Maybank, one of the largest banks in Cambodia, has officially launched an internet banking service to provide a convenient service to its more than 10,000 customers and says it hopes to increase that number by around 10 per cent.

The service, called M2U, will enable customers in Cambodia to access a host of financial services via the internet, such as balance enquiries, fund transfers, cheque status inquiry and loan applications.

The services will be progressively enhanced to include more features such as bill payment services.

Maybank Cambodia CEO Lee Tien Poh said that with the positive growth of the economy, there would be a demand for greater banking convenience to suit Cambodians’ changing lifestyle.  

“We also expect that our customer base will grow by at least 10 per cent, given that Maybank is one of only five banks offering the convenience of internet banking in Cambodia,” he said.

Meanwhile, the Bank of China opened a second branch in Phnom Penh on Wednesday, after operating its first branch for more than a year.

The bank officially launched its operations in Cambodia in May, 2011.

Chen Changjiang, chief executive of the Bank of China’s Phnom Penh branch, said that after a year of operations, the bank’s total assets had reached $420 million.

The branch has attracted $350 million in deposits from its 6,000 customers, ranking it fifth among the 32 banks in Cambodia.

Ouk Maly, deputy governor of the National Bank of Cambodia, said the Bank of China had shown a willingness to invest in bank management and shareholders in Cambodia over the long term.

According to NBC data, Cambodia has 32 commercial  and seven specialised banks.

Deposits increased by 27.7 per cent during September this year, compared to the corresponding period last year, when the number of depositors increased to 1.9 million and the credit portfolio went up by 32.8 per cent, with 1.6 million borrowers.

To contact the reporter on this story: May Kunmakara at [email protected]