CIMB Bank Philippines, a provider of online banking services, announced a partnership to offer credit to local Shopee customers.
CIMB Bank partners with Shopee for Buy-Now-Pay-Later!
CIMB Chief Executive Officer Vijay Manoharan announced a partnership with digital payments company SeaMoney for Shopee’s Buy-Now-Pay-Later (BNPL) service during a conference in Pasay City.
“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.
He also said that they will be able to give Filipinos a simpler and more adaptable way to pay for their online purchases, enabling them to finally pursue their life’s passions. Therefore, eligible Shopee users will be able to make purchases and pay over time through the partnership.
Currently, CIMB has 6 million customers and 2 million lenders, and its portfolio includes personal loans, GCredit, and REVI Credit offerings.
“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.
Moreover, as part of its fourth anniversary in the country, CIMB also announced a 12% annual interest rate promo for savings accounts from December 1 to December 31, 2022.
Here below are the promo mechanics:
- The customer must be an existing CIMB customer who opened their account/s on or before September 30, 2022.
- Must have at least one active and unblocked UpSave and/or GSave account. Fast and Fast Plus accounts are not eligible.
- 12% p.a. interest rate will be applicable to customers incremental Average Daily Balance (ADB) growth in December 2022 (no capping) compared with the ADB in November 2022.
- Eligible Participants may qualify for other existing deposit promos.
- If a Customer qualifies for an earlier existing promo, the interest rate reward for that promo will apply in accordance with the promo’s corresponding mechanics and terms and conditions.
- In addition to the interest rate reward for the existing promo, the Customer will be entitled to the 12% p.a. interest rate on the incremental increase in their ADB for the month of December 2022.
- For customers who have multiple UpSave and/or GSave accounts with CIMB Bank, the interest rate reward will be computed based on the qualifying month’s Tota Average Daily Balance (ADB) growth for UpSave and/or GSave accounts.
- The reward will be credited to their respective accounts within fourteen (14) business days after the qualifying month.
- To calculate Average Daily Balances, customer must sum all their balances at the end of each day for the qualifying month, and divide by the total number of days in the qualifying month.
To know more about this 12% p.a. Anniversary Promo Campaign, you may contact CIMB Bank PH’s Facebook page.
