United Overseas Bank (UOB) today announced its partnership with Shanghai-based start-up, Mamahome, in the property technology (PropTech) firm’s first move outside of China.
With UOB’s payments solutions, the fast-growing online apartment rental portal will open its doors to providing end-to-end property rental services in Singapore.
UOB will support Mamahome’s expansion into Singapore by integrating the UOB Virtual Account Solution within Mamahome’s online web service and mobile app. Through the UOB Virtual Account Solution, tenants will receive a unique virtual account number assigned to the property they are leasing to pay their rent. The unique identifier enables Mamahome to identify and to reconcile quickly and easily the property-related payments it receives.
Ms So Lay Hua, Managing Director and Head, Group Transaction Banking, Group Wholesale Banking, said,
“At UOB, we are committed to enabling the enterprise and innovation of promising companies. This includes helping them expand across borders and by providing financial solutions to deepen their capabilities. By using our e-payments solution, we are helping Mamahome and its customers manage their daily financial transactions in a simpler, smarter and safer way.”
The Mamahome service covers all elements of the rental process – from sourcing and securing a property to settling related payments such as stamp duty and recurring rent fees. A prospective tenant can also negotiate the terms of the lease for their desired home with the property’s representative via a built-in online chat function. Mamahome will also be launching online e-tenancy services.
This will enable tenants and landlords to sign the tenancy agreement electronically and to maintain a digital record of the documents relating to the rental of the property. Mamahome will also be the first property rental service in Singapore to offer tenants reward points for the payment of rent and other ancillary services. Tenants will be able to redeem the points for items such as free housekeeping or delivery services.
The PropTech start-up is working with property leasing companies, developers and agents to increase the number of property listings on its platform. City Developments Limited, which has a 20 percent stake in Mamahome, is one of the company’s key partners.
Mr Calvin Cai, Country Head at Mamahome, said that the firm chose UOB because of the Bank’s local market insights and comprehensive financial solutions.
He said,
Calvin Cai
“Mamahome aims to create a better and more efficient rental experience in Singapore. The time has come for an effective disruption when it comes to traditional rental processes. UOB is a leader in cashless payments and its infrastructure also provides the security we need to ensure a quality end-to-end service for all our users.”
Mamahome’s mobile app is available for download on Apple Store and Google Play.
