Thao Lam La · · 1 min readFave to provide BNPL service for CIMB users in Malaysia
Malaysian bank CIMB has partnered with fintech platform Fave to provide buy now, pay later services to its customers, Digital News Asia reported.
The partnership will give CIMB’s 8.4 million cardholders a mobile-friendly and flexible payment option that is accepted at over 15,000 merchant locations across Malaysia.
In addition to the BNPL service, shoppers can earn up to 15% cashback at selected merchants.
According to Samir Gupta, CEO of group consumer banking at CIMB, the partnership marks a step forward for the company’s digital adoption efforts.
Despite recent headwinds hitting BNPL players globally, the market is still flourishing in Southeast Asia, with many firms saying they continue to see strong traction.
According to a Google, Temasek, and Bain report, digital lending transactions in the region, including BNPL, will reach US$116 billion in 2025, growing at a compound annual growth rate of 31% from 2021 to 2025.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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