Tag: CIMB Bank

Kuala Lumpur, Malaysia – Bank Negara Malaysia (BNM), the country’s central bank, has imposed monetary penalties to CIMB and Maybank as well as its Islamic banking arms over unplanned downtimes, a violation of the Financial Services Act 2013 and Islamic Financial Services Act 2013.

Maybank paid a total of RM4,320,000 for the fine imposed, while CIMB paid a total of RM760,000 in fines. 

BNM notes that between 1 June 2023 and 31 May 2024, Maybank’s regional mobile banking platform (RMBP) and MAE applications experienced multiple unplanned downtime that caused prolonged disruptions in several banking services interface with customers and counterparties. Meanwhile, on 8 and 9 April 2024, CIMB’s customers experienced prolonged service disruptions affecting e-banking channels, automated teller machines (ATM), as well as debit cards and credit cards.

“BNM expects all financial institutions to maintain a high level of their technology resilience against operational disruptions to ensure the continuous availability of essential financial services. BNM will not hesitate to take appropriate supervisory and enforcement actions when financial institutions fall short of regulatory expectations,” BNM stated in both of their advisories to both banks.

CIMB has taken the necessary remediation actions, including enhancing its real-time IT infrastructure monitoring function to further improve its recovery capabilities and prevent future non-compliance. Meanwhile, Maybank has taken the necessary actions to close these gaps as part of its multi-year infrastructure investments to prevent future non-compliance.

Singapore – CIMB Bank has announced the launch of a pop-up experience at Singapore, located outside Mandarin Gallery, at Orchard Road. For the bank, the two-phased immersive escapade is aimed at providing Singaporeans a differentiated, fun and interactive experience in the heart of the city.

The first phase of the pop-up, which features a deals extravaganza with over S$100,000 worth of giveaways, will run from March 16 to 31, from 11AM to 9PM daily. Meanwhile, the second phase, which advocates three pillars of wellness – physical, mental/spiritual, and financial – will open from April 6 to 21 from 11AM to 9PM daily.

The pop-up, done alongside ShopBack, brings together retail brands like Pelago by Singapore Airlines, Samsung, LOOKFANTASTIC, Myprotein, and Under Armour, to offer shoppers a suite of captivating and animated ‘rooms’ with enticing promotions and exclusive deals.

In addition, this immersive event features an AR scavenger hunt, allowing visitors to explore the pop-up booth to hunt for gift boxes, revealing surprises and unique vouchers.

Victor Lee, CEO of CIMB Bank Singapore, said, “We continuously seek out partnerships to be part of CIMB’s ecosystem to deliver a comprehensive banking experience for our customers while empowering them with the skills and knowledge to take charge of their financial well-being. By partnering with ShopBack, we aim to offer exclusive rewards and special deals with a variety of merchant options that our customers can enjoy when they visit the pop-up.”

Meanwhile, Fern Nannaphat, general manager of ShopBack Singapore, commented, “We’re proud to announce our first 2024 online-to-offline partnership with CIMB Singapore, marking a significant step towards integrated, omni-channel consumerism. This initiative underscores our commitment to being at the forefront of the exciting retail transformation; to empower customers to optimise their spendings into savings with our unique, stackable cashback offerings.”

Manila, Philippines – Digital bank CIMB in the Philippines has recently posted a new Christmas-themed video advertisement, focusing on the theme of family breadwinners.

Aptly titled “Breadwinner”, the video centers between an interaction of a mother and her “breadwinner” son. The mother opens up the conversation, asking the son as to when his 13th month pay will arrive, as it will be used to spend on Christmas essentials.

However, the question was responded with silence, as the “breadwinner” son refuses to open up to her mother on what’s bothering him. Finally, after a long silence, the son breaks up and says that he was removed from the job, and that the plans for Christmas won’t be feasible anymore.

Her mother breaks a smile, and leaves for a minute. When she returned, she showed the bank’s app and saying “Nakapagtabi ako” (I have saved some).

The video concludes with the mother and son enjoying time together by dancing, and with a message: “This year has been a challenge like we’ve never seen before, but we will rise and get through this together”.

The “Breadwinner” video advertisement is produced by GIGIL, a local-based advertising agency.