Fintech

CIMB Bank Philippines-SeaMoney tie-up for SPayLater

Abe Olandres Editor-in-chief November 30, 2022 · 1 min read

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Digital bank CIMB Philippines and digital payment provider SeaMoney is partnering together in order to onboard the 2.5 million customers to the Buy Now, Pay Later platform SPayLater.

SPayLater is a feature wherein qualified buyers have the option to buy now and pay later or apply for an installment loan of up to 12 months for their Shopee purchases.

SPayLater has a processing fee of 0-2% per transaction amount and monthly interest ranges from 1-5% for items. Pay your SPayLater bill on time to avoid additional charges.

There are currently over 1.3 million SPayLater customers and this partnership with CIMB will almost double that figure to 2.5 million this 2023.

CIMB Bank originally partnered with GCash back in 2019 in order to offer the GSave feature of GCash. GCash’s GGives feature is basically similar to SPayLater.

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Abe Olandres

Editor-in-chief

Abe is the founder and Editor-in-Chief of YugaTech with over 20 years of experience in the technology industry. He is one of the pioneers of blogging in the country and is considered by many as the Father of Tech Blogging in the Philippines.

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