Been involved with Facebook since 2010
Malaysia’s bank CIMB is to provide its 3.6m online banking customers with an application for transferring funds between friends on the social network Facebook. The service has been named OctoPay and enables users to send money from their CIMB Bank or CIMB Islamic deposit accounts via single third party transfers to other CIMB Bank or CIMB Islamic account holders.
Users can also invite their friends to share money online and contribute to a savings pool. They can initiate group fund transfers between family, friends or colleagues for any planned event. The service also acts as a collection tool whereby users can create funds for a specific drive or charity cause. For added security, a RM500 per day transaction limit is imposed on Facebook users registered with OctoPay.
Renzo Viegas, group deputy CEO and head of consumer banking, CIMB Bank comments: “With OctoPay, we also hope to educate the public on how easy and secure it is to conduct banking transactions via social media as well as collectively encourage savings behaviour among the public.”
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