Logo of Phnom Penh Post newspaper Phnom Penh Post - PPCBank, Prudential reach bancassurance partnership

PPCBank, Prudential reach bancassurance partnership

PPCBank, Prudential reach bancassurance partnership

South Korean-owned Phnom Penh Commercial Bank Plc (PPCBank) and Prudential (Cambodia) Life Assurance Plc on February 1 struck a bancassurance partnership to provide additional options in financial products to the Kingdom’s consumers.

The agreement was signed between PPCBank president Shin Chang-moo and Prudential Cambodia CEO Sanjay Chakrabarty in Phnom Penh.

Shin said the partnership will serve as a one-stop-shop for financial solutions that will improve customer experience and convenience. The accord will provide service packages such as wealth protection and child financial security, he said.

He said: “This enables fully-informed and effective [financial] decision-making . . . PPCBank acknowledges the need for full banking accessibility in Cambodia.

“Our official partnership with Prudential today unlocks a new level of trust and a market-leading approach to investment in financial security.

“As we expanded, we witnessed an increasing demand for insurance products on the market. While insurance is still a relatively new concept for the majority of Cambodians, together with Prudential, we are working hard to educate consumers about the importance of insuring their families and their futures.”

Since setting up in the Kingdom back in 2013, Prudential Cambodia has approved $11.1 million in claims and has served over 250,000 policy holders as of November 30, according to Chakrabarty.

He said: “These payments have helped Cambodian families face adversity with dignity and get back on their feet. On the back of the ongoing Covid-19 pandemic and low penetration rate of life insurance in Cambodia, our purpose is more timely and important now than any other time in our history in Cambodia.

“As custodians of the financial wellbeing of customers, banks are uniquely positioned to advise their customers on their protection and financial needs. We are pleased to partner with PPCBank and we look forward to helping protect the health and wealth of their customers.”

A subsidiary of South Korea’s JB Financial Group and Apro Financial Co Ltd and locally incorporated in September 2008, PPCBank says it operates across Cambodia through 16 branches in Phnom Penh and seven in major provinces, in addition to its 65 ATMs.

The bank says it provides a full suite of products and services, ranging from deposits and loans, to modern digital mobile applications, its internet-based corporate service ‘smartBiz’ and its ‘Mobile Teller’ for in-branch and remote consultations.

Last year it listed corporate bonds on the Cambodia Securities Exchange.


  • Construction begins on $1.5B Kampot seaport

    The International Multi-Purpose Logistics and Port Centre, principally invested by Kampot Logistics and Port Co Ltd and projected to cost $1.5 billion, has officially broken ground in Bokor town, Kampot province. The multi-purpose logistics and port centre, located in Prek Tnaot commune, will be built on

  • Cambodia eyes key role in electronics, auto hubs in SEA

    Two roadmaps, part of the LDC’s economic diversification plan, were designed to see it through its migration process, but experts say the journey might be arduous, particularly in the presence of two established hubs in the region By 2028, Cambodia hopes to have exited the

  • Hun Neng, lawmaker and PM’s brother, passes away aged 72

    Hun Neng, chairman of the 4th Commission of the National Assembly, has passed away from heart disease at the age of 72 on the afternoon of May 5, according to the Ministry of Information. Hun Neng is the older brother of Prime Minister Hun Sen, and was

  • Massive stingrays may live in Mekong’s deep pools

    US scientists have suggested that unexplored deep pools in the Mekong River in an area of Stung Treng could potentially be home to significant populations of giant freshwater stingrays, one of the world’s largest freshwater fish species. This comes as a fisherman hooked a 180

  • PM meets with US business giants

    Prime Minister Hun Sen has met with a number of major US companies who have expressed interest in investing in Cambodia, in a meeting convened by the US-ASEAN Business Council (US-ABC). A delegation of companies – including Amazon, Meta, Chevron, ConocoPhillips, ExxonMobil, Ford, Visa and Pernod

  • CCC team off on US business trip

    The Kingdom’s leading economists and private sector representatives have called on the US to renew its tax preferential status for Cambodian exports, as a Cambodia Chamber of Commerce (CCC) delegation departed for a weeklong business visit to the US, where they will meet with