The Chip Mong Group announced on Monday that it has officially expanded its business to the financial sector by unveiling its 12th subsidiary, Chip Mong Commercial Bank.

Speaking to reporters at a press conference on Monday, Chip Mong Commercial Bank Plc president Yew Wan Kup said the bank obtained an in-principle licence from the National Bank of Cambodia (NBC) last May and has been building up its team since then.

He said the bank will begin operations by offering basic banking products and then gradually move to the latest digital banking ones.

Registration

“Cambodia is growing and its banking industry is also growing. We cannot go full digital overnight, but we will do it progressively,” Yew said.

Chip Mong Commercial Bank has been registered with the Ministry of Commerce since July and lists Pheap Heak as its board chairwoman, while Leang Khun and Leang Meng were named as directors.

Yew did not disclose the amount of the bank’s capital on Monday but said in order to operate in Cambodia, banks need to have capital of at least $75 million, as stipulated by the NBC.

The NBC’s semi-annual report for this year said the Kingdom was home to 39 commercial and 15 specialised banks.

Chip Mong business operations span over the construction and materials, consumer goods, property development, food and beverage, hospitality and retail sectors.