05 September 2023
Alliance Bank Partners WOW Fintech to Extend Virtual Credit Card Reach
Press Release
Kuala Lumpur, 5 September 2023 - Alliance Bank Malaysia Berhad ("Alliance Bank" or the "Bank") today announced a partnership with WOW Fintech to extend the reach of the Bank’s Visa Virtual Credit Card (“VCC”) with Dynamic Card Number (“DCN”) to provide more Malaysians with a safer and more secure option for digital transactions.
This latest partnership came on the back of a series of collaborations that Alliance Bank has inked to broaden its vision to more individuals in the consumer banking segment as outlined in the Bank’s Acceler8 strategy. The Bank has recently also launched several innovative solutions including the Alliance Bank Visa VCC with DCN, which gained good market acceptance. The Bank registered a 25% increase in its credit card user base after the VCC with DCN launch in April this year.
WOWNations is at the forefront of Malaysia's digital transformation, empowering Malaysians to embrace the digital economy, seize opportunities, and achieve financial success. With its WOWCitizen, WOWPreneur, WOWMerchant, and WOWPartner components, WOWNations provides Malaysians with the tools, resources, and support they need to thrive in the digital era. Through this collaboration, it paves the way for users of WOW Fintech’s WOWNations loyalty app to apply for and access the Alliance Bank Visa VCC directly on the platform. This will extend the innovative solution of VCC to more customers while enabling them to participate in the WOWNations’ loyalty programme and earn loyalty points when they access the VCC through the app.
“We continuously enhance our suite of customer-centric digital solutions to deliver more value to customers to meet their evolving banking needs as they grow. The collaboration with WOW Fintech enables us to deliver on our “Bank In Your Pocket” proposition to more digitally savvy customers, helping them address concerns of fraudulent risks and identity thefts. At the same time, the customers stand to benefit when they use the Bank’s VCC via the WOWNations loyalty app,” said Kellee Kam, Group Chief Executive Officer of Alliance Bank.
The WOWNations’ WOWPoints can be used to redeem various items for customers’ lifestyle needs such as food and shopping. The successful sign-up for the VCC via WOWNations will entitle the customer to RM300 worth of WOWNations points.
"Cultivating innovation and driving positive change are at the heart of WOWNations' mission. Our vision is to empower Malaysians with smart financial solutions, and through strategic partnerships and technological advancement, we are committed to shaping a brighter and more prosperous future. Together, with the support of our partners and the dedication of our team, we will continue to lead Malaysia's digital transformation journey and create lasting impact,” said Datuk Sunny Tan, Group Managing Director of WOW Fintech.
The Alliance Bank Visa VCC is the country’s first such credit card with an in-app Dynamic Card Number feature, which generates a randomised one-time-use only 16-digit number for every digital transaction. Providing added peace-of-mind for customers when they transact online for their e-commerce, subscription and streaming services, the Alliance Bank Visa VCC is also ESG-friendly as it is cardless and thus, reduces the use of resources.
The fully online application process is fast and simple, with digital submission of supporting documents such as EPF statements or salary slips.
For more information on this collaboration or the Bank’s products and services, please visit https://www.alliancebank.com.my.
###
This latest partnership came on the back of a series of collaborations that Alliance Bank has inked to broaden its vision to more individuals in the consumer banking segment as outlined in the Bank’s Acceler8 strategy. The Bank has recently also launched several innovative solutions including the Alliance Bank Visa VCC with DCN, which gained good market acceptance. The Bank registered a 25% increase in its credit card user base after the VCC with DCN launch in April this year.
WOWNations is at the forefront of Malaysia's digital transformation, empowering Malaysians to embrace the digital economy, seize opportunities, and achieve financial success. With its WOWCitizen, WOWPreneur, WOWMerchant, and WOWPartner components, WOWNations provides Malaysians with the tools, resources, and support they need to thrive in the digital era. Through this collaboration, it paves the way for users of WOW Fintech’s WOWNations loyalty app to apply for and access the Alliance Bank Visa VCC directly on the platform. This will extend the innovative solution of VCC to more customers while enabling them to participate in the WOWNations’ loyalty programme and earn loyalty points when they access the VCC through the app.
“We continuously enhance our suite of customer-centric digital solutions to deliver more value to customers to meet their evolving banking needs as they grow. The collaboration with WOW Fintech enables us to deliver on our “Bank In Your Pocket” proposition to more digitally savvy customers, helping them address concerns of fraudulent risks and identity thefts. At the same time, the customers stand to benefit when they use the Bank’s VCC via the WOWNations loyalty app,” said Kellee Kam, Group Chief Executive Officer of Alliance Bank.
The WOWNations’ WOWPoints can be used to redeem various items for customers’ lifestyle needs such as food and shopping. The successful sign-up for the VCC via WOWNations will entitle the customer to RM300 worth of WOWNations points.
"Cultivating innovation and driving positive change are at the heart of WOWNations' mission. Our vision is to empower Malaysians with smart financial solutions, and through strategic partnerships and technological advancement, we are committed to shaping a brighter and more prosperous future. Together, with the support of our partners and the dedication of our team, we will continue to lead Malaysia's digital transformation journey and create lasting impact,” said Datuk Sunny Tan, Group Managing Director of WOW Fintech.
The Alliance Bank Visa VCC is the country’s first such credit card with an in-app Dynamic Card Number feature, which generates a randomised one-time-use only 16-digit number for every digital transaction. Providing added peace-of-mind for customers when they transact online for their e-commerce, subscription and streaming services, the Alliance Bank Visa VCC is also ESG-friendly as it is cardless and thus, reduces the use of resources.
The fully online application process is fast and simple, with digital submission of supporting documents such as EPF statements or salary slips.
For more information on this collaboration or the Bank’s products and services, please visit https://www.alliancebank.com.my.
Group photo of spokespersons from Alliance Bank, WOW Fintech as well as other partners at the MoU signing ceremony to enable users of WOW Fintech’s WOWNations loyalty app to apply for and access the Bank’s Visa Virtual Credit Card with Dynamic Card Number (from left to right):
- Ms. Tan Mei Sow – Representative from Sri Guan Teik Group
- Mr. Fong Looi Foong – Founder & Director, Insure Savvy Sdn Bhd
- Mr. Edwin Say Kok Hoe – General Manager, NSI Solutions (Ezyshare)
- Mr. Steven Chin – JCI EMKL Local President, Junior Chamber International (Metropolitan KL)
- Y. Bhg Tan Sri Datuk Seri Panglima (Dr) T.C. Goh JP – President Of The Federation Of Chinese Associations Malaysia
- Y. Bhg Datuk Dr Sunny Tan Hang Ming – MyWorld Group Founder & Group Managing Director
- Ms. Gan Pai Li – Group Chief Consumer Banking Officer, Alliance Bank Malaysia Berhad
- Ste. (Assoc) Roziah Hj Mohd Darlis – Pengerusi Usahanita, Persatuan Usahawan Wanita Bumiputra (Usahanita)
- Mr. Edmund Har - Vice President, Junior Chamber International (Ipoh)
- Y. Bhg Dato Penny Wong Poh Chee – Director, Stratford Capital Bhd
- Y. Bhg Dato’ Jonathan Lim – CEO, MMG Advances Sdn Bhd
- Ms. Carol Cheong Siew Ying – Co-Founder, Adspilot Sdn Bhd
