Lazada Group and the Seoul Business Agency (SBA) have signed a Memorandum of Understanding to provide chances for South Korean SMEs to expand into the Southeast Asia market. 

The SBA will take the lead in promoting Lazada as a prominent Southeast Asian e-commerce marketplace destination among SMEs in Seoul under the terms of this partnership. The collaboration will begin in Singapore, where the SBA and Lazada will collaborate to onboard and nurture chosen new cross-border sellers from Seoul onto the Lazada Singapore platform.

“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 e-commerce ecosystem,” said Jason Chen, chief business officer, Lazada Group and CEO, Lazada Singapore

“South Korean SMEs have much to offer, and together with Seoul Business Agency, we aim to unlock their potential in Southeast Asia.”

This agreement intends to expand chances for South Korean businesses and empower them to grow the Southeast Asian digital commerce arena by utilising Lazada’s technology, resources, and solutions. This will also broaden the selection of items and brand alternatives available to Lazada customers.

According to Bloomberg, e-commerce behemoth Alibaba Group Holding spent an additional US$845 million on its Southeast Asia affiliate Lazada in July, despite the region’s tough competition.