CIMB Bank Philippines and Lazada Philippines launched the all-digital LazSave savings account which is fully enabled on the Lazada app.
Powered by CIMB, LazSave makes saving and payments on the Lazada platforms more rewarding as the first-of-its-kind ‘save and pay’ account that can be opened and maintained directly from the Lazada app.
It has no initial deposit and no minimum maintaining balance, allowing customers to transact online securely and with peace of mind.
It is also the only bank account in the Philippines that rewards customers with an offering of a 1-percent rebate, no cap, for purchases on the Lazada platform.
Customers will also enjoy 5-percent per annum (p.a.) interest on their savings in LazSave. Both of these special features are available during LazSave’s introductory period.
CIMB Bank PH and Lazada Philippines joined forces early in 2024 to create an ecosystem that goes beyond conventional e-commerce, with CIMB becoming the newest partner powering LazPayLater.
Leveraging on CIMB’s robust underwriting capabilities, LazPayLater, which is Lazada’s flagship buy-now-pay-later (BNPL) product that provides customers with convenient access to credit within the Lazada platform, is now also powered by CIMB.
“When we first partnered with Lazada for LazPayLater, we always had the goal of not only championing financial inclusion but credit inclusion in the Philippines as well, which is why we have over 8.5 million customers of which 3.5 million enjoy access to our credit facility,” said Vijay Manoharan, chief executive of CIMB Bank PH.
“True to our mission as we pioneered mobile digital banking in the Philippines, we are going beyond credit-related inclusion on the Lazada platform and expanding our efforts to also help Filipinos grow their savings as well, alongside earning rebates for their online purchases with Lazada, to help them achieve even more of their financial needs and life goals,” said Manoharan.
“At Lazada we are committed to building a superior online platform that optimizes user experience while safeguarding our buyers and sellers. Launching LazSave with CIMB brings new value and rewards for Lazada app users, empowering Filipinos with more ways to take charge of their finances and participate in the digital economy,” said Lazada Philippines chief executive Carlos Barrera.
