CIMB Bank ups interest rates for fixed deposits in Singapore

In celebration of its ninth birthday and to thank customers for their support over the years CIMB Bank is offering more interest for fixed deposits opened online.

The bank is giving an additional 0.09% per annum (pa) in addition to existing online promotional rates for all Singapore CIMB Fast Fixed Deposit accounts opened online from 1 September till 30 September 2018.

The rates, combined with the 0.09% p.a promotion, are one of the highest in the market, the bank said.

The online promotional rates for the SGD Fixed Deposit are as follows:

Tenure	3 months	6 months	12 months
Rates	1.40% pa + 0.09% pa = 1.49% pa	1.55% pa + 0.09% pa = 1.64% pa	1.75% pa + 0.09% pa = 1.84% pa

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Singapore CIMB customers can apply for Singapore dollar fixed deposits online

CIMB Bank is the first bank in Singapore to allow new customers to apply for Singapore dollar fixed deposits online.

The CIMB Fast Fixed Deposit (FD) service allows new customers to fill up an online application form to open a Singapore dollar FD account together with a CIMB FastSaver (online savings) account. The latter is used to facilitate the crediting and debiting of funds to and from the Singapore dollar FD account.

“In today’s time-starved landscape, people are constantly looking for services that are convenient, fast and efficient. Recognising this change in how our clients are banking with us, CIMB is moving towards adopting a technology-based way of banking so that customers can do it anywhere, anytime at their convenience. To do that successfully, we must equip ourselves with the right technology infrastructure, resources as well as knowledge, and we are taking the necessary steps for that.

"The CIMB Fast Fixed Deposit is the first of many online services and products we have in the pipeline,” said Mak Lye Mun, Country Head, Singapore, and CEO, CIMB Bank Singapore.

Single applicants can then proceed to make transfers from their accounts with other banks in Singapore to their CIMB FastSaver account for placement into their CIMB Fast Fixed Deposits accounts. Joint applicants have to make transfers from their respective individual accounts with other banks locally to go through the same process.

“As part of a series of enhancements that CIMB is undertaking, our existing customers with CIMB Clicks Internet Banking were among the first to enjoy the promotional rates from 17 June 2018 onwards. This allowed them to place new Singapore dollar fixed deposits or adjust their maturity instructions. The response has been excellent so far, and I believe that our new customers would find this service and the promotional rates just as attractive,” added Mak.

In conjunction with the launch, CIMB has introduced exclusive online promotional rates, for their three-month, six-month and 12-month Singapore dollar FD till 31 July 2018 for all CIMB Fast Fixed Deposit customers. They will get to enjoy these rates as long as their accounts are opened and funded within the promotional period.

Tenure	Three months	Six months	12 months
Rates	1.40% per annum	1.65% per annum	1.80% per annum

*Documents need to be in order and only upon receipt of funds transfer will the Singapore dollar FD placement be processed based on the following cut-off timings (excluding public holidays):

Before 5pm: Same-day placement
After 5pm: Next-day placement

CIMB to offer digital financial solutions in ASEAN with PLDT's Smart, Voyager

Source: CIMB. At a signing ceremony between CIMB Group, Philippine Long Distance Telephone Company (PLDT), and Smart Communications: Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group (second left) and Manuel Pangilinan, Chairman, Philippine Long Distance Telephone Company (PLDT), Smart Communications, and Voyager (middle) accompanied by Gurdip Singh Sidhu, Group Chief Strategy Officer, CIMB Group (second right), Orlando Vea, President and CEO, Voyager Innovations (left) and Angelito Villanueva, Vice President & Head, Fintech, Digital Inclusion & Alliances, Voyager (right).

CIMB Group, a wholly-owned subsidiary of CIMB Group Holdings (CIMB), is collaborating with Philippine Long Distance Telephone Company’s (PLDT's) wireless services provider, Smart Communications (Smart) and its wholly owned digital unit, Voyager Innovations, (Voyager) to offer digital financial offerings and solutions for customers in the Philippines and across ASEAN.

Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, “This partnership comes at an opportune time when the roles of telecommunications providers and banks are increasingly converging. It is especially exciting that the partnership may, among others, be able to leverage on PLDT’s experience and insights in serving its sizeable customer base. Further, through this partnership, we are then able to offer innovative and differentiated digital banking and financial technology solutions in the Philippines and across ASEAN.”

Manuel Pangilinan, Chairman of PLDT, Smart and Voyager commented, “CIMB is among the largest and most diversified ASEAN banks and its regional banking knowledge and presence across ASEAN will provide depth to this digital partnership.”

CIMB, which has been at the forefront of banking innovation, has deep regional banking knowhow and an extensive understanding of the needs of customers in the region, whilst the fintech solutions and digital payments ecosystem of Smart and Voyager strengthen the value proposition of PLDT, which is the market leader in the telecommunications industry in the Philippines in terms of customer base.

CIMB shares regional strategies for joining the ASEAN Economic Community

Source: CIMB. Chairman of CIMB
Group YBhg Dato' Sri Nazir Razak
(right) and Director, Southeast Asia
of The Economist Intelligence Unit
Justin Wood showcasing the
special report Re-drawing the
ASEAN Map: How companies are
crafting new strategies in
Southeast Asia. 

CIMB has launched Re-drawing the ASEAN Map: How companies are crafting new strategies in Southeast Asia in collaboration with the Economist Intelligence Unit (EIU). The report, an independent management brief co-sponsored by CIMB and Baker McKenzie, is aimed at preparing companies for the pending unveiling of the ASEAN Economic Community (AEC) on 31 December 2015.

