Payments platform app Fave has partnered with Malaysian bank CIMB to offer its buy now, pay later (BNPL) service, called FavePay Later, to the bank's customers. 

Fave, co-founded by Joel Neoh, said the collaboration would give CIMB's 8.4 million cardholders access to FavePay Later at over 15,000 merchant locations across Malaysia. In addition, shoppers can earn up to 15% cashback at selected merchants.  

Neoh said, "With FavePay Later, we are empowering Malaysian consumers to afford products most conveniently: simply opt-in to split a bill into three interest-free instalments at the moment of the checkout when paying with the Fave app." 

CIMB says the collaboration comes at an opportune time with changing consumer spending and shopping behaviour. Its CEO of group consumer banking, Samir Gupta, says the partnership marks yet another step towards the convergence of innovation in digital payments with established banking platforms to better serve Malaysians. 

Digital lending transactions, which include BNPL, are gaining traction across Southeast Asia. A Google, Temasek and Bain report estimates the market will be worth US$116 billion in 2025. 

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