CIMB Bank Philippines deploys Jumio authentication tech
CIMB Bank Philippines has partnered with identity and authentication firm Jumio to provide a new suite of digital onboarding tools for its customers.
Jumio will provide its “AI-driven” identity solutions
A digital-only bank and subsidiary of the CIMB Group, CIMB Bank Philippines claims to have signed up more than two million Filipinos, 30% of which are first-time bankers.
Its mobile application will now integrate “AI-driven” Jumio identity verification technology for its know-your-customer (KYC) processes.
Jumio says that the collaboration has provided the bank with a “safe and seamless” onboarding experience for customers.
“Our partnership with Jumio has been integral in achieving our milestones so far as an all-digital bank in the Philippines to deliver a safe and secure banking experience,” says Vijay Manoharan, CIMB Bank PH CEO.
“We are very grateful to have them as an ally in bringing Filipinos closer to financial inclusion.”
CIMB Group, founded in 2006, is a Malaysian universal bank based in Kuala Lumpur. The group operates several subsidiary entities, whose operations include Islamic banking, securities, investment, consumer banking and wholesale banking.
Related: CIMB Bank Singapore completes blockchain trade finance transaction
The group employs around 40,000 people across 18 countries and claims to operate a branch network number more than 1,000 locations across Southeast Asia.
Robert Progge, Jumio CEO, believes that it’s becoming increasingly important for banks to offer a “streamlines digital process.”
He adds: “We are extremely proud to partner with CIMB Bank Philippines to help give more Filipinos access to digital banking in a secure, seamless and compliant manner.”
Jumio completed a selfie-based account opening project with TSB bank in July 2019, a year which also saw the firm launch a new anti-money laundering (AML) solution alongside ComplyAdvantage.
