Tuesday, 21 May 2019

Vietnam becomes CIMB Bank’s first pilot market for digital banking

Updated at Wednesday, 05 Dec 2018, 17:03
The Hanoitimes - Vietnam is one of the most inspirational success stories in Asia, with strong economic growth and tremendous potential for development, a CIMB official said.
Digital banking development is a key strategy for CIMB in Southeast Asia, and Vietnam is the bank’s first pilot market, said Tengku Dato’ Sri Zafrul, Group CEO of CIMB Group at the opening ceremony of its second Vietnam branch in Ho Chi Minh City and the launching of a mobile banking service on December 4.
CIMB Bank launches OCTO app. Photo: CIMB Vietnam
CIMB Bank launches OCTO app. Photo: CIMB Vietnam
CIMB’s new mobile banking service, called OCTO by CIMB, is a digital banking solution with useful features to help users take full control of their time and save money.

With this service, users can fulfill a range of banking needs from registration, verification to card activation and making transactions right on their phone, avoiding the need to queue at branches or the struggle to find a convenient time amidst their busy daily life.

“We expect that the investment in this technology will bring satisfaction and a convenient experience for customers, affirming the leading position of CIMB in Vietnam in particular and across the region more broadly," Tengku Dato’ Sri Zafrul noted.

"Vietnam is one of the most inspirational success stories in Asia, with strong economic growth and tremendous potential for development. At the same time, digital banking is an inevitable trend with the advancement of technology nowadays. It will help banks to reduce their cost-to-income (CIR) ratios from 50% to 20% or 30%,” he said.

“In the next five years, CIMB Vietnam will focus on improving OCTO by CIMB and enhancing users’ experience through new products and services, as well as connecting with Vietnamese partners to enhance the ecosystem of financial services for Vietnamese consumers,” said Thomson Fam Siew Kat, CEO of CIMB Vietnam.

With Ho Chi Minh City branch, CIMB Vietnam is now present in two key cities, with its Head Office and Sales Service Center in Hanoi, and its Branch and Digital Lounge in HCMC.

The new branch is located at the first floor, Vietnam Rubber Group Building, No. 177 Hai Ba Trung Street, District 3. The opening demonstrates the company’s strategy of developing digital banking platforms that add values to individual customers and Vietnamese businesses.

CIMB Bank (Vietnam) Limited started operation in 2016 with 100% foreign capital. The bank offers a wide range of products and services for individuals, businesses and corporations. The parent company of CIMB Vietnam, CIMB Group, is a leading provider of financial services throughout Southeast Asia.

CIMB Bank (Vietnam) Limited belongs to CIMB Group – a leading regional banking group with over 90 years of experience and impressive track record. CIMB has a network of over 37,000 employees in 15 countries around the world.
Minh An
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