Lazada Introduced vendor loans program in Singapore

Post by Anupam Pandey | Oct 29, 2018

Lazada has exclusively launched a program for the vendors in Singapore which will avail loans to the online sellers.  The Alibaba’ backed e-commerce enterprise is gradually opening a plethora of opportunities for the budding sellers and this new initiative is expected to be one of the major boosts in this process.

The vendor loan program has been exclusively designed for the online sellers of Lazada and it has developed a strategic partnership with Finaxar, the rising finance startup. The program comes just a few days after the decision taken by Lazada that abandoned the commission charges for the sellers on the e-commerce platform in Singapore. This program offers a vivid flexibility that enables the online sellers to get the capital of the desired amount at any level of operation and does not require them to commit for a long-term loan as it is customary in the financial sector.        

The latest strategies have been developed by Lazada to spear ahead of the rising competitors such as Shopee and Carousell which have been threatening to overhaul the dominance of Lazada of late. The online sellers who want to access the capital need to sign up on the Finaxar and interlink it t their Lazada accounts through an online application which would take less than 30 minutes to get approved.  

The process of repayment would be synchronized with respect to the customer payment receipts obtained from Lazada. Finaxar charges 1.5% fee on the amount accessed and there are no other fees or revenue sharing obligations as such between Finaxar and Lazada.