Saturday, Feb 22, 2020
International Finance
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CIMB Philippines virtual bank provides AI-backed onboarding

CIMB Bank Philippines
While the process earlier took more than 15 minutes, now it can be completed in less than five minutes

Thailand-based CIMB Bank has announced that it has partnered with Jumio, a US-based online mobile payment, and identity verification company, to provide seamless onboarding experience to its customers in the Philippines.

CIMB Bank’s mobile app, which now runs on Jumio’s AI-backed technology, will also protect CIMB Bank’s customers in the Philippines from fraud and will meet compliance mandates.

While the earlier process involved a video KYC process and took more than 15 minutes, now the process can be completed in less than five minutes.

Vijay Manoharan, chief executive at CIMB Bank told the media, “Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience.”

Robert Prigge, chief executive at Jumio highlighted the importance of offering a streamlined digital onboarding process for banks across the greater APAC region.

According to CIMB Bank, it has signed in almost 2 million Filipinos through its digital platform. Around 30 of them are first-time bankers, making CIMB Bank the fastest-growing digital bank in the Philippines and ASEAN.

CIMB Bank in the Philippines offers savings accounts with no maintaining balance requirements, no transaction fees, and no initial deposit requirement to open an account. In the Philippines, it also offers customers the highest savings interest rates of up to 4 percent.

It also provides customers with a Visa debit card that may be used in over 25,000 ATMs across the Philippines for free.

Last month, CIMB Bank in Singapore appointed Victor Lee as its new CEO. He also serves as the CEO of CIMB Group Commercial Banking.

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