Vietnam's CIMB Bank and Toss app operator - Viva Republica have reportedly rolled out the CIMB- Toss debit card following the success of CIMB and Toss virtual card, launched in July 2020.
Banksalad outruns Toss in MyData business
Posted : 2020-12-23 16:03
By Park Jae-hyuk
Rainist, the operator of personal finance managing app Banksalad, is threatening the dominance of Viva Republica, operator of the mobile money transfer payment app Toss, in the nation s fintech market, after winning preliminary approval for a MyData license first.
The two fintech firms were among the 29 financial services companies that had applied for the license which enables them to receive their customers credit information from conventional financial firms, so that customers can access all their financial information in one place.
The Financial Services Commission (FSC) postponed giving a preliminary approval to Viva Republica, Tuesday, asking the company to submit documents necessary for the regulator to screen the eligibility of its major shareholders. If the fintech firm fails to get approval for the license, it will no longer be able to provide most of its current services from Augus
CIMB Bank Vietnam and Viva Republica, the operator of Toss app, has jointly introduced the CIMB-Toss Debit Card following the success of the CIMB and Toss virtual card launched in July 2020.
Launched in early December 2020, the debit card has been upgraded with a variety of advanced technology solutions and benefits including the eKYC solution managed by CIMB, VISA payWave contactless payment, walk and earn bonus cash, and many more.
Now after users successfully open a CIMB bank account on the Toss interface, they can pay for purchases in retail stores with a physical debit card by just holding it up to a card reader. The virtual card number will be saved on the user’s phone to be used for future online or in-app payments.