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CIMB Bank Vietnam turns fintech growth into opportunity

Wednesday, November 25, 2020, 08:00 GMT+7
CIMB Bank Vietnam turns fintech growth into opportunity
The Octo by CIMB mobile app enables users to open a bank account 100 percent online without face-to-face verification requirements, with a variety of benefits fee-free.

Vietnam’s fintech market continues to challenge the banking and finance industry with its growth scale and technology improvements.

CIMB Bank Vietnam recognized the competition and created opportunity by forming partnerships and building a digital ecosystem of banking services for Vietnamese consumers.                                                        

Digital banking technology on the rise in Vietnam

Generation-Y Vietnamese are tech-savvy and prefer a digital solution for their banking.

Customers now demand simplicity and one service catering for a wide variety of needs – shopping, banking, exercise, and more.

Fintech crosses over finance and technology, providing a modern, digital banking technology solution for consumers.

Fintech in Vietnam continues to grow, having seen a 77 percent growth rate in the last three years alone and now holding the second rank in Asia after Singapore.

Its rise in the country begins to blur the line between fintech and banking, with many modern Vietnamese customers being drawn away from traditional banking methods.

Fintech not only blooms in the start-up market; traditional businesses now need to adapt to keep up with the development of technology.

Anticipating the future of digital banking and finance operations, CIMB Bank Vietnam has implemented a digital ecosystem structure to enhance the customer experience and appease generation-Y Vietnamese.

The new CIMB – Toss Card incorporates contactless solutions by Visa.

The new CIMB – Toss Card incorporates contactless solutions by Visa.

CIMB Bank Vietnam leads the way

CIMB Bank Vietnam takes strides in digital banking development in Vietnam, recognizing how fintech has already impacted consumers’ daily life.

The innovation drive also stems from a need to stay competitive given the growth of fintech, both on a global and Vietnamese scale.

To remain competitive, CIMB Bank Vietnam has launched the ecosystem to not only strengthen their portfolio, but to partner with large and reputable players in the market.   

In partnering with fintech players such as Toss, ON (belonging to EzQ) and SmartPay, CIMB is one of the first banks to enable customers to open a bank account on a partner platform.

CIMB has created a multi-channel experience for customers, providing fast and convenient access to the banking services they need at any given time.

Its eYKC method, a replacement of the current face-to-face verification requirement, is now being well received, given both the shift to fast-paced digital lifestyles and the outbreak of the COVID-19 pandemic.

The ecosystem partners

Globally, consumers have adapted their way of working, interacting, and banking in light of the global pandemic.

The world has changed dramatically over the last few months. After COVID-19, banking will be much different than it was pre-pandemic.

The change in the way people bank, the future of work, the use of modern technology, and the value of brands will all depend greatly on the time it takes to settle on a 'new normal.’

CIMB Bank Vietnam is one step ahead in its ecosystem thinking and approach, partnering with fintech firms.

Start-up Toss is a fintech unicorn from South Korea.

Toss already launched the Toss Step Counter app in Vietnam in September 2019, where users are rewarded for walking, and now partners with CIMB to introduce ‘CIMB - Toss Card.’ The card enables users to open a virtual card directly on the application with the eKYC (electronic Know Your Customers) solution managed by CIMB Bank Vietnam.

Moreover, as key consumers are mostly in their 20s and 30s, CIMB and Toss are going to launch the physical Visa Debit Card, a card without Visa branding on the front, in Aurora color with minimalist design.

This Toss card took social networks by storm when it was first launched in South Korea in April 2019, expected to breathe new life into the Vietnamese market this year.

SmartPay is an e-wallet application from SmartNet, with over 1.8 million users and 193,000 merchants.

Users will be able to register a bank account right on the SmartPay app with the eKYC solution powered by CIMB and enjoy their daily payment services on one platform only.

The integration of different utilities on the same platform creates great convenience for users.

Personal details such as ID cards/citizenship identification and a selfie are required but the process is secure and data is protected as per the bank’s GDPR regulations.

On has become the next piece of CIMB’s banking ecosystem.

On has become the next piece of CIMB’s banking ecosystem.

Most recently, CIMB Bank Vietnam partnered with On, a social commerce platform for cash on delivery (COD) developed by EzQ, a Vietnamese start-up.

The benefit of this application is that customers are not required to add payment methods when placing an order.

Through this relationship, shippers and sellers can now register a bank account 100 percent online on the On application, using the pay on delivery (POD) package payment feature developed by CIMB to increase efficiency and safety for every transaction.

The development of fintech has called for the fast development of traditional banking.

Each of the service providers Toss, On, and SmartPay brings their own unique offering to the ecosystem, providing CIMB Bank Vietnam customers with a wide range of services without a huge amount of time or cost involved.

This innovative approach has definitely contributed to CIMB Bank Vietnam winning The Best New Digital Bank Vietnam 2020 title by Global Banking and Finance Review.

Yen Viet

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