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RETAIL BANKING | Staff Reporter, Singapore

UOB, Shopee sign MOU to offer exclusive perks to customers

UOB One credit and debit card users can enjoy cash rebates of up to 10%.

United Overseas Bank (UOB) and Shopee have signed a memorandum of understanding (MOU) to offer customers perks when they use the UOB One credit or debit cards to make purchases on the e-commerce platform’s online marketplace.

Customers can enjoy exclusive deals and cash rebates of up to 10% when they charge their purchases on Shopee to their UOB One Card, according to a joint press release by UOB and Shopee.

UOB and Shopee will also explore the use of data analytics and APIs to personalise the customer experience as they shop online and to offer digital payment options that are relevant to the consumer, such as using reward points to offset their purchases.

This could lead to initiatives such as the integration of Shopee’s features on UOB’s all-in-one mobile banking app, UOB Mighty or vice versa, they said.

Since the start of the year, spend on retail purchases made online by UOB cardmembers has grown close to 50% YoY, the bank shared. Online spend notably surged 69% YoY in the second quarter, when Singapore underwent a circuit breaker period.

Shopee was noted to be the preferred choice of UOB cardmembers, with spend made on the e-commerce platform outpacing other online marketplaces for the year. For example, spend at Shopee made by cardmembers of UOB’s flagship cashback credit card, the UOB One Card tripled between 2019 and September 2020, the banking giant revealed.

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