ABA becomes Best Domestic Bank in Cambodia 2021 by Asiamoney magazine
ABA Bank, the leading Cambodian commercial bank, secures the "Best Domestic Bank in Cambodia 2021" award by Asiamoney, the regional arm of the reputable international financial magazine Euromoney. The top-notch title is bestowed on ABA after recognizing it as the Best Digital Bank in Cambodia in 2019 and 2020.
The prestigious regional rank signifies the Bank's position as a well-rounded leader in the country's banking and finance industry. ABA received praises for its strategic focus on innovations, standout position in the local market, the boost of the local eCommerce sector, and efforts to meet its customers' needs – all in the context of the Covid pandemic.
In 2021, ABA made significant achievements in developing its mobile banking platform. Its best-in-class ABA Mobile application was enriched with new innovative features such as Instant Account for new-to-bank customers, domestic transfers via blockchain-backed Project Bakong, ordering of plastic cards, and many other everyday banking services.
During the pandemic, the local eCommerce sector boosted when ABA launched the PayWay Mobile application, which converts any smartphone into a mobile POS terminal to generate QR codes and accept cashless payments. The PayWay Mobile app also offers the opportunity to share the payment link of a product or service via different messengers to facilitate instant payments.
In the business banking segment, ABA relaunched its Internet Banking for Business (IBB) platform via the introduction of the Host-to-Host solution, Virtual Accounts feature, integration with major online accounting platforms like Banhji, QuickBooks, and Xero, as well as other improvements.
The Bank also developed its network of 24/7 self-banking spots to bring more convenience and flexibility to customers. These sites are located in high-traffic areas of major cities and provide round-the-clock access to customers' accounts via a wide range of self-banking machines, including ATMs, Cash Recycling Machines, and Check Deposit Machines.
Askhat Azhikhanov, Chief Executive Officer of ABA Bank, commented, "This Asiamoney award highlights our constant dedication to becoming the best bank for our customers by offering them a convenient and hassle-free banking experience through advanced technologies and innovations. Anticipating a post-pandemic economic rebound, we are delighted to see more Cambodians adopting the digital lifestyle, and we will keep deploying modern solutions to make their financial lives better and easier".
As always, we dedicate this accolade to our valued customers and thank them for their trust and support all these years," he added.
Asiamoney commented in its write-up about the award, “ABA has been more successful than its peers in harnessing Cambodia’s almost universal penetration of mobile phones. Even before the pandemic, ABA was considered the market leader in offering user-friendly and safe digital banking platforms. Its ABA Mobile app and online payment system, PayWay, had already won raves from industry observers.”
“The health crisis only made the firm up its game. It steadily boosted its debit and credit cards business, unified payments interface, instant money, and SWIFT transfers, and trade finance. In January 2021, it added an ABA Instant Account feature to its mobile app. It revamped the traditional process of opening a bank account at branches with know-your-customer, or KYC, innovations that have peers racing to roll out their own,” the article built up.
ABA provides innovative and convenient digital financial services to SMEs, micro-businesses, and individuals. The Bank manages $7.9 billion in total assets as of 31 December 2021 and is currently managing more than 2.1 million accounts through the extensive network of 80 branches, 800+ self-banking machines, and advanced business online banking and mobile banking platforms.
For over three decades, Asiamoney has been the voice of Asia's banking and capital markets industries. During that time, this publication has been instrumental in covering developments in finance in the most exciting region in the world. Each issue of Asiamoney contains in-depth reports and banking awards in up to six markets in Asia-Pacific. Asiamoney's award decisions are made by a team of senior journalists, chaired by Euromoney's editor, after receiving detailed submissions from market participants and in conjunction with research into the banking and capital markets by the editorial committee. Senior editors also visited each country or territory to meet leading bankers and gather client and competitor feedback.