Latest news with #CIMB
The Star
11 hours ago
- Business
- The Star
UPI-CIMB tie-up to improve payment services in M'sia
From left: CIMB Malaysia and CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, CIMB head of consumer banking Malaysia Daniel Cheong, UnionPay International (SEA) managing director Jian Jiangtao China UnionPay chairman Dong Junfeng and UnionPay International chief executive officer Larry Wang. PETALING JAYA: UnionPay International (UPI) and CIMB Bank Bhd have entered into a memorandum of understanding (MoU) to improve payment services in Malaysia. This strategic collaboration will enhance the payment experience for UnionPay cardholders, particularly in high-frequency sectors such as retail, transportation, medical care, and eCommerce. As part of this partnership, UPI will also equip CIMB's merchants with access to its proprietary security authentication service, thereby optimising Malaysia's eCommerce and digital payment acceptance environment. Dong Junfeng, chairman of UPI, said UnionPay has been operating in Malaysia for over 20 years. 'This collaboration with CIMB represents an important step in advancing UnionPay's payment network in Malaysia through inclusive, secure, and interconnected financial infrastructure. 'Malaysia continues to be a vital hub for regional payment innovation, and we are proud to deepen our cooperation to support seamless, cross-border commerce and digital transformation. 'Together, we aim to deliver greater convenience and trust to consumers and businesses across the region.' CIMB Malaysia and CIMB Bank chief executive officer Gurdip Singh Sidhu said the collaboration underscored the bank's commitment to enhancing payment solutions that enables its network of customers greater convenience and growth opportunities. 'The partnership with UPI allows for greater Asean – China as well as global solutions coverage, providing customers with enhanced access and security, especially during cross-border travel and trade.' To better serve the bilateral personnel exchanges, UnionPay continues to expand its payment acceptance environment in Malaysia, with over 90% of local merchants accepting UnionPay cards. The partnership will further expand and deepen the access of UnionPay solutions among CIMB merchants including selected gas stations, transportation ticket counters, major hospitals highway toll stations, vending machines, shopping mall parking systems, and other key payment merchants, effectively improving UnionPay's acceptance and customer experience.
Business Times
20 hours ago
- Business
- Business Times
South-east Asian banks must keep up decarbonisation efforts despite lower climate targets
[SINGAPORE] The Net-Zero Banking Alliance (NZBA) has recently lowered its climate ambition requirements for member banks, but South-east Asian banks that are part of the alliance should not interpret this as a green light to slow down their pace of decarbonisation. In fact, given how changes to NZBA's guidance has attracted criticisms from various climate groups and affected the credibility of financial institutions' climate commitments, the onus is on these banks to demonstrate how the less ambitious climate targets can still result in meaningful real-world decarbonisation. NZBA announced about a month ago that it was dropping its requirements for member banks' net-zero targets to be aligned with a decarbonisation pathway that limits global warming to 1.5 degrees Celsius above pre-industrial level. This is an aspirational target under the Paris Agreement that has become the gold standard in the global quest to address the climate crisis. Banks are, however, realising that the 1.5 deg C target is increasingly hard to reach. Over the last six months or so, several Wall Street and Japanese banks have exited the group one after another. To maintain its relevance, NZBA lowered its guidance – requiring member banks to align their climate goals to keep global warming to 'well below 2 deg C'. Member banks are also no longer required to aim for net-zero emissions by 2050. The new guidance does not mandate any timeframe. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Giant leap backwards As expected, criticisms came swiftly. Several climate groups have denounced the decision by NZBA as a giant leap backwards. While a 1.5 deg C target is widely seen as the ideal and safest target, keeping global temperature rise to 'well below 2 degrees' is still well within the core objective of the Paris Agreement. The actual text of the Paris Agreement states that countries should 'hold the increase in the global average temperature to 'well below 2 deg C' above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5 deg C pre-industrial levels'. In addition, the revised requirements are a more accurate reflection of the reality of South-east Asian banks, whose lending portfolio have large exposures to companies within the region, which is still highly