessible solutions that provide greater financial flexibility in running a business or making purchases,» says Ku Young Bae, CEO of Qoo10.
Questions & Answers
Q.What is the primary goal of UOB's partnership with Qoo10?
What is the primary goal of UOB's partnership with Qoo10?
The partnership aims to help small businesses access financing directly on the e-commerce site. This allows them to quickly seize opportunities within the digital economy.
Q.How will this alliance benefit Qoo10's users?
How will this alliance benefit Qoo10's users?
Qoo10 will gain access to UOB's financial solutions. This will assist both consumers and merchants in buying and selling products more easily across the Qoo10 and QuuBe platforms.
Q.What is QuuBe and how does it relate to Qoo10?
What is QuuBe and how does it relate to Qoo10?
QuuBe is a blockchain-based e-commerce platform launched by Qoo10 in January. It is an extension of Qoo10, offering over two million products on its marketplace.
Q.Has UOB made similar partnerships with other online platforms recently?
Has UOB made similar partnerships with other online platforms recently?
Yes, this alliance with Qoo10 follows a series of other partnerships UOB has announced. They have been forging alliances with various high-profile online platforms.