First All-Digital Islamic Savings Account Introduced in Malaysia by CIMB Bank

CIMB Bank and CIMB Islamic Bank have introduced the CIMB OctoSavers Savings Account-i, which is the first all-digital Islamic account where the account opening and onboarding process is carried out completely online.

New clients will also get the newly introduced Octo Debit Mastercard via mail for a convenient and intuitive branchless experience.

The fully online account opening process has been made possible by leveraging Bank Negara’s electronic Know-Your-Customer (e-KYC) guidelines. The all-digital onboarding assists with safeguarding clients’ health during the COVID-19 crisis by not requiring them to visit a physical branch location.

New clients who are citizens of Malaysia and aged 18 years (or over) can apply for the OctoSavers Account i via the CIMB Apply app, which can be downloaded from Google Play as well as the App Store.

The customer verification process via e-KYC will be carried out in the app.

Current CIMB clients who maintain a savings or current account with a Malaysian address are able to apply for the OctoSavers Account-i via the CIMB Clicks website.

Samir Gupta, CEO at Group Consumer Banking, CIMB Group, stated:

“The introduction of the OctoSavers Account-i and Octo Debit Mastercard is a significant milestone in CIMB’s digital banking journey and is particularly timely in the current COVID-19 environment. The pandemic has not only fast tracked our digitisation initiatives but also accelerated our efforts in charting an optimum, seamless and safe user experience, for the benefit and convenience of our customers.”

Earlier this year, CIMB Bank Berhad and CIMB Islamic Bank Berhad introduced CIMB CNY Go Digital for SMEs. This product should help Asian businesses that are still facing challenges due to the COVID-19 pandemic, including those companies that are struggling to offer certain services because of the implementation of the Movement Control Order (MCO) in Malaysia.

With this product launch, CIMB aims to further strengthen its efforts to offer seamless digital solutions for SMEs.

CIMB has also teamed up with Shopmatic, a digital commerce solution provider based in Southeast Asia. Through the partnership, both companies aim to help SMEs with increasing their online sales through a B2C platform designed to serve a wider audience.

With Shopmatic’s wide range of services, SMEs are able to set up a fully integrated website in less than an hour, and also get a 50% discount on a 1-year subscription plan.

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