ABA Bank, which is a subsidiary of National Bank of Canada, received the ‘Best Bank in Cambodia 2020’ award from Euromoney, regarded as a prominent global financial magazine.
In a statement released on ABA’s website, it said: “Euromoney experts particularly highlighted enhancements of ABA Bank in digital business transformation, modernization of its ABA Mobile app, as well as the expansion of the physical footprint and other major achievements over the past 12 months.”
Euromoney judging panel includes a team of senior journalists, chaired by the Euromoney’s editor, in conjunction with the editorial committee’s research into the banking and capital markets.
On winning the award, Askhat Azhikhanov, Chief Executive Officer of ABA (Advanced Bank of Asia) said: “Receiving the seventh consecutive ‘Best Bank in Cambodia’ title from Euromoney is a considerable achievement for ABA Bank. Euromoney magazine lauded our attainments in digitalization of the local market, especially the efforts we put in our core product, the ABA Mobile app, whose customer base more than doubled over the last year.”
Euromoney’s editor Clive Horwood said of ABA: “In a country saturated with lenders, ABA stands strong above the crowd. Compared with its domestic peers, ABA Bank caught the digital bug relatively early.
The bank continues to invest in its digital footprint. In 2019, it enhanced QR-code cashless payment service, ABA PAY, launched mobile savings and mobile fixed accounts, and rolled out international SWIFT money transfers in its ABA Mobile app.”
You can see the full list of award winners from Asia here.
Banking in Cambodia
In Cambodia, there were more than 40 commercial banks, 14 specialised banks, 7 MDIs, 73 MFIs and 273 rural credit institutions at the end of 2019.
By late 2019, the total number of banking and microfinance headquarters and branches have increased up to 2,367 locations with 2,228 ATMs across Cambodia.
In 2020, a new Cambodian Investment Law and Money Laundering Laws were introduced by the Royal Cambodian Government.
You can read more in our Banking & Finance in Cambodia guide.