United Overseas Bank (UOB) has announced that it has entered into partnership with Shanghai-based online apartment rental platform Mamahome to facilitate the latter’s foray into the Singapore market. The move comes as the end-to-end property rental service provider gears up for global expansion.
Under this partnership, UOB will help Mamahome’s Singapore expansion by providing e-payment solutions that will enable safer and quicker transactions. UOB plans to integrate its Virtual Account Solution with Mamahome’s online platforms, including the website and the mobile application, to facilitate payment transactions.
The UOB Virtual Account Solution will create a range of virtual account numbers for Mamahome to assign to its properties to receive their payments. Mamahome customers will use those virtual accounts to make payments towards the properties assigned to them. UOB will then link the virtual account numbers to Mamahome’s UOB bank account to transfer the payments made.
UOB’s virtual payment solution is expected to simplify Mamahome’s account receivables, while saving the time and effort involved in traditional payment collection methods like cheque and cash.
According to a media report, So Lay Hua, Managing Director and Head, Group Transaction Banking, Group Wholesale Banking, UOB, said the development will help Mamahome and its customers manage their financial transactions in a simpler and smarter way.
The report says that Mamahome will introduce online tenancy services in Singapore, which will allow both tenants and house owners to sign the agreement electronically and keep a record of all the related documents in digital form. In a bid to encourage tenants to make payments, Mamahome also plans to offer reward points which can be redeemed for things like free housekeeping and delivery services.
Mamahome’s Singapore expansion comes after it received RMB100 million investment from City Developments in September last year. This is the first time the company is moving out of China. Mamahome is working towards adding more properties to its portal in collaboration with developers, builders, property leasing firms and agents.
Mamahome’s Singapore head Calvin Cai said the company chose UOB for the latter’s extensive knowledge of the local market and its comprehensive payment solutions. He added that this partnership will mark the start of disruption in this sector, which still largely relies on traditional payment methods.