Banking Improves In Cambodia

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Banking in Cambodia is improving as the industry gears up for the 2015 ASEAN integration, thanks to a series of drastic developments.

National Bank of Cambodia (NBC) has introduced an online clearing infrastructure through their Clearing House for the use of all commercial banks. The move means all member banks can settle twice a day without the need for the delivery of physical cheques.It also enables banks to instruct each other for domestic payments both centrally and electronically, speeding up the process and making banking easier for customers. These NBC initiatives are a bridging strategy to ensure the country’s banks are ready for the 2015 ASEAN integration.

This is ahead of the online and mobile movement that is currently sweeping across Cambodia and is seeing more banks opt to offer their services online or mobile. MARUHAN Japan Bank is one bank that is preparing to offer a comprehensive e-banking service to all of its customers, which enables both corporate and commercial customers carry out many day-to-day services online.

Mr Onishi Shizuo, Director and General Manager of MARUHAN Japan Bank Plc., says, “A large proportion of Cambodian young people are highly attracted to, and proficient in the use of, technology. As a result there has been significant growth in the ownership of smart phone devices and an increase in the number of people with access to Internet.

“Cambodian customers are rapidly getting into the swing of technology-based banking and some banks have started investing in internet and mobile banking solutions in order to be more attractive to these consumers and compete with other commercial banks.

“We are expecting that online products and services, and the convenience, flexibility and global access they can deliver, will be a key incentive in signing up these new customers.”

He adds that he expects the online banking environment in Cambodia to become “fiercely competitive” and MARUHAN Japan Bank is constantly investing in the development of state-of-art eBanking services to ensure it stays ahead of the game.

The entry into the ASEAN community in 2015 has triggered a series of developments in Cambodian banking as a series of targets are set to bring it up to standard – something the industry has been doing in leaps and bounds, helping to boost Cambodia’s economy.

Mr. ONISHI says, “The close cooperation between our Central Bank (NBC) and the Association of Banks in Cambodia (ABC) has been crucial to the improvements in, and development of, the banking sector, and these are working very well.

“This cooperation and related economic policies have contributed significantly to the increased investment into the country. In particular, Cambodia’s policy of allowing foreign investors to own 100% of companies and the ease with which investors can access capital have proved to be primary drivers in the development of the banking sector in Cambodia.

“The increase in investments, in turn, has boosted access to finance for the economic development of the country.”

MARUHAN Japan Bank has been operating in Cambodia for five years and offers a wide range of services to its clients, as well providing customers with sophisticated and dedicated relationship management officers who can visit customers at either their office or home to offer the Bank’s products and advice.

For more information on MARUHAN Japan Bank, visitwww.maruhanjapanbank.com

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