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December 06, 2022

CIMB Bank, SeaMoney to boost customer loans

The banks aim to increase its customer base.

CIMB Bank Philippines announced that it has teamed up with Southeast Asia’s leading digital payments firm SeaMoney to increase the 1.3 million SPayLater users in the country to 2.5 million loan customers next year.

Bankero Vijay Manoharan said the buy-now-pay-later (BNPL) transaction volume in the country is seen to hit US$2.5 billion in 2026 as the bank intends to further improve access to BNPL financing options.

The said partnership aims to bolster SeaMoney’s BNPL product SPayLater as a credit solution to Shopee users in the Philippines.