CIMB and Finhay have announced a partnership to issue a co-branded debit card on the Finhay app to enable customers to enjoy benefits from the CIMB and Finhay ecosystems.

Under the deal, Finhay users will be able to open a virtual account and co-branded debit card on the Finhay app with eKYC solution by CIMB to take control with all-in-one spending, saving, investment and more. With only a bank account and debit card, users can instantly invest, save, transfer and withdraw money free of charge at more than 17,000 ATMs nationwide.

Finhay and CIMB customers will also enjoy smart and modern financial - banking solutions, enabling them to plan and optimise the implementation of financial solutions with small amounts from VND50,000 (US$2.1) or VND100,000.

“Consumers and businesses will no longer see banking as a separate sphere or sector, and will instead come to expect that day-to-day financial tasks will be carried out within their favourite brand ecosystems.

"And if you’re a traditional bank, it’s time to start gearing up for a battle of your own - one that isn’t necessarily going to be on home turf,” said Thomson Fam Siew Kat, CEO of CIMB Vietnam.

Nghiem Xuan Huy, CEO of Finhay, said: “Thanks to the strategic partnership with CIMB Vietnam, we now can provide solutions to open bank accounts, money transfer and withdrawal. We would introduce some new financial services to our customers in the future.

"I think there are relatively attractive changes in the embedded finance in the market. I don’t know how long that trend is going to go on, but it’s something that we’re starting to see demand for.” — VNS