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RETAIL BANKING | Staff Reporter, Malaysia

CIMB receives regulatory sandbox approval for e-KYC

It's the first Malaysian bank to receive such an approval.

CIMB Bank Berhad has moved ahead of the digital banking curve by being the first bank in Malaysia to receive regulatory sandbox approval for electronic Know-Your-Customer (e-KYC) to enhance its Consumer Banking proposition. e-KYC is a paperless and electronic method of verifying the identity of customers, set to be a viable replacement to existing face-to-face verification requirement in today’s fast-paced mobile-defined world.

Samir Gupta, CEO of Group Consumer Banking, CIMB Group said, “This is a significant milestone for CIMB, paving the way for our e-KYC proposition to further enhance and transform our already strong digital proposition, which currently facilitates more than 95% of our customers' transactions via digital and self-service platforms. The e-KYC is designed with customers’ convenience in mind and will be in addition to existing instant onlineapproval for credit cards, eliminating the need for them to visit a branch."

New to bank customers can apply for a credit card and personal loan seamlessly via the Bank's website, whereas existing customers could do so via the popular online banking portal CIMB Clicks or even through its nationwide network of ATM machines. These have created a truly seamless multi-channel experience for customers, providing them speedy, convenient access to the banking products that they need at any place, any time.

“The digital banking landscape has already been reshaped by the high and growing mobile usage. As one of the focus areas under the Group’s T18 Strategy, we have been improving and enhancing our digital banking experience, which is already enjoyed by our customers in Malaysia, Indonesia, Singapore and Thailand. Soon we will also extend our digital banking offerings to our new markets, Vietnam and the Philippines,” continued Samir.

Following the Philippines’ banking sector liberalization in 2014, on 16 November 2017, CIMB became the first Malaysian banking group to receive approval from the Monetary Board of the Bangko Sentral ng Pilipinas to establish wholly-owned operations with full banking authority.

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