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Vattanac Bank rolls out mobile application

Vattanac Bank rolls out mobile application

Vattanac Bank launched a mobile banking app on Wednesday to provide fast and secure customer service and respond to the rise in digital development in Cambodia, it announced.

It said the app was approved by the National Bank of Cambodia on July 21.

“Vattanac Bank Mobile Banking App is unique, safe and easy for customers to use. It has undergone strict penetration testing and has obtained certification from Thales, an international technology company well known for data security solutions and services,” it said.

Vattanac Bank was established in 2002 by local businessmen Sam Ang and Chhun Leang and has 19 branches in Phnom Penh and seven provinces. It is 100 per cent Cambodia-owned.

It is part of family-owned group of enterprises Vattanac Group that also includes Vattanac Properties Co Ltd, Vattanac Investment Ltd, Vattanac F&B Ltd and Vattanac Brewery Co Ltd.

Its total assets for fiscal 2019 were $720.7 million, a 13 per cent increase from $635.9 million in 2018. Gross loans and advances increased by 39 per cent last year to $362 million from $261.5 million in 2018 and deposits grew by 13 per cent to $614 million from $541.6 million.

The bank’s gross income sharply increased by 41 per cent last year to $35 million from $25 million while the profit before tax skyrocketed 99 per cent from $6.5 million to $12.8 million.

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