RHB Indochina Bank Limited, a member of the RHB Banking Group, plans to introduce a string of initiatives including driving retail expansion and digital banking to remain competitive in Cambodia.
In a statement issued in conjunction with the bank’s 10th anniversary celebration in Phnom Penh last Friday, the bank outlined a slew of priorities to remain competitive next year.
Among its key priorities in 2019, RHB Indochina aims to roll-out deposits campaigns to attract USD and KHR (riel) deposits, especially current account, savings account (CASA), and to increase small medium enterprise (SME) loan portfolio by 12 percent.
RHB Indochina is seeking to acquire $575 million in deposits and maintain CASA composition at 45 percent of its business.
RHB Indochina will also be expanding its product and service offerings to meet the growing demand of the business community and the Cambodian population by introducing premier banking, safe deposit box and debit card.
At the anniversary celebration, the bank launched its RHB Mobile Banking App which offers customers simple, fast and seamless banking experiences.
This new app allows customers to view their accounts online, pay bills, transfer funds, mobile reloads, and transfer cash through RHB Pay Anyone using email, phone or Facebook account without needing a bank account number.
Since the launch of RHB Now internet banking platform in September last year, RHB Indochina has more than 4,000 active users.
Khairussaleh Ramli, Group Managing Director of RHB Banking Group and Chairman of RHB Indochina Bank said the SME sector plays a significant role in the Cambodian economic development contributing 40 percent to 50 percent of total employment and business activities within the Kingdom.
“As a multinational financial services group with a regional presence spanning nine countries across the ASEAN region, Hong Kong and China, RHB is in a strong position to support SMEs giving access to financing and by providing opportunities for businesses and networking through organised trade missions to key markets where RHB has presence.
“In the years to come, we will continue to support the growth of the Cambodian economy, business community and the Cambodian population at large by strengthening our product offerings with holistic financial as well as wealth solutions that cater to the different segments of customers in Cambodia.
“We will also continue to collaborate with the local business community to promote on-shore and off-shore trading opportunities,” said Khairussaleh.343
RHB Indochina started in Cambodia in 2008 as OSK Indochina Bank and in April 2013, OSK Indochina Bank became a member of the RHB Banking Group.
Currently, the group has 12 branches in Cambodia – eight in Phnom Penh and four in the provinces of of Battambang, Siem Reap, Kampong Cham and Preah Sihanouk.
As at September 2018, RHB Indochina recorded an increase in loans by $53million year-on-year, with customer deposits also growing healthily by $130 million with substantial balance growth from CASA.
The increase in customer deposits has resulted in asset growth by $21.7 million. Cost-to-income-ratio remained healthy and is kept below 1.1 percent as at September 2018 compared to 2018’s target, due to lower operating expenses.
As it celebrates a decade of its presence in the Kingdom, the bank has lined up a series of customer campaigns which include promoting the usage of the riel to support the central bank’s initiative and rewarding its loyal customers.
Among the offerings include the ‘Amazing 10’ campaign offering up to 10 percent per annum interest rates for fixed deposits for both consumer and business banking customers.