Cathay United Bank, a Taipei-based bank, has been significantly expanding its presence in Cambodia over the past decade. Aligned with its parent group’s objectives, the bank has been actively promoting consumer banking in the Southeast Asian country, particularly through digital finance solutions, in order to enhance the overall customer experience.
Since the launch of the Bakong Clearing and Transaction System by the Cambodian government in 2020, around 7.9 million people, representing approximately half of the country’s population, have started using the system. This significant adoption rate reflects the growing demand for digital payment services in Cambodia.
In February of last year, Cathay United Bank (Cambodia) Corp introduced its mobile banking app, mBanking, which seamlessly integrates with the Bakong system. Being the first Taiwanese bank in Cambodia to offer this feature, Cathay United Bank allows its clients to open digital accounts with access to the state-backed fund transfer and payment system.
The bank reported that its branches in Cambodia processed an average of over 6,000 deposits per month last year, indicating a strong demand for their services. To meet local clients’ needs for savings and withdrawal services, Cathay United Bank expanded its service points for deposits and withdrawals by partnering with TrueMoney, a leading fintech company in Southeast Asia. This partnership increased the number of service points to 15,000 in Cambodia.
Cathay United Bank is also committed to providing KHQR payment capabilities in Cambodia. KHQR, a QR code system for retail payments, has been adopted by approximately 4,000 merchants. The bank plans to continue its efforts to offer comprehensive cash access to merchants in the country.
Recognizing the promising opportunities in the payment business throughout ASEAN, Cathay United Bank aims to develop consumer banking further to expand its customer base and promote its online “mBanking” services. Yeh Zhan-hao, the president of Cathay United Bank (Cambodia), emphasized the bank’s commitment to upholding the spirit of “One Team, One Bank.” This includes expanding the deployment of its digital infrastructure and strengthening the integration of its sales channels in Cambodia.
In order to provide the highest-quality consumer banking and digital finance solutions in Southeast Asia, Cathay United Bank is actively seeking collaboration with third-party partners to enhance its services and further embrace local customers with digital finance offerings.
By expanding its presence and investing in digital finance capabilities, Cathay United Bank is well-positioned to cater to the evolving needs of the Cambodian market. With a strong focus on enhancing the digital experience and providing comprehensive financial solutions, the bank is poised for growth and success in Cambodia’s rapidly developing financial sector.
Source: Khmer Times
