Logo of Phnom Penh Post newspaper Phnom Penh Post - Sathapana Bank PLC continues strong contribution to Cambodia’s economy



Sathapana Bank PLC continues strong contribution to Cambodia’s economy

Content image - Phnom Penh Post
Dr Bun Mony, CEO of Sathapana Bank PLC.

Sathapana Bank PLC continues strong contribution to Cambodia’s economy

During the past 15 years, Cambodia’s banking sector has played an important role in maintaining strong national economic growth.

Sathapana Bank PLC has developed from a local MFI to a commercial bank and it has been more active than ever in Cambodia’s economy.

Since the end of 2014, Sathapana Bank PLC has increased its loan capacity to all Cambodians to $600 million, up from $229 million.

As a result of Maruhan Japan Bank becoming Sathapana’s majority shareholder in 2012, new banking services have been added, including loan service, money deposit, local and international money transfer, and ATMs services.

In addition to that, Sathapana Bank PLC has established many financial services, such as electronic banking and commercial financing.

In 2017, Sathapana will set up mobile banking, SMS banking and credit and debit for Visa and Mastercard, according to Vong Sokhal, project operating director of Sathapana Bank PLC.

In the third quarter of 2016, Sathapana established 162 offices in 25 provinces and cities around the country, in addition to offering a wide range of services to farmers, SMEs, and large corporations.

Currently, the commercial bank has 140,000 debtors and 180,000 account holders.

Recently, because of the rice price decline, farmers are facing loss of capital, most of which are financial loans. This begs the question as to whether or not MFIs or banks, who are the loan providers, should consider forfeiting or delay paying off debt, while some say their possessions should not be confiscated.

In response to this question, Dr. Bun Mony, CEO of Sathapana, said the bank was monitoring the situation closely, and he said there would be a fair solution depending on the actual case.

“For all MFIs and banks, from our perspective, real success only happens when our customers succeed,” Mony said and continued, “We cannot achieve success over our customers’ loss.”

“[Sathapana’s] goal is to help change Cambodian people’s lives for the better through financial services that we provide for them,” he concluded.

MOST VIEWED

  • 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 takes time to meet, greet Cambodians living in the US

    After landing in the US ahead of the ASEAN-US Special Summit, Prime Minister Hun Sen was received by over 1,000 Cambodian-Americans including political analysts who welcomed him with greetings, fist bumps and selfies. Hun Sen also met with analyst Mak Hoeun, who had allegedly spoken ill

  • PM heads to Washington for ASEAN-US special summit

    Regional and international issues and how to bring the ASEAN-US partnership to another level will be discussed at length as Prime Minister Hun Sen and his ministers arrive in Washington, DC, for a special summit on May 12-13. During the trip, Hun Sen and ASEAN

  • National Assembly refutes EU resolution

    The National Assembly (NA) has hit back at a European Parliament resolution condemning the political and human rights situation in Cambodia, calling it another display of the Parliament’s “double standards”. Key points of the resolution include a warning that the Parliament could exclude the

  • Soaring global fuel prices: an opportunity for Cambodia?

    Cambodia is feeling the squeeze from the soaring global coal and oil prices. Electricity du Cambodge (EDC)would certainly be hurting from this reality, and most likely re-assessing its plans to add more coal power stations. EDC buys half of Cambodia’s electricity from plants

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when