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. “The digital banking landscape has already been reshaped by the high and growing mobile usage. 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.

Source: New Strait Times November 23, 2017 13:52 UTC