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CIMB Named Best Retail Bank In Malaysia By Alpha Southeast Asia

Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group

At the same time, TNG e-Wallet named Best e-Wallet in Malaysia  

KUALA LUMPUR, July 9 2024 (Bernama) — CIMB Bank Berhad (“CIMB” or “the Bank”) has been named the Best Retail Bank in Malaysia at the Alpha Southeast Asia’s 18th Best Financial Institutions Awards 2024. The award recognizes CIMB’s long standing leadership in retail banking, led by its razor-sharp focus in continuous digital expansions, which resulted in the Bank delivering better cost efficiencies, overall business performance and best-in-class customer value propositions to meet evolving customer needs. 

Siddiq Bazarwala, Chief Executive Office and Publisher, Alpha Southeast Asia said “We are delighted to announce CIMB as the Best Retail Bank in Malaysia in this year’s awards programme, which recognises CIMB’s focus on providing customer-focused solutions and advancing digital innovation, leading to improved customer satisfaction, cost efficiency, and productivity. The Alpha Southeast Asia congratulates CIMB for their achievement and their continued commitment to providing outstanding banking services as a leading financial institution in Malaysia.” 

Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group said, “We take comfort that our mid to long term innovation efforts in addressing our customer needs are translating into enhanced banking experiences. This pushes us to remain committed to that journey and prioritise a value based customer-driven lens in everything we do.” 

Among the Bank’s achievements highlighted were its focus on building business beyond banking by expanding its product propositions and accessibility to digital financial services. This was reflected through its new generation banking app, the CIMB OCTO App (“CIMB OCTO” or “the App”) which delivers cutting edge features enhanced with AI capabilities to offer personalised lifestyle and shopping deal recommendations from merchants as well as a seamless banking experience. 

The Best Retail Bank award also underscored CIMB’s distinctive product propositions for its affluent customers, via CIMB Preferred. The Bank rolled out bespoke engagements and services through personalised asset class communications and regular investment insights for its customers to capture the latest market trends. These helped CIMB’s new-to-CIMB Preferred growth to increase by 40% year-on-year as of November 2023. 

TNG eWallet wins Best e-Wallet in Malaysia

Meanwhile, TNG eWallet was also recognised as the Best e-Wallet in Malaysia for the third consecutive year. The TNG eWallet is operated by TNG Digital Sdn Bhd (“TNG Digital”), a subsidiary of Touch ‘N Go Sdn Bhd (“TNG”), which is wholly owned by CIMB Group Holdings Berhad (“CIMB Group”).

Dominating the Malaysian market with more than 21 million verified users, the TNG eWallet offers its users access to a wide range of financial services with its integrated financial platform that enables seamless payments with the nation’s largest loyalty programme.

“Both CIMB Bank and TNG e-Wallet collectively, now deliver a complete spectrum of inclusive retail financial services to the full segment of Malaysia-based users. These recognitions nudge us along, as we work towards fulfilling the key needs and preference of our customers,” said Effendy. 

In its 18th year, the Alpha Southeast Asia’s Annual Best Financial Institution Awards evaluated the resilience and performance of more than 112 banks, brokers and financial institutions in response to dynamic market shifts and the increase in adoption of fintech by retail, corporate, and institutional investors.

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