CIMB Bank, Sendo form strategic partnership to promote fast digital loan solution

Thursday, Feb 20, 2020 06:31

The signing ceremony between CIMB Bank Vietnam Ltd (CIMB Vietnam) and e-commerce company, Sendo Joint Stock Company (Sendo), in HCM City on Wednesday. — VNS Photo

CIMB Bank Vietnam Ltd (CIMB Vietnam) and the e-commerce company Sendo Joint Stock Company (Sendo) on Wednesday announced a strategic partnership to promote a fast digital loan solution on Sendo's platform.

This is the first collaboration between an international bank and a Vietnamese e-commerce platform to deliver outstanding digital experience to users, the partners said.

Under the partnership, the two sides will offer customers access to CIMB’s loan service via Sendo’s app and website.

Customers will apply for loans completely online, get appraisal result in just four working hours, and enjoy attractive interest rates from only 1.67 per cent per month. With just an ID card, customers can safely and conveniently get a loan, promptly address their financial needs, and, in turn, improve their quality of life.

Thomson Fam Siew Kat, CEO of CIMB Bank Vietnam, said: “Working with Sendo is a perfect start for the new year 2020 with dynamic opportunities. It is my utmost pleasure to announce that CIMB Vietnam is the first bank to offer digital loans in the market as well as to partner with Sendo, one of the leading e-commerce players in Viet Nam. Together, CIMB Bank Vietnam and Sendo will deliver impressive and exciting services in 2020, contributing to the development of Viet Nam's consumer finance industry.”

With over 97 million people, of which 60 per cent are of working age, Viet Nam is one of the countries with a booming consumer finance industry. According to a Stoxplus report, Viet Nam's consumer finance market value was estimated at over US$43 billion by 2020.

The consumption trends in recent years reflects the fact that Vietnamese are more willing to reach for cash loans or installment loans to buy consumer goods such as cellphones, laptops, cars and machines, among others, and to use travel, health and beauty services instead of savings in order to address pressing needs and improve living standards.

CIMB Bank (Vietnam) Limited belongs to CIMB Group, a leading regional banking group with over 90 years of experience and an impressive track record. CIMB has a network of more than 37,000 employees in 15 countries.

Sendo is an official e-commerce platform sponsored by FPT Corporation. Sendo's goal is to create the No 1 online shopping mall in Vietnam, providing a great shopping experience for consumers. VNS

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