CIMB receives sandbox approval for paperless customer identification

KUALA LUMPUR: CIMB Bank Bhd has become the first bank in Malaysia to receive regulatory sandbox approval for electronic Know-Your-Customer (e-KYC) to enhance its Consumer Banking proposition.

eKYC 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.

“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 per cent of our customers' transactions via digital and self-service platforms, Samir Gupta, CIMB Group’s chief executive officer of group consumer banking, said in a statement today.

New customers can apply for a credit card and personal loan seamlessly via the bank's website, whereas existing customers could do so via online banking portal CIMB Clicks or its nationwide network of ATM machines.

“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,” Samir said.

Following the Philippines’ banking sector liberalisation in 2014, CIMB on November 16 this year 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.