Alliance Bank Malaysia has once again been recognised at the Asian Banking & Finance Retail Banking Awards, receiving the Open Banking Initiative of the Year award for the third year in a row. The award highlights the Bank’s continued efforts to deliver secure, customer-focused digital solutions, with its Visa Virtual Credit Card (VCC) playing a central role.

A Digital-First Card with Security at Its Core

The Alliance Bank Visa Virtual Credit Card is the first of its kind in Southeast Asia. Offered entirely through the allianceonline mobile app, it caters to customers who prefer a fully digital banking experience. The card supports online transactions and subscription services, providing a practical alternative to physical credit cards.

Security is a key feature of the VCC. It includes a Dynamic Card Number (DCN), which automatically changes every 30 minutes. This helps protect against fraud, especially during e-commerce transactions. If customers suspect unauthorised activity, they can immediately freeze or replace their card via the mobile app, without needing to contact the bank or wait for a physical replacement.

Designed Around Customer Needs

Alliance Bank developed the VCC to align with the expectations of modern consumers who value speed, simplicity, and control in their financial tools. According to Gan Pai Li, Group Chief Consumer Banking Officer at Alliance Bank, customers are looking for safe and straightforward ways to manage their spending through digital platforms.

“Whether it’s shopping online, paying for subscriptions, or managing expenses, the VCC makes it easy and safe, all from the mobile app. We are happy to see more customers embracing this convenience, and we will keep innovating to make digital payments even better for them.”

Customers can issue the VCC in real time, set personal spending limits, and manage transaction settings directly through the app, giving them greater control and flexibility over their finances.

Strong Adoption and Broader Digital Impact

Since the launch of the VCC, Alliance Bank has seen its credit card base double over a two-year period. Operational benefits have also followed, with a 93% reduction in the time required to freeze or replace compromised cards. Efficiency has improved by 46%, thanks to digital features such as autofill and e-signatures.

To expand payment options, the Bank partnered with Samsung and Google to enable Near Field Communication (NFC) functionality. This allows VCC users to make contactless payments via supported mobile devices. Following this enhancement, VCC transaction volumes increased by 47%, indicating rising customer demand for flexible mobile payment options.

Supporting Sustainability Through Digital Innovation

The VCC also contributes to Alliance Bank’s environmental, social, and governance (ESG) goals by removing the need for physical cards and printed materials. As a fully digital product, it reduces plastic usage and supports the Bank’s broader sustainability agenda.

To date, the VCC has received 23 industry awards, including recognition for Most Innovative Payment Initiatives and Third Party Partnerships at the Retail Banker International Asia Trailblazer Awards 2025. 

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• TAGS:
• Alliance Bank
• Alliance Visa Virtual Credit Card
• DCN
• Gan Pai Li
• Open Banking Award
• VCC