CIMB announces partnership with Shopee’s 'Buy Now, Pay Later,' unveils 12% promo interest rate

Digital banking services provider CIMB Bank Philippines on Thursday announced a partnership to provide credit to local users of e-commerce platform Shopee.
 
At a briefing in Pasay City, CIMB chief executive officer Vijay Manoharan said CIMB partnered with digital payments provider SeaMoney for the Buy-Now-Pay-Later (BNPL) service offered by Shopee.
 
“Through the partnership and its scale, we are revolutionizing BNPL by bringing our rich experience and expertise in credit risk management, including digital onboarding for new credit customers, to be able to scale digital lending solutions,” he said.
 
“We will be able to provide Filipinos with an easier and more flexible option to fund their e-commerce purchases and, ultimately, fulfill their life’s passions,” he added.
 
Through the partnership, qualified Shopee users will be able to make purchases and pay in installments later.
 
At present, CIMB has some 6 million customers and some 2 million lending clients, with its portfolio covering personal loans, GCredit, and REVI Credit offerings.
 
CIMB also announced a 12% per annum interest rate promo for savings accounts from December 1 to December 31, 2022, as part of its fourth anniversary in the country.
 
“Our customers have embraced a new way of banking, the CIMB way of digital banking; and we are grateful for all the milestones we’ve achieved,” Manoharan said.  — VBL, GMA Integrated News