Citibank and Lazada are launching a co-branded credit card in Thailand, giving customers a chance to earn discounts on Lazada's e-commerce platform.
This is the second market in which Lazada and Citi have offered the credit card, having launched in Malaysia in October.
The two companies target 500,000 people signing up for the card regionally.
"Citi continues to gain traction with its regional partnership strategy, and we are delighted to be collaborating with Lazada as we build out our presence and scale in digital ecosystems where our customers are active," said Sandeep Batra, card and loan head of Citibank Thailand. "Through our partnerships, we are looking to significantly increase our consumer banking customer base in Thailand over the next few years."
The partnership is part of Citi's strategy to drive growth and consolidate customer base through digital marketing-led initiatives with digital and big data firms and increased emphasis on co-branded schemes.
Lazada will be able to attract Citi's large client database by offering co-branded perks to new clients on its platform, as well as reaching Citi's existing clients via offline and online marketing channels.
"We are proud to announce the launch of Thailand's first co-branded credit card with an e-commerce platform as we strengthen our leading position in Thailand," said Paradee Sinthawanarong, chief marketing officer of Lazada Thailand. "We want to bring more value to our customers as a leading consumer lifestyle destination, as well as a co-branded card that rewards users on their purchases."
Citi's Asia-Pacific consumer banking business has 15.2 million credit cards, covering 12 markets in Asia-Pacific and five in Europe, the Middle East and Africa.
Close to half of new credit card and loan acquisitions are generated digitally today, representing an increase of more than two times in the last three years.