KUALA LUMPUR (June 15): CIMB Bank Bhd has teamed up with Lazada Malaysia to introduce a Mastercard prepaid card which can be approved online and offers customers cash rebates and merchant discounts.

The card is available online on CIMB Clicks and the Lazada website and can be used immediately upon the issuance of a virtual 16-digit card number, said CIMB in a statement today.

CIMB said customers will subsequently be issued with a physical card for offline spending and banking facilities in Malaysia, including ATM cash withdrawals and Internet and mobile banking.

"With this card, customers will enjoy a 1% cash rebate, capped at RM25 per month for online Lazada purchases at www.lazada.com.my. Other non-Lazada purchases are eligible for a 0.50% cash rebate up to RM25 per month," it added.

CIMB said that from now until Dec 5, customers can enjoy the first-year annual fee waiver and an additional 15% bonus cash rebate, capped at RM25 per month for purchases from Lazada.

"We are proud to partner with Lazada and Mastercard on this fully digital co-brand card, to bring unique benefits and great convenience to our customers," said CIMB group consumer banking CEO Samir Gupta.

"The online shopping segment in Malaysia and Southeast Asia is expanding rapidly and we are excited to contribute to this growth story.

"This fits into our overall digital strategy to lead in the e-commerce payment ecosystem, as we go the extra mile to enhance our customers' experience by making it easier, more efficient and more secure for them to shop online," he added.

The card is available to all existing CIMB customers.

CIMB Group Holdings Bhd's shares closed up three sen at RM6.76 today, giving it a market capitalisation of RM61.19 billion.