CIMB Group signs on to CargoDocs
CIMB Group is the first Malaysian bank to sign up to CargoDocs for Trade Finance, in order to support its corporate customers' use of Electronic Document Presentation (eUCP Presentation) and eDocumentary Collection.
The agreement, signed between essDOCS and the Kuala Lumpur-headquartered bank in January 2015, makes CIMB Group the 17th global banking group to sign on to CargoDocs.
About CIMB Group
CIMB Group is Malaysia's second largest financial services provider and one of ASEAN's leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, the Group is now present in nine out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Australia, Taiwan, Korea, the US and UK.
CIMB Group has the most extensive retail branch network in ASEAN of more than 1,000 branches as at 30 September 2014. CIMB Group's investment banking arm is also one of the largest Asia Pacific -based investment banks, offering amongst the most comprehensive research coverage of more than 1,000 stocks in the region. CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 97.9% shareholder of Bank CIMB Niaga in Indonesia, and 93.7% shareholder of CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM58.6 billion as at 30 September 2014. The Group has over 40,000 employees located in 18 countries.
About CargoDocs for Trade Finance
CargoDocs for Trade Finance enables banks to provide enhanced trade finance capabilities to corporate customers who use electronic bills of lading and supporting documents - achieved via three key instruments: eUCP Presentation, eDocumenatry Collection and Bank Payment Obligation (BPO).
essDOCS' online eDocs Exchange acts as a multi -bank platform, enabling users to electronically execute financed trades with increased efficiency, speed and accuracy, in addition to reducing risk and improving both compliance and productivity for banks and corporate customers.
We look forward to working with CIMB, as we assist in expanding the bank's trade finance capabilities for their corporate customers.