E-commerce service provider Synagie entered a deal to manage and operate brand stores for Lazada on the online retailer’s marketplaces in Southeast Asia, the Singapore-listed company said in a filing to SGX Tuesday.
Synagie’s wholly owned subsidiary, BTFL, has signed a binding memorandum of understanding (MOU) with Lazada South East Asia and Lazada Services South East Asia, Synagie said. Alibaba is Lazada’s controlling shareholder.
Under the MOU, Synagie will be assigned selected brand stores to operate, with the services set to begin as soon as Synagie and Lazada enter a service agreement, the filing said.
“We are honoured to be appointed as a regional Lazada Partner to provide our expertise to help manage Lazada’s online store operations,” Olive Tai, co-founder and executive director of Synagie, said in the statement.
“This is a first-of-its-kind partnership that we believe will be a game changer for Southeast Asia e-commerce. Brands and businesses will be
empowered with tools to help them ride the massive growth of e-commerce in the region,” she added.
Synagie pointed to estimates showing Southeast Asia’s e-commerce market was set to rise to US$240 billion by 2025.