CIMB launches first-of-its-kind ASB Financing solution in collaboration with CTOS and Sun Life Malaysia Takaful Berhad
15 June 2023
This initiative promotes financial inclusion with emphasis on credit health and insurance, at the same time promoting the accessibility of Amanah Saham Bumiputera funds as a tool for long term investments
Kuala Lumpur: CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “The Bank”) have introduced a financially inclusive Amanah Saham Bumiputera (“ASB”) Financing solution (“the solution”) in collaboration with CTOS Data Systems Sdn Bhd (“CTOS”) and Sun Life Malaysia Takaful Berhad (“SLMT”), with the aim of promoting financial literacy and empowering Malaysians to take charge of their financial well-being.
Beginning 15 June 2023, customers who take up the solution during the campaign period, will enjoy a complimentary MyCTOS Basic Report with CCRIS, which provides customers with an overview of the state of their credit health. Subsequent to that, customers can also enjoy attractive discounts for the full MyCTOS Score Report should they require a more comprehensive view of their overall financial health. This will help them to better understand and assess their financial standing and plan accordingly to achieve their long-term financial goals.
In addition to this, customers who take up the solution will also receive a complimentary 12-month takaful coverage worth up to RM10,000. This takaful benefit consists of RM5,000 for death or total and permanent disability and an additional pay out of RM5,000 for accidental death and dismemberment.
Effendy Shahul Hamid, Chief Executive Officer of Group Consumer and Digital Banking, CIMB Group, said, “At CIMB, we believe that the sustainability of our businesses is directly related to the empowerment of our customers. This initiative promotes that, and ensures that customers accessing ASB Financing through us are also introduced to the concepts of credit health and insurance. We see this as important as we do our part in building an inclusive, progressive and financially literate society."
“To that end, we are pleased to collaborate with like-minded partners CTOS and SLMT on this innovative value-added offering, directly enhancing the accessibility and viability of ASB funds, especially those from the M40 and B40 communities,” he added.
Open to Malaysian Bumiputera residents aged 18 and above, CIMB’s ASB Financing facility offers financing of up to RM200,000, with financing tenure between 5 – 40 years for customers to invest into ASB funds.
Underlining its commitment to encouraging financial inclusion through its products and services, CIMB’s total ASB financing for the B40 community amounted to RM2.9 billion in 2022, making up more than 70% of all ASB financing extended by CIMB that year.
Customers that would like to invest in ASNB Fixed Price Funds using cash can also do so via CIMB Clicks in which they can perform investments of up to RM300,000 into their ASB and Amanah Saham Bumiputera 2 (“ASB 2”) accounts. This provides the convenience to perform cash investments into their ASNB funds at a very affordable entry cost, from as low as RM1.00.