Asia: CIMB in the Singapore – Malaysia corridor

Cross-border banking in Singapore has steadily increased over the past years. This trend has opened opportunities for financial institutions to expand their activity within the region.

CIMB, for example, has recently unveiled its cross-border banking solutions for their customers in Singapore and Malaysia.

Customers will now be able to manage their CIMB account in Malaysia and Singapore seamlessly through CIMB Clicks, an integrated internet banking platform.

Aside from the added convenience, the new service provides benefits such as fee waiver for fund transfers, preferential forex rates for online transfers, and bill payments.

According to RFi Group Data, 23% of Singaporeans hold cross-border banking product in H2 2017, up from 16% in H2 2015. When looking at countries outside of Singapore where they hold banking products, Malaysia comes out top with over 1 in 3 holding their cross-border product there.

Cross-border banking solutions will provide banks like CIMB with a good opportunity to acquire and deepen their relationship with banking customers.

Source: RFi Group – Singapore Priority and Retail Banking Council (H2 2017)

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