Tag: transformation

AI-powered platform simplifies banking and boosts SME expansion Aims to strengthen Asean’s digital economy through innovation and inclusion CIMB Group Holdings Berhad has unveiled a bold digital-first strategy aimed at empowering businesses through smarter onboarding, real-time insights, and seamless cross-border capabilities. The initiative will enable sole proprietors, SMEs, and corporate clients to scale efficiently and connect effortlessly across Asean markets. In a statement, the bank noted that this strategic approach reinforces its role as a trusted banking partner and catalyst for both local and international expansion. Aligned with this vision, the group launched two business solutions at the CIMB Asean SME Economic Forum CIMB OCTO Biz and SME FlexiCash/-i each designed to accelerate business expansion and drive sustainable growth. With features tailored to facilitate growth beyond borders, the app enables seamless cross-border payments, efficient management of international transactions, and access to treasury, FX, and trade solutions, as well as intelligent management tools. Following its launch in Malaysia, CIMB OCTO Biz will be rolled out in Indonesia and Singapore by the first half of 2026, followed by Cambodia and other Asean markets progressively. Novan Amirudin, group CEO of CIMB, said, “We see banking as a strategic enabler of growth, transformation, and financial inclusion. Our focus is to equip businesses and communities with the capabilities and insights necessary to navigate a dynamic economic environment. The launch of CIMB OCTO Biz underscores this commitment by delivering secure, seamless, inclusive, and future-ready financial solutions that support sustainable business expansion across Asean and beyond. “This is central to our Forward30 strategy, leveraging digital innovation to drive sustainable value creation, in line with our purpose of advancing customers and society,” he added. Designed to support the full spectrum of business needs, CIMB OCTO Biz builds on the user experience of CIMB OCTO for retail customers by integrating banking services with essential business management tools into a seamless, secure, and intuitive app. This integration helps businesses streamline operations and enjoy a simplified banking journey. Lawrence Loh, co-CEO of group commercial and transaction banking, CIMB Group, said, “CIMB is reshaping business banking with a digital-first approach that goes beyond transactions to drive growth. CIMB OCTO Biz brings together banking insights and business tools in a single ecosystem, allowing businesses to manage operations effortlessly, access financing seamlessly, and make smarter, data-driven decisions. “More than just a platform, CIMB OCTO Biz serves as a catalyst for Asean businesses to scale with confidence across local and global markets. This approach reflects CIMB’s ambition to be the leading digital-first SME bank in the region, backed by its strong Asean footprint and deep understanding of business needs,” he added. Powered by AI and data-driven insights, CIMB OCTO Biz offers businesses access to real-time cash flow dashboards and financing applications, providing greater control and visibility over their finances. Embedded within the app, SME FlexiCash/-i is a revenue-based lending product that analyses account history and transaction behaviour to instantly grant businesses a pre-qualified financing limit, removing the administrative processes of traditional loan applications. This innovative approach accelerates access to capital, promotes transparency, and empowers businesses to manage cash flow with greater ease and confidence. CIMB OCTO Biz also delivers hyper-personalised solutions, proactively identifying and recommending relevant products and services tailored to each customer’s unique business profile. By turning data insights into actionable value, CIMB OCTO Biz ensures every interaction is purposeful and supports the evolving needs of its users enhancing the banking experience while helping businesses uncover growth opportunities and improve operational efficiency. The bank noted that more than half of its SME clients have already onboarded OCTO Biz, reflecting strong early adoption. In 2025 alone, the platform recorded a transaction value of US$4 billion (RM17 billion) across seven million transactions, underscoring its growing relevance and usage among businesses. The app is expected to be fully rolled out with its complete suite of features and solutions by year-end, with new enhancements introduced progressively. This agile approach gives CIMB greater flexibility to respond quickly to evolving business needs and scale the platform efficiently. Consistent with its “Kita Bagi Jadi” campaign, CIMB has further simplified banking for sole proprietors and SMEs, with online account opening to be fully available by end-2025. This will allow faster, easier, and fully digital onboarding without branch visits. The app is now available on both web and mobile platforms and can be downloaded as ‘CIMB OCTO Biz’ from the Apple App Store, Google Play Store, and Huawei AppGallery.