Bank of the Philippine Islands (BPI) announced a new partnership with Lazada E-Services Philippines Inc. that allows consumers to purchase the bank’s products through the Alibaba-owned e-commerce platform.
While the bank has not set a solid target on how many new clients they want to have from its partnership, BPI Senior Vice President Jose Raul E. Jereza IV said that he would be “happy” if, at the end of the year, the bank can capture at least 10 percent of Lazada’s customers
“It is like a [BPI] branch in a city with 80 million people. So, if I get 10 percent of that in one year, that is huge,” he told reporters on the sidelines of the partnership launch in Makati.
With the partnership with Lazada being the first among several planned collaborations with non-banks, the bank will be launching more partnerships within the quarter to allow more consumers to avail its services.
Meanwhile, Bankero, BPI President and CEO Jose Teodoro K. Limcaoco and Lazada Philippines CEO Carlos Barrera both believe that the partnership will drive financial inclusion in the country.
“We have 80 million customers and every single of them needs to be included in the financial system and be bankanized one way or another,” Barrera said.