reliant on fossil fuels. Their ability to reduce their financed emissions and meet their net-zero targets is somewhat dependent on the ability of their clients to decarbonise. This, in turn, is affected by the regulatory landscape as well as the technological advancements of clean energy alternatives. It is no wonder that there are only five banks from South-east Asia that are members of the alliance: Singapore banks OCBC, UOB and DBS, as well as Malaysian banks CIMB and Maybank. At least two of them – UOB and CIMB – supported these changes by the NZBA when it was earlier under review. The previous requirement where member banks have to set a target for net-zero financed emissions by 2050 would naturally exclude many South-east Asian banks, which operate in markets where the governments have either not set a net-zero target, or has one that is beyond 2050, such as Indonesia. Greater flexibility The updates therefore provide greater flexibility for South-east Asian banks already in the alliance in achieving their net-zero targets, and also opens doors for others to join. There is no reason one of the foundational principles of the Paris Agreement, known as the Common but Differentiated Responsibilities and Respective Capabilities principle, should not be applied to banks and their net-zero ambitions. The principle underscores how countries' levels of responsibility and capacity to address climate change should differ based on their historical emissions and economic development, even though all of them share the obligation to address climate change. Its underlying principle of equity should also apply to financial institutions and their net-zero ambitions. It doesn't make sense for those with a high exposure to emerging markets to decarbonise their lending portfolio and be net-zero by 2050 at the same pace as other banks operating in markets which have more mature green economy sectors. That being said, this is not carte blanche for South-east Asian banks to be doing business as usual. Giving more latitude to banks that are more exposed to emerging economies so that they are able to participate fairly does not mean they should avoid action. Banks that have lowered their net-zero targets to align with 'well below 2 deg C' can still avoid going down a slippery slope by taking clear, transparent, and science-based actions that demonstrate they are serious about climate alignment — even within a slightly less ambitious framework. This includes unveiling detailed climate action plans on why the shift to 'well below 2 deg C' was made, how this new target will be achieved, and what safeguards are in place to prevent them from lowering – once again – their climate commitments. Being transparent on their lending to fossil fuel clients and their strategies to transition these companies in hard-to-abate sectors, as well as ramping up their financing towards transition economic activities are also crucial. If banks want their stakeholders to not perceive their less stringent net-zero targets as weaker climate action, they need to be more rigorous on how they plan, execute and disclose their decarbonisation strategies.
The Star
21 hours ago
- Business
- The Star
CIMB Bank partners with UnionPay to enhance payment services in Malaysia
From left: CIMB Malaysia and CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, CIMB head of consumer banking Malaysia Daniel Cheong, UnionPay International (SEA) managing director Jian Jiangtao China UnionPay chairman Dong Junfeng and UnionPay International chief executive officer Larry Wang. KUALA LUMPUR: CIMB Bank Bhd has signed a memorandum of understanding (MoU) with UnionPay International (UPI) to enhance payment services in Malaysia. In a statement today, CIMB said the collaboration aims to improve the payment experience for UnionPay cardholders, particularly in high-frequency sectors such as retail, transportation, medical care, and e-commerce. The bank said that UPI will also equip CIMB's merchants with access to its proprietary security authentication service, thereby optimising Malaysia's e-commerce and digital payment acceptance environment. CIMB chief executive officer Gurdip Singh Sidhu said the collaboration underscores the bank's commitment to advancing payment solutions that provide customers with greater convenience and growth opportunities. "The partnership with UPI enables broader ASEAN-China and global solutions coverage, providing customers with improved access and security, especially during cross-border travel and trade," he added. - Bernama
BusinessToday
a day ago
- Business
- BusinessToday
UnionPay Solutions to Reach More CIMB Merchants in Strategic Partnership
