CIMB Bank has partnered with Southeast Asian payments platform Fave to offer buy now, pay later (BNPL) services to its customers.
The offering is aimed at providing shoppers with access to an alternative and flexible payment option and connect merchants to a larger customer base across Malaysia.
The bank said that this collaboration enables over 8.4 million CIMB cardholders to have access to Fave’s BNPL service at over 15,000 merchant locations.
Fave’s BNPL service provides greater flexibility as it allows shoppers to split payments into three interest-free instalments.
In addition, users will benefit from stacked rewards as they will be able to earn CIMB bonus points and up to 15% cashback with their purchases at selected merchants.
To use this BNPL service, users need to download the Fave app and link their CIMB debit or credit card. They will then be able to use the FavePay Later feature when making a payment at any of Fave in-store and online merchant.
Samir Gupta, CEO of Group Consumer Banking of CIMB Group said,
“We are excited to enter this fast-growing space with Fave as our partner to provide a convenient and easy-to-use BNPL service to our customers.
This partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to better serve Malaysians.”
Joel Neoh, CEO of Fave said,
“We are honoured to partner with CIMB and work towards our mission to facilitate rewarding and affordable shopping experiences for customers, a mission that now extends to the 8.4 million CIMB card users.
Collaboration has enabled us to extend this service to debit card customers that do not have traditional credit lines with financial institutions and improve financial participation.”
