Affin Bank unveils mobile app to rejuvenate consumer segment


AFFIN Bank Bhd has introduced its own mobile application AffinPay, as it banks on consumers, as well as small and medium enterprises (SMEs) to drive its loan growth this year.

Group CEO Kamarul Ariffin Mohd Jamil (picture) said loan growth, targeted at 3% this year, would be driven by the two segments.

“AffinPay is one of our products in the consumer segment and we see this, alongside with more digital products to be launched in the future, as a key driver for the growth,” he told reporters after launching AffinPay and Affin Visa Signature credit card yesterday.

Affin Bank had initially guided for loan growth of between 6% and 7% this year, but it has also acknowledged that growth could actually come in lower due to economic uncertainties arising from the heightened US-China trade tensions.

Kamarul Ariffin elaborated that loan growth for consumers and SMEs has been steady.

“Motor insurance has been quite challenging, we see a bit of contraction and also a flattish corporate segment,” he added.

Meanwhile, he said Affin Bank is eyeing about 30,000 Affin Visa Signature new credit card users in the first year of introduction, coming from its current 800,000 debit and credit card members.

The newly launched Affin Visa Signature Credit Card offers 3% cash back for contactless transactions performed at retail outlets.

The monthly payment for the card is RM80 per month or RM960 per annum.

Visa International country manager (Malaysia) Ng Kong Boon said Visa contactless transactions per month stood at seven million transactions, reflecting 35% of total Visa face-to-face transactions in the country.

“Contactless transactions have grown three times and it is evident that Malaysians appreciate how fast, convenient and seamless contactless payments are, and with these products by Affin Bank, we believe the growth of electronic payments in Malaysia would accelerate,” he said. — Bernama