CIMB boosts financial inclusion with Lazada
MANILA, Philippines — Digital-only commercial bank CIMB Bank Philippines has teamed up with e-commerce platform Lazada Philippines to further advance financial inclusion and digital payments among Filipinos, targeting to onboard 500,000 borrowers within six months.
The partnership will allow the seamless integration of buy now, pay later (BNPL) payments into online shopping, extending credit access for the unbanked consumers on Lazada.
“Our partnership with Lazada signifies our shared commitment to making a positive impact on the lives of Filipinos,” CIMB Bank CEO Vijay Manoharan said.
“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, ” Manoharan added.
LazPayLater is a credit payment method on the Lazada platform that is designed to empower qualified users to transact securely and conveniently across the platform.
By leveraging CIMB’s underwriting capabilities, Lazada’s flagship BNPL product LazPayLater will be able to cater to more diverse customers, including those who have limited access to traditional banking services.
“We are committed to building the superior online shopping experience for Filipinos, ensuring a trusted and engaging ecosystem for our customers and partners,” Carlos Barrera, CEO of Lazada Philippines, said.
“Through this alliance with CIMB, we are taking a significant step toward financial inclusion and empowering more Filipinos to participate and thrive in the digital economy,”Barrera said.
According to CIMB, the partnership supports the central bank’s Digital Payments Transformation Roadmap, which aims to make 50 percent of total retail transaction volumes digital.
CIMB Bank Philippines is a digital-only commercial bank serving 7.5 million Filipinos and over three million lending customers. The lender is also part of the CIMB Group, the fifth largest bank in the ASEAN region.
Lazada Group is Southeast Asia’s pioneer e-commerce platform, making its presence known in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. It links about 160 million active users to more than one million actively selling sellers every month.
Lazada aims to serve 300 million shoppers by 2030 and be the best at enabling brands and sellers in digitizing their businesses.