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Sathapana Bank drives growth through digital transformation

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Lim says digitilisation will bolster Sathapana’s banking services.

Sathapana Bank drives growth through digital transformation

Sathapana Bank has taken a leap into the digital world by embarking on a transformation focused on significant infrastructure investment boosting its technology platform capabilities.

“Digital transformation would provide a faster and convenient banking for our new and existing customers to get access to finance. We also expect that with our ongoing significant infrastructure investments to boost our technology platform capabilities, our bank will be able to offer more innovative products and services designed to attract more customers to our bank,” Sathapana Bank CEO Lim Aun told The Post in an interview.

“In a digital banking environment, there is no reason why banks should be limited to offering only traditional banking services."

“In fact, the future of banking will most definitely include integration of products and services from a variety of providers; all focused on helping the consumer simplify their daily life - without leaving a primary financial institution’s portal,” said Lim.

Driven by its digitalisation strategy, Sathapana is confident of a solid growth this year despite economic uncertainties clouding the international trade.

Content image - Phnom Penh Post

With Cambodia’s economic growth hovering around seven per cent, Lim is optimistic of the bank’s growth.

“Sathapana Bank is well positioned to record another year of strong growth for 2019 in line with the favorable economic growth forecast this year and in the years to come by the Royal Government of Cambodia and other world financial institutions. Our retail banking segment including micro and SME [small medium enterprises] businesses will drive the growth of Sathapana Bank in 2019,” he said.

He also stated: “Cambodia’s economy is emerging and growing. Aside from that, it has a young population and there are still huge potential to serve unbanked Cambodians. We know that more competition will stir up competitive and quality services, terms and conditions, but in the end it will benefit the Cambodian population and the economy.”

Growing Partnership Alliances

Sathapana had teamed up with e-mobile operators Wing (Cambodia) Limited Specialised Bank, Pi Pay, TrueMoney, international money transfer agency Western Union and life insurance company Manulife. The partnerships aimed to provide convenience and compelling value proposition for the bank’s customers.

“Indeed, our business alliance with companies for our payment ecosystem will contribute to the improvement of Sathapana’s operational efficiency and therefore a great opportunity for us to generate fee income as well."

“Partnership allows us to further increase our customer base and offer new customer experience in banking in this digital age,” added Lim.

Content image - Phnom Penh Post
Lim (centre) along with officials and guests at the signing ceremony with TrueMoney held in Phnom Penh on July 15. Photos: Supplied

Sathapana strongly believes that with their partnerships, they will be able to encourage unbanked Cambodians to open bank accounts that bring them directly to the formal financial sector which benefits everyone.

Network Expansion in 2019

Part of Sathapana Bank’s business plan this year is to keep an eye on extending its branch network and strongly establishing their presence in areas where they believe they are needed by customers.

“We are definitely looking at expanding our network not only in Phnom Penh but also in the major provinces."

“Sathapana Bank is always striving to meet the financial needs of our customers not only through our outstanding service and value-oriented products but also through our conveniently located branch offices, and possibly extending banking hours, too."

“With the current positive environment made possible by NBC (National Bank of Cambodia), it has built trust and confidence in the banking sector which has greatly benefited Sathapana Bank,” said Lim.

Sathapana is one of the leading commercial banks in Cambodia with total assets of over $1.3 billion and more than 4,000 employees.

It has the second largest branch network in the country with 171 branches and 161 ATMs with cash recycling capability and provides full banking services.

Content image - Phnom Penh Post
Lim (centre) along with officials and guests at the signing ceremony with TrueMoney held in Phnom Penh on July 15. Photos: Supplied

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