CIMB Bank Vietnam and Toss, Korea’s first fintech unicorn, have joined hands to launch a co-branded virtual card aimed at building an active community for the young generation and bringing fintech closer to everyday life.
“Toss Card powered by CIMB” is the country’s first-ever bank account that can be opened and maintained straight from the non-bank app.
Toss users in Vietnam will be able to apply for and get a virtual card on the Toss app with eKYC solutions from CIMB, and enjoy their daily activities with rewards on a single platform. The integration of various utilities on the same platform makes things very convenient for users.
This is a case study for a bank-tech partnership, a successful combination of banking expertise and technology platform plays, and the opportunities that both parties can access.
Through this partnership, CIMB and Toss can access established customer segments that are loyal to financial institutions, and lean on the former’s experience of working in a highly regulated environment, leading to sustained growth and relevancy in a crowded, competitive market.
Thomson Fam Siew Kat, CEO of CIMB Bank Vietnam, said: “FinTech collaboration is even more essential for banks. Most banks understand that a positive last-mile experience and an engaging front end are critical to keeping customers happy and loyal.
“Bringing back-end operations up to speed can be an extended journey. That’s why we decided to join forces with a mature fintech like Toss to map, prioritise, and innovatively enhance our most critical comprehensive digital financial eco-system.”
Toss is operated by start-up Viva Republica. Navigating away from its core business in Korea as a peer-to-peer payment service to effectively penetrate the Vietnamese market, Toss launched the Step Counter app in September 2019 and has since signed up one million users.
CIMB Bank is one of Asia’s leading lenders with extensive experience and expertise in the region. With its new digital bank business model and financial technology, CIMB has brought a ‘wind of change’ in Vietnam’s banking market.
