Lazada seeks to expand its array of financial services

More changes to be expected at Lazada as it seeks to expand its reach in Southeast Asia.

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Lazada seeks to expand its array of financial services

After adding a slew of new features to help merchants optimize sales, the Alibaba-backed Lazada is eyeing various ways to expand its financial services beyond operating an e-wallet and offering loans for small businesses using its platform, according to CNBC .

The company’s newly appointed CEO Pierre Poignant believes that it is necessary for Lazada to grow its online financial services to compete in Southeast Asia’s online retail market. Shopee, Carousell, and Tokopedia are among the web-based marketplaces that operate in the region.

Specifically, Poignant told CNBC that Lazada may use its data to assess loans for vendors that use the platform. He also identified space for growth in cross-border transactions facilitated by trade financing.

Editor: Brady Ng