CIMB Bank PH has partnered with Southeast Asia’s leading digital payments provider SeaMoney to onboard 2.5 million loan customers in 2023, doubling the 1.3 million users SPayLater currently has in the country.
The BNPL transaction volume in the Philippine e-commerce ecosystem is projected to reach US$2.5 billion by 2026, as CIMB targets to further democratize access to BNPL financing options. CIMB Bank PH Chief Executive Officer Vijay Manoharan said that the collaboration will power Seamoney's Buy-Now-Pay-Later (BNPL) product SPayLater as a credit solution to Shopee users in the Philippines.
“As one of the country’s biggest digital banking services providers, we are thrilled to work with SeaMoney to power SPayLater on Shopee, the biggest e-commerce platform in the country.
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 to credit customers, to be able to scale digital lending solutions,” Manoharan shared.
“We will be able to provide Filipinos an easier and more flexible option to fund their e-commerce purchases and ultimately, fulfill their life’s passions.” SPayLater enables eligible Shopee users to purchase items today and pay for the same in tranches at later date. Users can easily do so by selecting SPayLater as their mode of payment on the Shopee platform and can use the same for multiple items in one basket. Aside from SPayLater partnership, CIMB Bank PH will subsequently offer exclusive savings rates to the SPayLater customers.
“At CIMB, we believe in giving Filipinos financial access and control over their finances so that they can reach their life’s purpose,” Manoharan added. CIMB Bank PH’s lending portfolio encompasses its Personal Loans, GCredit, and REVI Credit offerings. In total, the Bank is serving over 1.5 million lending customers – 70% of which are first-time bank borrowers.
In 2022 alone, the Bank disbursed a record high PHP 25 billion to its borrowers – double versus last year. With the addition of SeaMoney’s SPayLater, CIMB Bank is looking to further expand its lending portfolio and to offer formal credit to more Filipinos. On the deposits front, the Bank grew its cash-in transactions to more than PHP 100 billion this year.
CIMB Bank also has continued to offer industry-leading savings interest rates, with the Bank currently offering a savings interest rate of up to 8%. The Bank also offers a seamless, fast, and fully digital application process both for its deposit and credit offerings. Users can open a savings account or apply for a loan digitally at any time of the day in a matter of minutes.