|8 Jan 2019
CIMB Bank said it’s ready for new challenges after winning the “Best International Bank in Cambodia” award from Asiamoney. In 2018, the bank reported to have $14 million profit before tax. Over the last five years, the bank’s profit before tax increased by seven folds – from $2 million in 2014 to $14 million in 2018, while its assets more than doubled from $353 million to $865 million over the same period. On average, the bank’s loan and deposit grew by 32 per cent and 30 per cent annually, increasing from $209 million and $265 million in 2014 to $545 million, and $700 million in 2018 respectively.
Currently, CIMB has 13 branches – in Phnom Penh (nine), Siem Reap, Sihanoukville, Battambang and Kampong Cham – and serves more than 26,000 customers.
“We do not plan to open new branches, people are moving more into digital banking. Our credit card segment is doing well, and we have also launched the HomePro, which is a mortgage product with free life insurance of $50,000,” said Bun Yin, CEO of CIMB Bank. (Phnom Penh Post English newspaper and website)
Canadia Bank offered “Wedding Saving Account” opening at an interest rate of 2.88% p.a. along with discount on wedding space rental at Diamond Island Convention & Exhibition Center and other premium discounts within Canadia Group. The minimum initial deposit is $500. (Canadia Facebook page and website)
10, 11 Jan 2019
PPC Bank sponsored Sruong Pheavy, a Cambodian female snooker champion, and elected her as its ambassador for 2019. In 2018, Pheavy was a number one winner at the World Championship Ladies 3-Cusion (Carom) in Izmir, Turkey. Under this support, Pheavy will wear a jacket with PPC Bank logo in all her competitions in 2019. (Rasmei Kampuchea newspaper, Kampuchea Thmey newspaper, Phnom Penh Post Khmer newspaper)
9, 10, 11 Jan 2019
Wing Specialized Bank partnered with MoneyGram to provide an additional choice for international money transfer service to Cambodia. For now, receivers of MoneyGram transfer can pick up their cash at Wing’s Head Office. The service will be available at all Wing agents in Cambodia later. (Khmerload website, Sabay News website, Fresh News website, Wing website, Koh Santepheap website, Rasmei Kampuchea newspaper and website)
11, 12, 13 Jan 2019
Wing Specialized Bank partnered with Amret MFI to enable fund transfer between the two institutions’ accounts and direct cash deposit service. Through this partnership, the customers of Wing and Amret can transfer funds from Amret account into Wing account and vice versa using Wing Money App or SSD Code *989#. Amret’s customers can deposit funds into their Amret account via any of over 6,000 Wing agents nationwide.
Wing also offered a waiving fee promo for fund transfer between accounts using Wing Money App from January 01 to March 31, 2019. (Wing Facebook page and website, Rasmei Kampuchea website, Fresh News website, Koh Santepheap website)
9 Jan 2019
Family MFI officially opened its office for operations. It is located at St.105, Sangkat Tuol Sangke, Khan Russey Keo, Phnom Penh. Family MFI is owned by a Taiwanese Jia Qi Group which has invested in female shoe factory in Cambodia since 1996. The company has then evolved to invest in real estate and construction sectors and now in the Family MFI.
Family MFI’s aim is to provide financial needs to employees and other SMEs in order to help raise Cambodia’s living standard by providing a safe and smooth service to all customers. (Rasmei Kampuchea newspaper, Kampuchea Thmey newspaper)
Prasac MFI raised its registered capital from $110 million to $168 million, an amount five times larger than the National Bank of Cambodia’s (NBC) requirement. A Prakas by the NBC requires microfinance deposit-taking institutions (MDIs) like Prasac to maintain at least $30 million in registered capital.
“We consider this a great milestone and a great start to 2019. The increase in registered capital shows shareholders our commitment to support the NBC’s objectives – to strengthen financial regulations and prudential requirements,” said Say Sony, Senior Vice-President of Prasac MFI.
Bu the end of 2018, Prasac’s total assets were $2.37 billion. Prasac installed more than 126 ATMs and saw 11,200 registered mobile banking users as of 2018. (Phnom Penh Post Khmer and English newspaper and website)
8 Jan 2019
National Bank of Cambodia (NBC) will continue to promote the development of the Fourth Industrial Revolution in the Kingdom’s financial sector, which includes continuous development of human resources and technology for maintaining the efficiency of financial sector development as well as the economy, said NBC in its Macro-economic and Banking Sector Development in 2018 and Outlook for 2019 report.
In Channy, Acleda Bank’s President and Group Managing Director, said adapting to Industry 4.0 is essential to the banking sector in order to actively provide customers with convenience and security.
“Industry 4.0 has a lot of benefits for the banking sector because when it comes to cash flow, customers do not have to go directly to the bank – they can use technological systems to order financial operations. It is also contributing to the reduction of vehicle emissions and is especially helping the government manage cash flow and reduce the printing of bank notes. Industry 4.0 has been incorporated by Acleda Bank management into its strategic plan since 2014 and was officially launched in 2016, called Acleda ToanChet,” he added. (Phnom Penh Post Khmer and English and website)