Malaysian CIMB Group creates fintech standalone unit

Malaysia-based CIMB Group Holdings has created a fintech standalone unit ‘CIMB Fintech’ in a move to develop innovative banking solutions with the help of evolving fintech, Nikkei Asia, reported.

The CIMB Fintech will serve as a hub for fintech startups in order to perform experiments as well as realize digital ambitions as it strengthens its foothold as a regional lender. CIMB has appointed Olivier Crespin to lead and head the fintech unit.

“Its operating model will be agile, dynamic and nimble, in order to provoke, incubate and execute ideas that will either redefine or enhance CIMB's products and services,” Zafrul Aziz, the group's chief executive, said in a press release.

Alibaba’s unit Ant Financial Services also entered into agreements with CIMB and Malayan Banking, in order to develop Alipay mobile payment services in the country.

Earlier in 2015, Maybank launched the MaybankFintech program in order to fund emerging fintech startups and to develop digital banking platforms.