OCTO by CIMB

OCTO is a digital banking application developed by CIMB Bank, a prominent banking group in the ASEAN region. This app provides users with the ability to manage their banking needs conveniently from their mobile devices. Users can download OCTO on the Android platform, granting them access to a range of banking services at any time and from anywhere.

The app facilitates the opening of CIMB bank accounts and the issuance of CIMB VISA cards through a fully online process that utilizes electronic Know Your Customer (eKYC) verification. Users can complete their registration by simply capturing their ID card and taking a selfie, eliminating the need to visit a physical branch. This service is available to all Vietnamese customers nationwide.

One of the primary offerings within the app is the CIMB Visa Debit Card, which is linked to users' bank accounts and allows for various banking services without any fees. Users benefit from features such as free domestic fast money transfers, free ATM withdrawals, and the ability to manage their spending limits directly through the app. Additionally, the app supports fast bill payments and phone top-ups, enhancing the overall user experience.

For those interested in credit options, the app provides access to the CIMB Visa Credit Card. This card enables users to shop globally while benefiting from various offers and promotions. Users can manage their credit card details within the app, including accessing their bank statements, adjusting spending limits, and managing card settings.

OCTO incorporates robust security features to protect users' financial information. One such feature is OCTOBIO, which allows for secure sign-ins using biometric authentication methods, including facial recognition and fingerprint scanning. This eliminates the need to remember complex passwords and enhances the overall security of the app.

The app also employs OCTOSHIELD for secure transactions. Users only need to activate OCTOSHIELD once via an SMS One-Time Password (OTP). After activation, transactions can be confirmed by simply sliding to sign, adding an extra layer of convenience while ensuring secure processing. The app utilizes tokenization and multi-layer authentication to protect users' transactions from unauthorized access.

For online purchases, OCTO uses 3D Secure technology, which requires users to verify their transactions through an OTP sent to their registered mobile number and email. This advanced security measure is provided by Visa and adds an essential layer of safety for users engaging in online shopping.

The app supports personal loans with a fully digital application process. Users can apply for loans ranging from 5 to 500 million VND with terms between 3 to 60 months. The app provides quick offers within four working hours, allowing users to keep track of their application status transparently. The entire loan process is managed within the app, from application to disbursement, without the need for physical forms or signatures until approval is reached.

Interest rates for personal loans range from 1.3% to 3.75% per month on a reducing balance, with a maximum Annual Percentage Rate (APR) of 24.5% annually. The app allows users to manage their loan details, ensuring a straightforward experience throughout the borrowing process.

Users can easily manage their cards and accounts within the OCTO app. Card management features include resetting PIN codes and locking or unlocking cards as needed. Users can also fund their accounts directly through the app, making it simple to maintain their banking activities without any interruptions.

The comprehensive features offered by OCTO cater to a wide range of banking needs, from everyday transactions to personal loans. The convenience of managing finances via a mobile application aligns with the modern user's demand for accessibility and efficiency.

The combination of easy account setup, secure transaction methods, and robust loan management capabilities positions OCTO as a practical choice for digital banking in Vietnam. Users can enjoy the flexibility of banking services at their fingertips, ensuring they remain in control of their financial activities 24/7.

With its emphasis on security, convenience, and user-friendly design, OCTO provides a comprehensive digital banking experience tailored to the needs of Vietnamese customers. As banking continues to evolve, OCTO stands out as a vital tool for managing personal finances effectively.

For support, users can reach out to CIMB Bank Vietnam through their headquarters in Hanoi or their branch in Ho Chi Minh City. They also offer assistance via email and a dedicated hotline for customer inquiries.

This combination of features makes OCTO an appealing option for individuals looking to streamline their banking experience while ensuring the security of their financial information.