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SINGAPORE, Oct. 9, 2023 /PRNewswire/ -- Lazada Group (Lazada) and Seoul Business Agency (SBA) have entered a Memorandum of Understanding (MoU) to open up new horizons for South Korean small and medium-sized enterprises (SMEs) in Seoul seeking to expand their reach into the vibrant Southeast Asian market, starting with Singapore.
This collaborative effort aims to create greater opportunities for South Korean businesses, and to empower them through Lazada's technology, tools and solutions to thrive and prosper in the Southeast Asian digital shopping space. Concurrently, this will also enhance the range of products and brand options accessible to Lazada's customers.
Jason Chen, Chief Business Officer, Lazada Group and Chief Executive Officer, Lazada Singapore; and Hyunwoo Kim, Chief Executive Officer, Seoul Business Agency at the signing of the MoU at Lazada One.
The MoU was signed by Jason Chen, Chief Business Officer, Lazada Group and Chief Executive Officer; and Hyunwoo Kim, Chief Executive Officer, Seoul Business Agency at the Lazada office, Lazada One in Singapore. This occasion marks the first visit by Hyunwoo Kim, CEO of SBA to Singapore for the signing ceremony with Lazada, a leading eCommerce platform in Southeast Asia, underscoring the significance of the partnership between the two companies.
Jason Chen, Chief Business Officer, Lazada Group and Chief Executive Officer, Lazada Singapore; said: "We are thrilled to embark on this strategic journey with Seoul Business Agency. This collaboration not only strengthens our commitment to offering buyers an extensive variety of products but also reinforces our dedication to fostering cross-border shopping and welcoming brands and sellers from across the globe to our eCommerce ecosystem. South Korean SMEs have much to offer, and together with Seoul Business Agency, we aim to unlock their potential in Southeast Asia."
Hyunwoo Kim, Chief Executive Officer, Seoul Business Agency, echoed the sentiments: "Seoul Business Agency has always been dedicated to driving innovation and economic growth for SMEs in Seoul. Partnering with Lazada will allow South Korean SMEs to sell their products to customers in Southeast Asia, and to optimize their businesses by accessing Lazada's technology and seller tools. This is a natural extension of our mission, and this MoU signifies our commitment to creating quality job opportunities and facilitating the success of South Korean businesses. We are excited about the potential this collaboration holds for our SME community."
Under this agreement, SBA will take the lead in promoting Lazada as a key Southeast Asian eCommerce marketplace destination among SMEs in Seoul. The collaboration will first roll out in Singapore, where SBA and Lazada will work together to onboard and incubate selected new cross-border sellers from Seoul onto the Lazada Singapore platform.
About Lazada Group
Lazada Group is Southeast Asia's pioneer eCommerce platform. For the last 11 years, Lazada has been accelerating progress in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam through commerce and technology. Today, a thriving local ecosystem links about 160 million active users to more than one million actively-selling sellers every month, who are transacting safely and securely via trusted payments channels and Lazada Wallet, receiving parcels through a homegrown logistics network that has become the largest in the region.
With a vision to achieve USD100 billion annual GMV, Lazada aims to serve 300 million shoppers by 2030, and be the best at enabling brands and sellers in digitalizing their businesses.
About Seoul Business Agency
The Seoul Business Agency was established in accordance with the Small and Medium-sized Enterprise Promotion Act, its enforcement decree, and the Seoul Business Agency Establishment and Operation Regulations, with the aim of contributing to the promotion and revitalization of the economy of Seoul Metropolitan City by promoting startups, fostering corporate growth, and nurturing industries.
To enhance economic activity and results perceived by Seoul citizens, startups, and businesses, the Seoul Business Agency is pursuing various projects based on communication and cooperation. The central focus of Seoul's economic development policy includes seven major policy tasks: fostering global startup companies, increasing sales for Seoul-based businesses, nurturing corporate talent and hiring, enhancing corporate competitiveness, promoting the content industry, activating industrial hubs, and fostering the beauty and fashion industry.
The Seoul Business Agency strives continuously to efficiently implement policies for the promotion of Seoul's economy and to provide comprehensive and systematic support for small and medium-sized enterprises.
For more information, please contact: Seoul Business Agency, https://www.sba.seoul.kr/eng