Justin Wood, Chief Economist and Director for South-East Asia at the Economist Corporate Network, part of the EIU, said, “We surveyed 170 business leaders running companies in ASEAN for this report. Of those companies, 76% now have a strategy in the region that is specifically oriented around the ASEAN bloc. Most companies in our survey are clearly taking steps to organise themselves around the unfolding economic liberalisation and integration in South-east Asia. 

"Interestingly, though, non-ASEAN companies are much more likely to have an ASEAN-oriented strategy (81%) than local companies (only 55%). The big global multinationals are further along in recognising the significance of the ASEAN story and are positioning themselves to benefit from ideas like achieving scale in the region, consolidating operations and manufacturing, and exploring how product and service strategies, as well as sales and marketing strategies can be harmonised and regionalised.”

Dato' Sri Nazir Razak, Chairman of CIMB Group said, "The independent findings of the report further reinforces the importance of ASEAN as an economic region, and validates our decision as a bank to fully-embed ourselves in and across ASEAN. Foreign multinationals are very much aware of the potential that the region represents and local companies really need to step up their game. Generally speaking, local companies in ASEAN countries have an incumbent advantage but need to clearly define their strategy to both realise the opportunities and face the challenges of ASEAN liberalisation and the increased competition that this brings to the table.”

“CIMB has prepared for ASEAN. We have more research analysts on-the-ground in every country, a diverse staff force of over 41,000 individuals in every market across the region and the most extensive network of branches and ATMs. I would say that in terms of advisory, investment banking, trade finance, treasury and markets capabilities, we are best placed to advise any company located in an ASEAN country on how best to strategically leverage the potential of the region."

CIMB launches programme to upskill non-executive staff

CIMB Group, Malaysia’s second largest financial services provider, has launched a scheme to progress its non-executive employees in terms of skills, productivity, career growth opportunities and income-generation power. The launch of the CIMB Accelerated Career Enhancement Programme (CIMB ACE) was officiated by Minister of Human Resources, Dato’ Sri Richard Riot Anak Jaem.
 

CIMB ACE was developed to support PR1ME (Program Majudiri 1Malaysia), a national agenda launched by the Prime Minister of Malaysia in November 2013, where government-linked companies (GLCs) commit to help non-executives grow professionally and ultimately propel Malaysia towards becoming a high-income nation with a high-performing workforce.

“More often than not, non-executive staff feel that there is a glass ceiling to how far they can grow within the organisation. CIMB ACE is the platform that we provide for our non-executive staff to excel. It is structured not just as a stepping stone for them to upgrade their personal proficiency and progress their careers to a higher level, this programme also acts as a springboard for them to aspire to achieve something greater out of their life with the highly transferable skills and knowledge that the programme is going to equip them,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group.

At the launch ceremony, CIMB Group also signed a Memorandum of Understanding with Universiti Tun Abdul Razak (UNIRAZAK) for the development and delivery of the English language proficiency component of CIMB ACE.
 

CIMB ACE consists three components: competency-based development, career progression and incentives. Participants are also expected to sit for the Executive Banker qualification, fully sponsored by CIMB Group. The Executive Banker is a qualification jointly awarded by the Institute of Bankers Malaysia and Chartered Banker Institute in the UK.

SMEs, consumers to benefit as banks ramp up on innovation

Small businesses and bank customers now have more innovative choices for banking. Selected financial institutions in the Asia Pacific region received Financial Insights Innovation Awards (FIIA) at the Asian Financial Services (AFS) Congress 2014 in Singapore in late February in recognition of their innovation and creativity in fulfilling business objectives:

AllianceBank Malaysia is Asia's Most Customer Friendly Bank for its BizSmart Academy initiative. The Academy combines business education, coaching and seed funding to young SMEs and reaches out to both existing customers and the wider business community. 

The bank offers business education and training to customers through a structured year-long curriculum covering various management, business and finance topics, and also backs an annual SME Innovation Challenge through which high potential SMEs benefit from a two-month training and coaching programme, after which one winner receives RM250,000 to implement their business ideas. 

The Academy also features an online resource of tools and information for entrepreneurs.

Alliance Bank picked up Asia's Best Online Banking award as well for a customer-centric Online Banking solution for the business segment, along with other innovative products such as the Picture Business Credit Card and value-added propositions in the form of business education for SMEs and collaboration platforms.
 

CIMBBank has Asia's Best Payments & Remittance Service

OctoSend via CIMB Clicks service was launched on 23 August 2013 in Malaysia. This feature allows the bank’s customers to send money to anyone using only their mobile number or email address, taking away the hassle of remembering lengthy bank account numbers. This service can be accessed online, via the CIMB Clicks App and through OctoPay, the bank’s Facebook banking application.

Asia's Leader in Smart Banking is Cathay United Bank

Cathay United Bank's Agile Marketing Transformation programme is geared towards enabling more relevant relationship marketing initiatives more quickly. It uses predictive modelling to better align the right product to the right customer, adds greater automation, and leverages on analytics-backed enrichment of new customer data.

DBSBank received the Asia's Best Branch Banking award

Transformed DBS branches deliver an easy and convenient banking experience for its customers that is enriching, educational and entertaining through breakthrough banking infrastructure and technology.

DBS (Hong Kong) Bank, a branch of DBS Bank, provides Asia's Best Mobile Banking

DBS mobile app advertised in Singapore

At DBS Hong Kong, the DBS Online Loans Centre offers automated online straight-through loan application processing, where consumers can use either a desktop computer or smartphone to complete their application and obtain results within minutes, thereby saving time and providing added convenience for consumers.

The annual FIIA by IDC Financial Insights are given to top Asia Pacific financial institutions that have demonstrated innovation and creative thinking in the areas of customer engagement, product development, process reengineering or risk management to fulfill their business goals.