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.