CIMB partners with Finhay to issue a co-branded debit card

By Leandra Monteiro

CIMB and Finhay have joined hands to issue a co-branded debit card on the Finhay app allowing customers to enjoy benefits from the CIMB and Finhay ecosystems. The collaboration between CIMB Bank Vietnam and Finhay has brought forth Vietnam’s first-ever 3-in-1 bank account that can be opened and maintained straight from the Finhay app.

Through this partnership, Finhay users can open a virtual account and use a 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.

According to media reports, Nghiem Xuan Huy, CEO of Finhay said, “In the world, embedded finance help people seamlessly and easily transfer funds from an account or any stored value account into something that is able to get profits in the market. This enabled banking activities to be built into almost other industries. 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.”

He added, “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.”

According to media reports, Thomson Fam Siew Kat, CEO of CIMB Vietnam said, “For the next generation of young and modern consumers, banking will be something that you ‘do’ with your favourite brands rather than your chosen bank. 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.”