CIMB Bank joins hands with Sendo to promote fast digital loan solution

CIMB Bank and Sendo formed a strategic partnership to bring a new digital loan experience to Vietnam

This is the first collaboration between an international bank and a Vietnamese e-commerce platform to deliver outstanding digital experience to users.

The co-operation with Sendo is a milestone marking CIMB's commitment to improving user experience with new products and services as well as promoting its ecosystem of financial services for Vietnamese consumers in the 4.0 era.

In particular, the tie-up between Sendo and CIMB offers customers easy access to CIMB’s loans via Sendo’s app and website. Customers will be able to apply for loans completely online, get the appraisal results in just four working hours while enjoying attractive interest rates from only 1.67 per cent a month. With just an ID card, customers can safely and conveniently get a loan, promptly address their financial needs and in turn, improve the quality of life.

With over 97 million people, 60 per cent of whom are of a working age, the consumer finance industry is booming in Vietnam. According to a FiinGroup report, the value of Vietnam’s consumer finance market is estimated to exceed $43 billion by 2020.

Consumption trends from recent years reflect that Vietnamese consumers are more willing to take up cash loans or instalment loans to buy consumer goods such as cell phones, laptops, cars, or machines, and to use travel, health, and beauty services instead of using their savings in order to address pressing needs and improve their living standards.

Speaking about CIMB’s digital banking strategy, Thomson Fam Siew Kat, CEO of CIMB Bank Vietnam, said that, “Working with Sendo is a perfect start for a new year of dynamic opportunities. It is my utmost pleasure to announce that CIMB Vietnam is the first bank to offer digital loans in the market as well as to partner with Sendo – one of the leading e-commerce players in Vietnam. Together, CIMB Bank Vietnam and Sendo will deliver impressive and exciting services in 2020, contributing to the development of Vietnam's consumer finance industry.”