CIMB BANK Philippines, Inc. (CIMB Bank PH) has launched a savings account product embedded in Lazada Philippines’ mobile application, expanding its partnership with the e-commerce platform.

“True to our mission as we pioneered mobile digital banking in the Philippines, we are going beyond credit-related inclusions 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,” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said in a statement.

Customers can open a LazSave account via the Lazada app. Filipino citizens who are at least 18 years old at the time of application are required to have a valid government-issued ID and a Lazada app account profile to sign up for LazSave.

The LazSave savings account has no initial deposit or maintaining balance requirement. It offers a 1% rebate for all purchases on the Lazada app excluding digital goods with no spending cap during the launch period.

The new savings account offers an interest rate of 5% per annum, also available during LazSave’s introductory period.

“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,” Lazada Philippines Chief Executive Officer Carlos O. Barrera said.

Through LazSave, CIMB and Lazada hope to drive digital commerce and make financial services more accessible to Filipinos, they said. — A.M.C. Sy

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