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

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a

  • Cambodia ready to exit LDC status

    Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7. Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential

  • Nine US franchises eye Cambodia debut

    Nine famous US franchising companies are looking for business opportunities and expansion into Cambodia to build a footstep for a strong foundation in Southeast Asia. The US embassy in Phnom Penh, in partnership with the US Foreign Commercial Service and with support from the American

  • Lost in translation: ‘Starvation’ in capital’s designated red zones

    “DACH bay” is a Khmer slang meaning a “loss of income”, that could also be literally translated to «deprived of rice”, which alludes to starvation. However, civil society organisation (CSO) officials have independently confirmed the government’s prior assertions that there are no cases of