Logo of Phnom Penh Post newspaper Phnom Penh Post - ABA becomes “Domestic Retail Bank 2022 in Cambodia” by Asian Banking and Finance

ABA becomes “Domestic Retail Bank 2022 in Cambodia” by Asian Banking and Finance

Content image - Phnom Penh Post

ABA becomes “Domestic Retail Bank 2022 in Cambodia” by Asian Banking and Finance

ABA Bank, the number one commercial bank in Cambodia in terms of total assets, gross loans, customer deposits and profitability based on the National Bank of Cambodia’s Annual Supervision Report 2021, has earned another "Domestic Retail Bank of the Year" title in the Asia Banking and Finance magazine's Retail Banking Awards 2022.

The accolade praises ABA Bank's remarkable achievements during the year and the development of its digital banking platform and services to bring convenient and innovative banking solutions to its customers.

The judging panel's decision is supported by ABA's recent significant enhancements and improvements of its flagship ABA Mobile app, such as:

• Introduction of the Instant Account opening feature, where new-to-ABA customers get an opportunity to open their first account with their smartphone and valid ID card (via the secure eKYC process);

• Development of the ABA QR feature with the support of the national KHQR standard, which allows customers to collect payments or receive transfers from all ABA Mobile app users and customers of other banks that support the KHQR standard introduced by the National Bank of Cambodia;

• Launch of instant card-to-card transfers with Mastercard and UnionPay, where cardholders can transfer up to $20,000 monthly from their bank accounts via ABA Mobile.

Another significant advancement of ABA is the start of accepting tax payments on behalf of the General Department of Taxation (GDT). ABA customers can pay taxes from ABA Mobile, on the GDT website and app, and via the Bank branches free of charge.

In December, the S&P Global Ratings Agency reaffirmed ABA's credit rating at 'B+' with Stable outlook.

It reflects S&P's view that the Bank can sustainably manage rapid loan and deposit growth as the country emerges from the Covid-19 pandemic.

The S&P experts also noted that ABA's digital platforms are a competitive advantage that supports loan and deposit expansion.

The constant expansion of the ABA self-banking network has also impressed the judges, with 11 new ABA 24/7 spots opened in major cities recently. The spots are equipped with cash deposit/withdrawal machines, check deposit machines and card issuing machines.

The Bank also added two full-scale branches in the Mondulkiri and Pailin provinces to its physical network.

Askhat Azhikhanov, CEO of ABA Bank, commented on the occasion, "It is the second consecutive top-level award from Asian Banking and Finance for ABA, which reflects our commitment to deliver modern and convenient financial solutions to our valuable customers. As always, we dedicate this award to all clients and thank them for using our services."

Asian Banking and Finance editor Tim Charlton said, "ABA Bank has proved once again that they are at the top of their game as they leverage technology to improve internal operations and provide customers with an expanded list of services for easier money transfers, payments, withdrawals, and other services through the ABA Mobile app. These helped ABA increase their active app users by 78% and remain the most profitable bank in the country."

"We are certainly proud to have honored ABA Bank with the Domestic Retail Bank of the Year - Cambodia at the Asian Banking & Finance Awards 2022 as their initiatives made them stronger and cemented their position as the largest Cambodian bank," he added.

About ABA Bank

ABA Bank is Cambodia’s largest commercial bank by total assets, customer deposits, gross loans and net profit. As of 30 June, the bank’s assets reached US$ 8.5 billion, whereas the total volume of digital transactions on the ABA Mobile app alone totaled almost US$100 billion.

With 81 branches, 25 ABA 24/7 spots, more than 100 self-banking machines and advanced online and mobile banking platforms, ABA Bank reaches out to millions of customers with an array of modern financial services.

MOST VIEWED

  • Hong Kong firm done buying Coke Cambodia

    Swire Coca-Cola Ltd, a wholly-owned subsidiary of Hong Kong-listed Swire Pacific Ltd, on November 25 announced that it had completed the acquisition of The Coca-Cola Co’s bottling business in Cambodia, as part of its ambitions to expand into the Southeast Asian market. Swire Coca-Cola affirmed

  • Cambodia's Bokator now officially in World Heritage List

    UNESCO has officially inscribed Cambodia’s “Kun Lbokator”, commonly known as Bokator, on the World Heritage List, according to Minister of Culture and Fine Arts Phoeurng Sackona in her brief report to Prime Minister Hun Sen on the night of November 29. Her report, which was

  • NagaWorld union leader arrested at airport after Australia trip

    Chhim Sithar, head of the Labour Rights Supported Union of Khmer Employees at NagaWorld integrated casino resort, was arrested on November 26 at Phnom Penh International Airport and placed in pre-trial detention after returning from a 12-day trip to Australia. Phnom Penh Municipal Court Investigating Judge

  • Sub-Decree approves $30M for mine clearance

    The Cambodian government established the ‘Mine-Free Cambodia 2025 Foundation’, and released an initial budget of $30 million. Based on the progress of the foundation in 2023, 2024 and 2025, more funds will be added from the national budget and other sources. In a sub-decree signed by Prime Minister Hun Sen

  • Two senior GDP officials defect to CPP

    Two senior officials of the Grassroots Democratic Party (GDP) have asked to join the Cambodian People’s Party (CPP), after apparently failing to forge a political alliance in the run-up to the 2023 general election. Yang Saing Koma, chairman of the GDP board, and Lek Sothear,

  • Cambodia's poverty cut in half from 2009 to 2019: World Bank report

    A report published by the World Bank on November 28 states that Cambodia’s national poverty rate fell by almost half between 2009 and 2019, but the Covid-19 pandemic recently reversed some of the poverty reduction progress. Cambodia’s poverty rate dropped from 33.8 to 17.8 per cent over the 10