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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Chinese ecommerce firm Zall Smart Commerce Group has formed a consortium with a group of companies to apply for the digital banking licence in Singapore. The consortium includes Japanese trading company Marubeni and Singapore-based Global eTrade Services.

Similarly, China-based real estate developer Greenland Group, through its investment arm Greenland Financial, has formed a consortium to apply for the digital banking licence in Singapore. Greenland Group’s partners include Chinese financing platform MinIPO.

The Monetary Authority of Singapore has revealed it has received a total of 21 applications so far from multiple groups. Some of the front runners for the digital banking licence in Singapore include Ant Financial, Sheng Ye Capital’s consortium, Arival Bank, an AMTD-led consortium, Bytedance, and iFast Group.

Recently, Beyond Consortium, led by V3 Group and EZ-Link also joined the race for the digital banking licence in Singapore. The consortium also includes the Singapore Business Federation, Temasek unit Heliconia Capital Management; MSIG Insurance, a subsidiary of Mitsui Sumitomo Insurance; and property giant Far East Organisation.

Last year, Singtel Telecommunications also announced that it would apply for a digital banking licence in Singapore through a partnership with Southeast Asian ride-hailing startup Grab. According to media reports, Singtel would hold a 40 percent stake in the consortium, while the remaining 60 percent would be held by Grab.

In June 2019, the Monetary Authority of Singapore first announced that it will issue two digital banking licences and three digital wholesale banking licences.

The apex bank is expected to announce the name of the successful applicants in June 2020.

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