CIMB Bank, named the Best Bank in the Philippines by Forbes, and leading e-commerce platform Lazada Philippines, proudly announce a partnership aimed at advancing financial inclusion among Filipinos.
Extending access to credit for the unbanked, Lazada Philippines and CIMB Bank PH have joined forces to create an ecosystem that goes beyond conventional e-commerce. The partnership allows for seamless integration of buy-now-pay-later (BNPL) payments into their overall online shopping experience, creating broader accessibility for more consumers on Lazada.
LazPayLater, Lazada’s flagship BNPL product, provides customers with convenient access to credit within the Lazada platform. By leveraging CIMB’s robust underwriting capabilities, LazPayLater is designed to cater to a diverse range of customers, including those who may have limited access to traditional banking services.
"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.”
“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."
The alliance also supports the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap, which targets to make 50% of total retail transaction volumes digital.
LazPayLater, a credit payment method, is a fully integrated and inclusive financial services solution designed to responsibly empower qualified Lazada users to transact securely and conveniently across the platform. LazPayLater is currently open to select users only by applying through the Lazada app.
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