CIMB Bank Philippines, a leading digital banking services provider, said Thursday it teamed up with Southeast Asia’s leading digital payments firm SeaMoney to double the 1.3 million SPayLater users in the country to 2.5 million loan customers next year.
CIMB chief executive Vijay Manoharan said the buy-now-pay-later transaction volume in the Philippine e-commerce ecosystem was projected to reach $2.5 billion by 2026 as the bank aimed to further democratize access to BNPL financing options.
Manoharan said the partnership would power SeaMoney’s buy-now-pay-later 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,” he said.
SPayLater enables eligible Shopee users to purchase items today and pay for the same in tranches at a 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.
CIMB Bank will also subsequently offer exclusive savings rates to the SPayLater customers.