CIMB Bank, recognized as the top bank in the Philippines by Forbes, has teamed up with Lazada Philippines, a prominent e-commerce platform, to enhance financial inclusion for Filipinos.
By collaborating to offer credit options to those without bank accounts, Lazada Philippines and CIMB Bank PH are working together to establish a unique ecosystem that transcends typical e-commerce practices.
“Our partnership with Lazada signifies our shared commitment to making a positive impact on the lives of Filipinos,” said Vijay Manoharan, CEO of CIMB Bank PH. “We are championing a higher advocacy: one that aligns with our common vision of contributing to financial inclusion and creating more opportunities for individuals to gain access to credit. Through this, we aim to acquire around 500,000 new LazPayLater customers within the next six months.”
Through this partnership, customers on Lazada now have the opportunity to seamlessly utilize buy-now-pay-later (BNPL) payment methods, expanding accessibility to a wider range of consumers.
“We are committed to building the superior online shopping experience for Filipinos, ensuring a trusted and engaging ecosystem for our customers and partners,” said Carlos Barrera, CEO of Lazada Philippines. “Through this alliance with CIMB, we are taking a significant step towards financial inclusion and empowering more Filipinos to participate and thrive in the digital economy.”
LazPayLater, the flagship BNPL product of Lazada, grants users easy access to credit directly within the Lazada platform.
With the support of CIMB’s strong underwriting capabilities, LazPayLater is tailored to serve a diverse customer base, including individuals with limited access to traditional banking services.
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The Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap is supported by the alliance as well, with the goal of reaching a 50% digitalization rate for overall retail transaction volumes.
LazPayLater, a credit payment method, is a comprehensive financial services solution that is seamlessly integrated and accessible to eligible Lazada users.
It enables secure and convenient transactions across the platform.
Currently, LazPayLater is exclusively available to a limited number of users who can apply through the Lazada app.
