Subscribe Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Room for improvement in Cambodia’s bank sector

Room for improvement in Cambodia’s bank sector

Room for improvement in Cambodia’s bank sector

While Cambodia has made considerable strides in its banking sector, it still lags behind countries in the region in the areas of e-banking and access to services, industry experts attending the Fifth Banking and Microfinance Conference at the Intercontinental Hotel in Phnom Penh said yesterday.

Past success and future hurdles were prime topics of conversation at the conference.

Ros Sokha, senior manager of cards and e-banking at the Foreign Trade Bank of Cambodia , said information technology and connectivity would help drive an industry that currently trails behind regional neighbours  Thailand, Vietnam and Malaysia.

“As of 2015, countries in Asia, especially those in the Southeast region, will be more integrated and there will be a huge opportunity in banking, when large amounts of banking experts will be trained up to meet the [sector’s] needs,” he said.

Chea Phalarin, the Chief Executive Officer at Amret Microfinance, said Amret is pursuing a service-oriented strategy going forward by installing more ATMs and mobile-banking opportunities for customers.

But while he believes banking technology in Cambodia is progressing fast, “right now we are still far from other countries,” he said.

At the end of March, Cambodia had 713 ATMs, compared with 613 after the first three months of 2012, data from the National Bank of Cambodia show. At the end of 2011, meanwhile, the Kingdom counted only 500 machines.

Cambodia has 33 commercial banks and seven specialised banks, according to the same data.

Hiroshi Suzuki, Chief Economist of the Business Research Institute for Cambodia (BRIC) said there was plenty of room for improvement in the industry.

“Areas such as the use of an ID system and internet banking can be strengthened,” he said, adding that the government should also incorporate stronger oversight.


  • Kak Channthy, Cambodian Space Project frontwoman, killed in crash at 38 [Updated]

    Updated 5:05pm, Tuesday, March 20, 2018 Kak Channthy, frontwoman of popular The Cambodian Space Project, was killed Tuesday morning in a traffic accident in Phnom Penh. She was 38. Channthy, the internationally recognised singer-songwriter also known as “Srey Thy”, was reportedly travelling in a tuk-tuk on the city's

  • Australians protest Asean summit visit by PM Hun Sen

    Hundreds of protesters gathered in Sydney’s Hyde Park on Friday to protest against Cambodian strongman Hun Sen, who claimed to have been gifted millions of dollars by the Australian government ahead of a special Asean summit this weekend. An estimated 300 protesters, the majority of

  • One Australian, one Cambodian killed in explosion at military base

    Updated: 5:20pm, Friday 16 March 2018 An Australian tourist and a Cambodian soldier were killed in an explosion on Thursday afternoon at an army base in Cambodia’s Kampong Speu province. The Australian, whom the government initially identified as a technical demining expert in his 40s, and

  • Peeling back layers of prehistory in Battambang

    When the man passed away, he had not yet reached 50. He belonged to a tribe that had settled near the Sangker River in Battambang province, likely cultivating the fields and raising animals. On the side, they hunted for boars, and even turtles, one of which