2
CIMB Thai Bank (CIMBT) has joined forces with MAI-listed Sabuy Technology Co to jointly develop an ecosystem platform for cash management and money transfers domestically and regionally.
The partnership aims to offer cross-border money transfers by the second quarter, said Paisan Thumpothong, head of transaction banking at CIMBT.
Under the collaboration, CIMBT will provide a cash management service. CIMBT, 94.8% owned by Malaysia-based CIMB Group, offers an international remittance service under its own platform, SpeedSend, which was developed by CIMB Group.
In Sabuy s case, the company developed its own digital payment platform for several services after receiving four business licences from the Bank of Thailand. These services include top-up machines, vending machines, food court payment system management, a point-of-sale service and e-wallets.
’s subsidiary CIMB Thai Bank PCL posted lower net profit of 1,290.6 million baht (RM174.23mil) in the financial year ended Dec 31,2020 (FY20) due to higher provisions.
The bank reported on Thursday net profit declined by 727.2 million baht or 36% year-on-year (YoY). This was due to a 60% YoY increase in provisions due to economic uncertainty and potential credit migration from customers affected by the Covid-19 pandemic.
Acting president and CEO of CIMB Thai Bank, Sutee Losoponkul said FY20 consolidated operating income rose by 1.1% year-on-year (YoY) to 14,927.1 million baht from 2019 mainly contributed by a 153.6% growth in other income.
Net interest income fell by 5.6% and net fee and service income declined by 39.9%.
CIMBT targets 5% retail loan growth
published : 18 Dec 2020 at 04:00
1
CIMB Thai Bank (CIMBT) aims to expand retail loan growth by 5% next year, with a focus on mortgage and used-car loan expansions in the second half on expectations of an economic recovery.
The bank forecasts Thailand s economic conditions will gradually improve, but the pace of recovery will be slow in the first half of 2021 as the tourism industry will be pressured by the persistent pandemic crisis.
Thailand is expected to reopen for foreign tourists in the second half as greater clarity on vaccine distribution is expected.
Domestic business activities are expected to improve in the second half, subsequently helping further propel economic recovery momentum, said Tan Keat Jin, head of consumer banking business.