CIMB Bank, recognized as the Best Bank in the Philippines by Forbes, and leading e-commerce platform Lazada Philippines, have proudly unveiled a strategic partnership aimed at enhancing financial inclusion for Filipinos.
This collaboration between Lazada Philippines and CIMB Bank PH is geared towards broadening access to credit for the unbanked population. By joining forces, they aim to establish an ecosystem that transcends traditional e-commerce boundaries. The partnership facilitates seamless integration of buy-now-pay-later (BNPL) payment options into the overall online shopping experience on Lazada, thereby enhancing accessibility for a wider range of consumers.
Lazada’s flagship BNPL product, LazPayLater, empowers customers with convenient credit access within the Lazada platform. Leveraging CIMB’s robust underwriting capabilities, LazPayLater is tailored to cater to diverse customer segments, including those with limited access to conventional banking services.
Vijay Manoharan, CEO of CIMB Bank PH, emphasized, “Our collaboration with Lazada underscores our mutual commitment to positively impact the lives of Filipinos. We are advocating for a cause that resonates with our shared vision of promoting financial inclusion and expanding credit access. Through this partnership, we aim to onboard approximately 500,000 new LazPayLater customers within the next six months.”
Carlos Barrera, CEO of Lazada Philippines, echoed this sentiment, stating, “We are dedicated to delivering an exceptional online shopping experience for Filipinos, fostering a trusted and interactive ecosystem for our customers and partners. Through our partnership with CIMB, we are taking significant strides towards financial inclusion, empowering more Filipinos to participate and flourish in the digital economy.”
Furthermore, this alliance aligns with the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap, which aims to digitize 50% of total retail transaction volumes.
LazPayLater, as a credit payment option, represents a fully integrated and inclusive financial services solution, responsibly empowering eligible Lazada users to transact securely and conveniently across the platform. Currently, LazPayLater is accessible to select users through the Lazada app by application.
