SINGAPORE, January 19, 2022 /PRNewswire/ — CIMB Bank Philippines, one of the fastest growing banks offering digital banking products, today announced that it has collaborated with Zoloz, an eKYC (Electronic Know Your Customer) technology provider to further strengthen its fast-growing digital banking services and improve financial inclusion in the country through digital technologies.
Under the terms of the agreement, CIMB Bank Philippines will leverage Zoloz’s eKYC solution for seamless user onboarding and an enhanced payment experience, making financial services more accessible and inclusive for Filipinos, 70% who are still unbanked.
Zoloz’s RealID eKYC solution streamlines the entire customer identity verification process for financial institutions, eliminating paper-based procedures and reducing the cost and time spent on manual verification. This results in faster onboarding and an improved customer experience.
The solution also helps financial institutions meet regulatory compliance more easily, thanks to its rich AI model and comprehensive risk management engine that can ensure high accuracy and reduce identity fraud.
Vijay Manoharan, CEO of CIMB Bank Philippines, said, “With the vision of fostering financial inclusion in The Philippines, we have onboarded over five million depositors and one million lending customers since 2018. The next phase of our growth strategy is to strengthen our banking platform model, integrate our solutions with more services and platforms. shapes and make our services an integral part of the lives of more Filipinos – whether it’s saving for their future, easily accessing loans or credit, or meeting their insurance needs to protect themselves.”
“Zoloz, with its cloud-based, fully automated and cost-effective eKYC solution, is the ideal solution to support our strategy. As a trusted partner, Zoloz will help us improve digital connectivity so that we can reach a greater part of the country’s unbanked population.”
“We are delighted to partner with CIMB Bank Philippines to promote financial inclusion and bring benefits to the country’s unbanked community,” said Chen Jidong, Managing Director of Zoloz. “Our proven eKYC solution will help CIMB Bank Philippines provide seamless and reliable services to its digital banking customers.”
The use of financial services by Filipino adults has increased significantly in recent years, according to BSP’s 2019 Financial Inclusion Report. Account ownership, a core indicator of financial inclusion, has improved – with 5.1 million Filipinos opening formal accounts since their previous survey in 2017. Adoption of digital technologies, such as eKYC , is essential to make the account opening process easier and more accessible. , thereby achieving greater financial inclusion.
About CIMB Bank Philippines
CIMB Bank Philippines is a commercial bank that provides innovative mobile-centric digital banking solutions and services. Since its inception in 2018, it has won 58 prestigious international awards, currently serves over 5.1 million Filipinos and over 1 million lending customers, and is a leader in digital banking in The Philippines. CIMB Bank Philippines is also part of the CIMB Group, one of ASEAN’s leading banks with a presence in more than 16 global markets. Learn more about the bank’s products and promotions at www.cimbbank.com.ph, as well as on its Facebook and Instagram pages.
CIMB Bank Philippines Inc. is regulated by Bangko Sentral Pilipinas. You can contact BSP’s Financial Consumer Protection Department at (+632) 8708-7087 or [email protected]
Zoloz combines state-of-the-art technologies including advanced biometrics, identity theft detection, optical character recognition and risk management to provide a comprehensive electronic know-your-customer (e-KYC) technology solution that protects , connects and enhances user identity. Its technology meets the highest international standards for biometric technologies and privacy protection.
To learn more, please visit: https://www.zoloz.com/