ABA becomes "Domestic Retail Bank 2022 in Cambodia" by Asian Banking and Finance
ABA Bank, the number one commercial bank in Cambodia1, has earned another "Domestic Retail Bank of the Year in Cambodia" award in the Asia Banking and Finance magazine's Retail Banking Awards 2022.
The award praises ABA'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 enhancement and improvement 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 ABA Bank branches. With this free-of-charge service, the Bank's clients now conveniently and securely fulfill their tax obligations.
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 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 withdrawal/deposit machines, check deposit machines and card issuing machines. The Bank also added two full-scale branches in Mondulkiri and Pailin 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 Asian Banking and Finance Awards
The ABF Retail Banking Awards is organized by the Asian Banking and Finance magazine. Asian Banking and Finance is the industry magazine serving Asia's dynamic financial services industry. Each issue carries a balanced mix of articles that appeal to the C-level executives of large banking and financial services institutions in Asia. Asian Banking and Finance is printed quarterly and circulated to senior management in Asia's financial services firms through direct mail delivery and bulk copies to companies' headquarters. To find out more, visit asianbankingandfinance.net.
1 ABA is the largest 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