CIMB Partners With CTOS, Sun Life To Introduce Enhanced ASB Financing Solution

Alex Cheong Pui Yin

15th June 2023 - 3 min read

CIMB Bank and CIMB Islamic Bank have partnered with credit reporting agency CTOS Data Systems and insurer Sun Life Malaysia Takaful in a promotional campaign that enhances the bank’s Amanah Saham Bumiputera (ASB) Financing facility with financially inclusive perks. These include a free credit score report and exclusive discounts, along with complimentary takaful coverage.

With regard to CIMB’s ASB Financing facility itself – which is open to Malaysian bumiputera residents aged 18 and above – customers can take up a financing of up to RM200,000 to invest into ASB funds, with a repayment tenure of between 5 to 40 years. Under this latest partnership with CTOS and Sun Life, those who sign up for the solution during the campaign period (15 June to 31 December 2023) will also get to enjoy complimentary benefits from CTOS and Sun Life Malaysia.

From CTOS, you’ll be able to claim a complimentary MyCTOS Basic Report with CCRIS, which gives you an overview of the state of your credit health. In addition to that, you can also enjoy up to 50% discount for the full MyCTOS Score Report, if you wish to get an even more comprehensive view of your overall financial health as you plan for your long-term financial goals.

Sun Life Malaysia, meanwhile, will provide you with a complimentary 12-month takaful coverage of up to RM10,000. You can claim RM5,000 in the event of death or total and permanent disability (TPD), and an additional payout of RM5,000 for accidental death and dismemberment.

Chief executive officer of group consumer and digital banking for CIMB Group, Effendy Shahul Hamid said that the introduction of this enhanced product, in collaboration with its two partners, is in line with the bank’s aim to empower its customers. “This initiative promotes that [empowerment], 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,” he said.

Effendy also hopes that CIMB’s upgraded ASB Financing facility will directly enhance the accessibility of ASB funds for Malaysians, especially those from the M40 and B40 communities. For context, CIMB’s total ASB financing for the B40 community amounted to RM2.9 billion in 2022, accounting for more than 70% of all ASB financing extended by CIMB in that year.

Meanwhile, other customers who would like to invest in ASNB fixed price funds using cash can do so via CIMB’s online banking website, CIMB Clicks, or the app. They are allowed to make up to RM300,000 investment into their ASB and Amanah Saham Bumiputera 2 (ASB 2) accounts at a small cost, starting from just RM1.

(Source: CIMB)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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