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

  • ADB says Kingdom to lose 390,000 jobs

    The Asian Development Bank (ADB) predicts Cambodia will suffer 390,000 job losses this year due to the Covid-19 pandemic. But it congratulated the government for its response to the crisis and its cash transfer programme for the poor and vulnerable. Last Wednesday, the ADB approved a $250

  • Fish with human-like teeth makes splash

    An image of a fish of the family Balistidae with human-like features made its rounds on social media after a Twitter user snapped a photo of his catch in Malaysia. The original post has received 675 comments, 8,200 retweets and more than 14,000 likes as of Tuesday. Astonishing

  • Gov’t not using EU aid for poor

    Prime Minister Hun Sen on Tuesday refuted as “baseless”, claims that the government had used financial aid from the EU to implement the programme to identify and support poor and vulnerable people during the Covid-19 pandemic. The prime minister was responding to Roth Sothy, a

  • Royal Group inks $35 million road deal on Koh Rong

    Royal Group Koh Rong Development Company and Sinohydro Corporation Limited reached a $35 million deal on Tuesday to build a 70km road on Koh Rong Island. The road will be 8m wide and is expected to take 16 months to complete, according to the plan approved by

  • Thai fence said to prevent illegal crossing

    Battambang and Banteay Meanchey provincial police say Thailand is not invading Cambodia after a series of social media posts about fences being built on the border raised alarms. Banteay Meanchey police chief Ath Khem said on Tuesday the information on social media on Sunday and

  • Nine more students from Saudi Covid-19 positive

    Prime Minister Hun Sen said preventing the spread of Covid-19 depends on each citizen. He expressed concern that the pandemic will continue for longer. Hun Sen said this after nine Cambodian students who recently returned to the Kingdom from Saudi Arabia were found to be

  • PM to vet NY holiday dates

    The Ministry of Economy and Finance submitted a letter to Prime Minister Hun Sen asking him to formally set a five-day national holiday from August 17-21 to make up for the Khmer New Year holiday in April that was postponed. Finance minister Aun Pornmoniroth sent

  • Cambodia rejects UN rights claim

    Cambodia's Permanent Mission to the UN Office in Geneva on Friday hit back at David Kaye, the UN special rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression after he raised concerns over the repression of free speech and

  • Snaring may spawn diseases

    The World Wildlife Fund (WWF) has warned that snaring of animals has become a crisis that poses a serious risk to wildlife in Southeast Asia and could spawn the transmission of zoonotic diseases to humans. Its July 9 report entitled Silence of the Snares: Southeast Asia’

  • Ex-party leader, gov’t critic named as secretary of state

    A former political party leader known for being critical of the government has been appointed secretary of state at the Ministry of Rural Development, a royal decree dated July 9 said. Sourn Serey Ratha, the former president of the Khmer Power Party (KPP), told The Post