In partnership with MasterCard, CIMB’s Corporate Card Solutions offer convenience, control and transparency for business operational expenditures  

KUALA LUMPUR, May 30 (Bernama) -- CIMB Bank Berhad’s (“CIMB Bank” or “CIMB”) today launched its Corporate Card Solutions, a new addition to its suite of Cash Management products to meet businesses’ increasing need for efficiency, transparency and control in their operational expenditure. Its new card solutions include the Corporate Card and Purchasing Card which offer automated processes and real-time reporting to help streamline business-to-business spending, payments and collections. Additionally, a new virtual card solution addresses supply chain requirements by enabling a more seamless transactional flow between businesses and their suppliers and customers. Coupled with CIMB’s proprietary online real-time data analytics tools, these solutions give organisations a better overview of their operational expenditure to facilitate planning and control.
 
At the launch ceremony today, Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, “CIMB Bank’s Corporate Card Solutions mark an important milestone in realising the Group’s digital innovation strategy. In today’s business environment where cost management is a high priority, it is our aspiration to help organisations to significantly improve their operational and cost efficiency by automating their transactional flows. Conceptualised in partnership with MasterCard, these solutions offer unique savings features by optimising cashflows and working capital. Our digital banking solutions such as these are also a response to Bank Negara Malaysia’s call for a reduction in the usage of cheques from 207 million in 2011 to 100 million by 2020.”
 
Safdar Khan, Group Country Manager, Indonesia, Malaysia and Brunei; Group Head, Islamic Payments, Southeast Asia, MasterCard said, “Our collaboration with CIMB Bank serves as a platform for us to share our knowledge and expertise in corporate card solutions. The effort allows us to provide best-in-class innovations to help Malaysian companies digitise their business payment systems which is crucial for business growth. This is achieved by helping them streamline purchasing processes, allowing them to manage expenses efficiently through a safe and secured channel. The CIMB Corporate Card Solutions are a welcome addition to our existing suite of simple, safe and smart payment solutions equipped to address companies’ various business needs.”
 
The CIMB Corporate Card enables organisations to closely manage employee spending by allowing real-time overview of employees’ travel and entertainment expenditure.
 
The CIMB Purchasing Card automates the company’s procurement process by capturing card transactions in real time, which facilitates account reconciliation.
 
Both the CIMB Corporate Card and the CIMB Purchasing Card were designed to address and potentially replace cash and cheques in business expenditure as they offer greater flexibility, efficiency, transparency as well as multiple security and control features to monitor expenses as and when they are incurred. 
 
The CIMB Purchasing Card (Virtual) is a revolutionary virtual solution that offers cardless convenience for payments and collections in a business’ supply chain. It enables businesses to randomly generate a 16-digit virtual card number that is associated with a specific payment which is then securely transmitted to a specific supplier when payment is due. Every virtual card number generated can be controlled by supplier name, transaction amount, specific date etc., and payment will be blocked if it does not meet the control criteria. Data is captured in real time and matching a unique virtual card number to a specific payment improves reconciliation and aids data analysis.
 
Online management tools  
The CIMB Corporate Cards Online, coupled with MasterCard Smart Data, is an integrated card administration tool to provide reporting for the Corporate Card Solutions activities. By offering access to real-time data, the online tool delivers superior business intelligence and analytics for corporate reporting and decision-making, like setting spending limits and customising merchant categories by each individual card holder. The web portal can easily integrate card transaction information into businesses’ in-house accounting or enterprise resource planning (“ERP”) system without the need for manual data entry. 
 
About CIMB Group
 
CIMB Group is Malaysia’s second largest financial services provider and one of ASEAN’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, the Group is now present in nine out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Taiwan, Korea, the US and UK.
 
CIMB Group has the most extensive retail branch network in ASEAN of close to 1,000 branches as at 31 March 2016. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage of more than 1,000 stocks in the region. 
 
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 97.9% shareholder of Bank CIMB Niaga in Indonesia, and 93.7% shareholder of CIMB Thai in Thailand.
 
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM41.4 billion as at 31 March 2016 . The Group has over 40,000 employees located in 17 countries.
  
AboutMasterCard 
 
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 destinations and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
 
SOURCE : CIMB Group

FOR MORE INFORMATION, PLEASE CONTACT:
Name : Josandi Thor
Senior Managing Director
CIMB Group Marketing, Brand and Sponsorship Management  
Tel : +603 - 2261 0628 / +65 - 6302 3885 
Fax : +603 - 2261 0601 / +65 - 6506 1222
Email : josandi.thor@cimb.com
 
--BERNAMA