UnionPay International (UPI) and CIMB Bank Berhad (CIMB) have formalised a partnership to advance Malaysia's digital payments landscape. Under a newly signed MoU, UnionPay solutions will become more widely available to CIMB merchants, particularly in frequently used sectors, including retail, transportation, and healthcare. As part of the collaboration, UPI will provide CIMB's merchants with access to its proprietary security authentication service. This initiative is expected to optimise Malaysia's e-commerce and digital payment acceptance environment, making transactions safer and more efficient for consumers and businesses alike. Representing UnionPay International were Dong Junfeng, Chairman of China UnionPay and UnionPay International; Larry Wang, Chief Executive Officer of UnionPay International; and Dr Jian Jiangtao, Managing Director of UnionPay International (SEA). CIMB was represented by Gurdip Singh Sidhu, Chief Executive Officer of CIMB Malaysia and CIMB Bank Berhad, alongside Daniel Cheong, Head of Consumer Banking Malaysia, CIMB. Dong Junfeng highlighted the significance of the partnership, stating, 'UnionPay has been operating in Malaysia for over 20 years. This collaboration with CIMB marks an important step in advancing UnionPay's payment network in Malaysia through inclusive, secure, and interconnected financial infrastructure. Malaysia remains a vital hub for regional payment innovation, and we are proud to deepen our cooperation to support seamless cross-border commerce and digital transformation. Together, we aim to deliver greater convenience and trust to consumers and businesses across the region.' Gurdip Singh Sidhu added, 'This partnership highlights CIMB's focus on advancing payment solutions that bring greater convenience and growth potential for our customers. It also strengthens our ASEAN–China and global connectivity, which is especially valuable for cross-border travel and trade.' This development follows the recent agreement between China and Malaysia to deepen bilateral relations. In April 2025, the two nations committed to building a strategic China–Malaysia community with a shared future, including initiatives to ease visa requirements and promote productivity cooperation. In line with this, UnionPay is continuing to expand its payment acceptance network across Malaysia, where over 90% of local merchants now accept UnionPay cards. This collaboration will further extend UnionPay's reach among CIMB merchants, including selected gas stations, transportation ticket counters, major hospitals, highway toll stations, vending machines, shopping mall parking systems, and other key payment points. The move will enhance UnionPay's acceptance and improve the overall customer experience. Related
The Star
a day ago
- Business
- The Star
Malaysian assets to gain as funds slash US exposure, CIMB says
CIMB Group Holdings Bhd group chief executive officer Novan Amirudin. Malaysia could end up among the biggest beneficiaries in emerging markets if the Trump administration's disruptive trade policies trigger a further selloff in US assets, according to a top executive at CIMB Group Holdings Bhd. "We could potentially see a lot of capital freed up and move to emerging markets,' Novan Amirudin, chief executive officer of CIMB, Malaysia's third-largest bank by market value, told Bloomberg Television's Avril Hong. "Malaysia has all the parameters that tick the boxes for investors as they look at asset allocation and investments,' he said. Uncertainty over US fiscal and trade policy is denting the appeal of US assets, with emerging market investors expecting the asset class to benefit as some of that cash finds its way into stocks and bonds of developing countries. Global funds bought $45.6 million of Malaysian equities so far this quarter, making the country the only emerging Southeast Asian nation to see inflows, according to Bloomberg-compiled data. Novan pointed to Malaysia's political stability and the government's commitment to improving the country's fiscal position as key factors that make the nation stand out. Since taking over as Prime Minister in late 2022, Anwar Ibrahim has accelerated economic and political reforms after a revolving door of leaders from 2018 to 2022 affected investor confidence. While Malaysia's economic expansion is expected to come in slightly lower than the 4.5% to 5.5% official growth estimate for the year, strong domestic demand is likely to anchor growth. And though the country kept borrowing costs unchanged earlier in May, traders are pricing in an interest rate cut within the next six months. Bank Negara Malaysia has "always been very proactive,' said Novan, who took charge at CIMB in 2024. He said the government's policies on energy transition, manufacturing and the semiconductor industry would draw more foreign investments. Technology giants including Microsoft Corp. and Inc. have pledged to invest billions of dollars in the country's infrastructure, with Malaysia approving a record amount of investments last year. A planned special economic zone with Singapore will also help "mitigate uncertainties that a lot of businesses and corporations are seeing today,' Novan said. - Bloomberg
