CIMB is first to receive sandbox approval for cards application

CIMB Bank is the first bank in Malaysia to receive regulatory sandbox approval for e-KYC, which it says is a game-changer in enhancing the bank’s digital proposition, complementing instant approvals for cards and personal loans.

The bank it 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 online approval 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 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 speedily, convenient access to the banking products that they need at any place, any time, said the bank in a media release yesterday.