Malaysia’s CIMB Bank on Tuesday launched a mobile banking app, OCTO, its first in any market.

It could be used to fulfill a range of banking needs from registration, verification to card activation and making transactions on the phone, avoiding the need to queue at branches or struggle to find a convenient time, the bank said.

“Viet Nam is one of the most inspirational success stories in Asia, with strong economic growth and tremendous potential for development,” Tengku Dato’ Sri Zafrul Aziz, Group CEO of CIMB Group, said.

At the same time digital banking is an inevitable trend with the advancement of technology, he said.

“It will help banks reduce their cost-to-income ratio from 50 per cent to 20 per cent or 30 per cent. Developing digital banking is a key strategy for CIMB in Southeast Asia and Viet Nam is our first pilot market.”

The bank said in the next five years it would focus on improving the app by enhancing users’ experience and connecting with Vietnamese partners to enhance the eco-system of financial services for Vietnamese consumers.

Also on Tuesday CIMB opened a branch on Hai Ba Trung Street in HCM City’s District 3.

On the occasion of launching the app and opening the branch, the bank is offering many promotion programmes. — VNS