Earn more rewards as you save and spend with first of its kind LazSave deposit account
CIMB Bank Philippines, the most awarded digital-only commercial bank in the country, and Lazada Philippines, the country’s pioneer e-commerce platform, further strengthen their partnership with the launch of 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 – no initial deposit and no minimum maintaining balance, allowing you 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% rebate, no cap, for purchases on the Lazada platform*. Additionally, customers will enjoy 5% 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 first 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. 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 Vijay Manoharan, CEO of CIMB Bank PH.
From left to right: Lazada Philippines Chief Legal and Compliance Officer Atty. Lili Reyes, Head of Payments Franco Dungo, Chief Executive Officer Carlos Barrera, CIMB Bank Philippines Chief Executive Officer Vijay Manoharan, Chief Business and Strategy Officer Ankur Sehgal, Chief Growth Officer Suraj Ramchandani, Chief Legal Counsel Atty. Rowena Wilwayco
Opening your own LazSave account is easy and can be done all within the Lazada app in less than 10 minutes. Filipino citizens who are at least 18 years of age at the time of application only need a valid government-issued ID and a Lazada app account profile to sign up for LazSave. Simply go to the Lazada Wallet tab and tap the LazSave by CIMB icon in the Lazada app to start your application.
“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 Carlos Barrera, CEO of Lazada Philippines.
Through this partnership, CIMB and Lazada not only make their customers’ shopping experience more convenient and rewarding, but they also continue their efforts to drive digital commerce and make financial services accessible for all Filipinos by catering to a range of customers who may have limited access to banking services.
To know more about LazSave and how to open your own account, visit cimbbank.com.ph/lazsave
*The 1% rebate is available for all purchases on the Lazada app excluding digital goods
Karina is not your ordinary supermom. She juggles her time bonding with her three amazing kids while being in the loop on the latest happenings in the tech and lifestyle scene. Follow me on Instagram (@digitalfilipina) regularly visit www.digitalfilipina.com for daily dose of updates not just for moms but for everyone!
