CIMB bank has launched a credit card application through the Finhay app, removing some of the more time-consuming aspects of a traditional credit card application.

This new process will give more Vietnamese people the opportunity to access credit cards, as well as financial management skills, through the one platform.

Usually, a credit card application means going to the bank and waiting 5-7 days for verification. However, CIMB is offering all customers over 20 years old the chance to apply for the CIMB-Finhay Visa Credit Card, through the Finhay app.

The application and appraisal process is said to take around 5-6 minutes. Using biometric technology and Electronic Know Your Customer (eKYC) technology, CIMB can approve credit of between VND5-100 million (US$218 - $4,350) per application.

This credit can be used to pay for essential expenses, online shopping, or emergencies.

In addition to the fast application process, customers can begin to use their cards as soon as it has been delivered and activated, usually between 3-5 days. CIMB also offers customers the option to withdraw all of their credit in cash, allowing flexible payments to be made.

Thomson Fam Siew Kat, General Director of CIMB Vietnam said: “We hope that this banking service can be used more widely than traditional banking services. We are not only building a digital bank but also building a future operating model for CIMB Vietnam. Customers can not tell the difference when all banks are offering the same product. This is why CIMB decided to provide retail banking products that utilise technology through co-operation with Finhay; one of the pioneering start-ups in small and medium investment and accumulation in Viet Nam.” — VNS