CIMB Bank Singapore teams up with Wirecard to embark on merchant acquisition business
Collaboration offers businesses in Singapore the advantage of accessing end-to-end banking and electronic payment services from a single point of convenience
Tuesday, 21 April 2015
Singapore: CIMB Bank Singapore today announced that it has signed a partnership agreement with Wirecard, a global leader in electronic payment transactions, to offer a complete merchant solution to businesses in Singapore. The partnership enables both parties to leverage on their respective core expertise to provide an all-encompassing suite of banking and payment services to address the diverse needs of merchants.
Businesses can now access a myriad of competitively-priced products and services - from the set up of a merchant account to an integrated card payment acceptance platform involving the latest mobile Point-of-Sale technology that provides businesses the added advantage of accepting payment on the go. All these products and services can be set up in just one week for the merchants and from a single touch-point without having the hassle of engaging with multiple parties individually.
Speaking at the signing ceremony earlier, Mak Lye Mun, Chief Executive Officer of CIMB Bank Singapore and Country Head of CIMB Group Singapore said, “The collaboration with a leading financial technology company like Wirecard allows CIMB Bank Singapore to move beyond the conventional operating model of leveraging only our internal infrastructure and capabilities to offer transaction payment solutions to our business banking clients.”
“We are delighted to partner with CIMB Bank on introducing combined banking and payment solutions to Singapore,” said Jan Marsalek, Chief Operating Officer of Wirecard. “We believe that our joint value proposition will drive uptake of electronic payment acceptance amongst the small and medium enterprises.”
As part of the partnership, Wirecard will provide a fully customisable payment platform that supports eCommerce, mCommerce, mobile and traditional Point-of-Sale, along with an online portal to facilitate merchants’ real-time tracking of transactions across multiple sales channels, as well as risk and fraud management services.
CIMB Bank’s offerings, besides faster on-boarding time for merchants, include a merchant account that offers settlement by the next day which means better cash flow, and an overdraft facility with no interest charged for the first 65% of the credit limit* that lets businesses have additional funds at their disposal at a lower cost. In addition, merchants will also be offered a holistic financial business package that consists of corporate financing to cash management solutions to meet the demands of different industry sectors.
“We are confident that with the support of Wirecard as our partner, CIMB Bank will continue to deliver winning propositions that will delight and benefit our clients while we further accelerate our commercial banking business, a key growth driver of CIMB Bank Singapore’s business, through this collaboration," concluded Lye Mun.
* The effective interest is 10.01% p.a. computed based on a 2-tier interest rates of 0% p.a. capped at the first 65% of the facility limit and 12.88% p.a. for the remaining facility limit. Other T&C applies.
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