ABA honored as Best Domestic Bank in Cambodia 2023 by Asiamoney Magazine
ABA Bank, Cambodia's largest commercial bank1, has been honored as the Best Domestic Bank in Cambodia 2023 by Asiamoney magazine, the regional arm of the reputable international financial magazine Euromoney. This constant recognition from Asiamoney showcased the Bank's excellence in the local financial sector.
ABA has been commended for its prominent presence in the local market, contribution to the growth of the local eCommerce sector, and commitment to meeting the diverse needs of its customers.
ABA's dedication to innovation and providing cutting-edge banking solutions to its customers has also contributed to its success. Throughout 2022, the Bank has continued enhancing its product and service offerings, ensuring customers access to high-quality banking experiences.
In particular, ABA has expanded its services, offering ABA Junior Account for children aged 10+ and contributing to financial literacy and inclusion in the society. Additionally, ABA Card Machines streamline card issuance, allowing ABA Mobile users to issue plastic cards in minutes without branch staff assistance. ABA became the first bank in the Kingdom to introduce such a self-service machine.
The Bank has experienced substantial growth in cashless QR payment acceptance, benefiting over 600,000 offline and online merchants. The ABA Merchant app, a perfect solution for businesses of any kind to collect cashless payments and manage business easily, has also seen a 59% growth in active users within the year.
Furthermore, ABA enlarged its physical presence with the official launch of four new full-scale branches and 16 ABA 24/7 self-service spots.
Earlier in 2023, the Bank revamped its ABA Mobile app to provide customers with a more personalized and convenient banking experience. The updated app allows users to customize their app with widgets, backgrounds and icon packs, adjust font size for accessibility, and switch between light and dark modes.
"We are honored to receive the prestigious recognition from Asiamoney as the Best Domestic Bank in Cambodia for another year. This achievement holds even more significance as it was bestowed upon us by regional experts who truly understand our efforts and the context we operate in,” expressed Askhat Azhikhanov, CEO of ABA Bank.
“Receiving this award serves as a testament to the unwavering hard work and dedication of our team, who continuously strive to provide our customers with the best banking experience. We remain committed to making valuable contributions to the country's ongoing economic development," Azhikhanov added.
The magazine's write-up on ABA Bank's award this year remarked that "ABA is a deserving recipient of Asiamoney's Best Bank award for multiple reasons, with particular emphasis on its exceptional digital proposition. The Bank's platforms have played a crucial role in reshaping Cambodia's financial landscape. In 2022 alone, the number of transactions on the ABA Mobile app almost doubled. And the amount of those transactions via the most-used app in the nation was more than six times Cambodia’s annual gross domestic product.”
In 2022, ABA also excelled by virtually every metric. Total assets grew 15% year on year, to $9 billion in calendar year 2022. ABA’s deposit portfolio jumped 17% to $7.3 billion, while gross loans increased 22% to $6.5 billion. Its net profit of $262.3 million in fiscal year 2022 was top among Cambodian commercial banks for a third consecutive year.
ABA is fully devoted to providing innovative solutions that cater to the ever-evolving needs of its customers. Through its dedication to excellence, ABA has established itself as the top domestic Bank in Cambodia.
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 world's most exciting region. 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.
1 ABA Bank is the largest commercial bank in Cambodia by total assets, gross loans, customer deposits, and profitability based on the National Bank of Cambodia’s Annual Supervision Report 2022.