Malaysia's CIMB Bank moves in to mobile money transfer

Source: CIMB Bank

CIMB Bank today announced the launch of the Kwik Account, the first account in Malaysia that can be opened online without visiting a bank branch, and is instantly activated upon successful application.

It also introduced Kwik Money Transfer, a new feature on its market leading internet banking platform, CIMB Clicks, that gives all CIMB Bank savings and current account holders the capability to send money to anyone's Malaysian mobile numbers or email addresses instead of account numbers.

"The introduction of the Kwik Account and Kwik Money Transfer is a milestone achievement in the banking industry as they set new standards for online banking services. Such a move shows CIMB Bank's commitment to continuously innovate to meet the diverse needs of our customers," said Renzo Viegas, Deputy Group CEO and Head of Consumer Banking, CIMB Group.

"The banking landscape is evolving in tandem with consumers' rapid adoption of mobile technology. With more consumers growing accustomed to online and mobile solutions in their daily lives, banking products and services have to evolve to support this behavioural shift and online banking solutions are fast becoming a necessity instead of an option, especially amongst the Gen-Ys, who will be the next wave of banking customers," he added.

The Kwik Account can be opened in three simple steps: First, go to CIMB Clicks website and click on 'Apply for Kwik'. Second, fill in the e-form. Finally, confirm the application with a transaction authorisation code (TAC). With that, a Kwik Account is successfully opened with no prior banking relationship and no minimum deposit required. The account holder can immediately commence banking transactions on the Kwik Account.

The Kwik Account is accessible via CIMB Clicks and CIMB Clicks Mobile App on Apple and Android mobile devices. Customers can also easily transfer money into this account online or at any CIMB Bank cash deposit machines.

Besides money transfers, account holders can also make offline and online purchases, pay bills, top up prepaid reloads and make remittances using the Kwik Account. Customers can also opt for a Kwik Card - a prepaid card that functions like a debit card to enable ATM withdrawals and payments at any MasterCard terminal worldwide.

The Kwik Money Transfer function on CIMB Clicks allows all CIMB Bank savings and current account holders who have signed up for CIMB Clicks to send money to a recipient's Malaysian mobile number or email address. Even if the recipient does not hold a CIMB Bank account, he or she can conveniently open a Kwik Account to claim the money. The money will be credited instantly to the recipient's Kwik Account after the claim code provided by the sender is keyed in. This breakthrough feature operates on peer-to-peer (P2P) banking to safely facilitate the claiming and crediting of money transferred via Kwik Money Transfer.

"We believe that consumers will enjoy how easy banking with CIMB Bank can be with the Kwik Account, from the hassle-free online application process to performing day-to-day banking transactions and, with Kwik Money Transfer, they can literally forget having to remember account numbers," said Viegas.

"CIMB Bank continues to push the boundaries in the online banking space, giving our customers effective and creative solutions. We are humbled to be named the Best Consumer Internet Bank in Malaysia by Global Finance for the third year running, and we are determined to keep up the momentum with some exciting projects in the pipeline," concluded Viegas.

From 9 September 2013 to 28 February 2014, customers stand to win attractive monthly prizes when signing up for a CIMB Bank Kwik Account and performing Kwik Account transactions.

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