KUALA LUMPUR: Southeast Asia's smart payment app, Fave, has entered into a strategic collaboration with CIMB Bank Bhd to offer a mobile-first buy now, pay later (BNPL) service to the bank's customers.
Fave said the offering is aimed at providing shoppers with access to an alternative and flexible payment option and connecting merchants to a more extensive customer base across Malaysia.
This collaboration enables over 8.4 million CIMB cardholders to access Fave's BNPL service at over 15,000 merchant locations, including Al-Ikhsan, PUMA, Box of Bricks, Focus Point, Jakel and many more, Fave in a statement today, said.
Fave chief executive officer Joel Neoh said the collaboration had enabled the company to extend this service to debit card customers that do not have traditional credit lines with financial institutions and improve financial participation.
"We are set to empower retailers by growing their customer base, basket size and retaining their loyal customers better with our services and easy-to-use technology," said Neoh.
Meanwhile, CIMB Group chief executive officer of group consumer banking Samir Gupta said the bank is excited to enter this fast-growing space with Fave as its partner to provide a convenient and easy-to-use BNPL service to its customers.
Gupta said this service provides customers with an alternative and flexible payment option as they transact digitally in today's mobile-first environment.
"This partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to serve Malaysians better," he said.
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 via CIMB bonus points and up to 15 per cent cashback with their purchases at selected merchants.
Users who link their CIMB debit or credit cards to the Fave app will be entitled to enjoy RM25 off for their next Fave PayLater transaction with the promo code CIMB25.
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