Logo of Phnom Penh Post newspaper Phnom Penh Post - ATM numbers soar as bank sector develops

ATM numbers soar as bank sector develops

ATM numbers soar as bank sector develops

110215_9b
People use an ACLEDA ATM on Monivong Boulevard in Phnom Penh. Photo by: Will Baxter

THE number of new bank machines in Cambodia increased by 35 percent last year, raising numbers to 501 Automated Teller Machines nationwide, the National Bank of Cambodia has reported.
NBC recorded that 130 new ATMs were installed by commercial banks last year, bringing the total Kingdom-wide to 501 at the end of 2010 – a rise of 35 percent on 2009.

Bankers said the increase in ATM installation was due to an improving banking sector, which had pushed lenders to open new branches.

ACLEDA installed 22 new machines, a representative said, bringing its total to 112 since its first ATM was launched in 2007. It plans to install another 11 this year.

“We continue to install more as we know the high demand from our customers,” said So Phonnary, executive vice president and chief operation officer at ACLEDA.

Ong Ming Tech, deputy general manager of Cambodian public bank, told The Post the company had installed seven more ATMs at new branches in 2010 – five in Phnom Penh and one in Bavet in Svay Rieng  province and one in Kampot province.

But ANZ Royal Chief Executive Officer Stephen Higgins said that his bank was relocating underused ATMs rather than introducing more to its 130-strong network.

ATMs were reportedly first introduced in Cambodia by Canadia Bank in 2004.

Their popularity has since grown and an ATM card is one of the top three items Cambodians would like to own, according to a survey released late last year by Indochina Research.

The Kingdom’s ATMs were hit by an arbitrage scheme recently, which saw millions of dollars in cash drawn out by Vietnamese cardholders wishing to profit from a gap between the dong’s official and black market exchange rate, also offered legally by Cambodian money changers.

Deposits and loans in the Kingdom’s banking industry increased by 26.3 percent and 26.7 percent respectively last year, while the rate of non-performing loans declined to 3 percent by the end of 2010 from 6 percent at the end of 2009, according to the report of Cambodia’s banking sector released last week.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • PM dispels lockdown rumours, gifts masks

    Prime Minister Hun Sen on November 12 denied rumours that he will lock down the country in response to increased Covid-19 fears, referring to them as propaganda aimed at destabilising the country. In a Facebook post, he said some people had spread rumours that the government

  • SilkAir adds flight to Phnom Penh schedule

    Silkair (Singapore) Pte Ltd is increasing its flight frequency between Phnom Penh and Singapore with a third weekly flight on Saturdays, according to Cambodia Airports’ Facebook page. The other flights offered are on Tuesdays and Sundays, with an estimated Phnom Penh arrival time at 5:35pm