ABA​ wins​ Cambodia's​ Best​ Bank​ for​ Digital​ Solutions​ 2022​ title​ by​ Asiamoney​ magazine

28/Sep/2022

aba win award from asiamoney 2022 dt enaba win award from asiamoney 2022 dt en

ABA​ Bank,​ the​ largest​ Cambodian​ commercial​ bank​ and​ leader​ in​ digital​ finance,​ received​ the​ "Best​ Bank​ for​ Digital​ Solutions​ in​ Cambodia​ 2022"​ award​ from​ Asiamoney,​ the​ regional​ arm​ of​ the​ reputable​ international​ financial​ magazine​ Euromoney.

The​ award​ from​ Asiamoney​ was​ bestowed​ to​ ABA​ for​ its​ digital​ banking​ transformation​ and​ strategic​ focus​ on​ providing​ innovative​ banking​ experiences​ to​ its​ customers.

The​ judges​ highly​ praised​ the​ ABA​ Mobile​ banking​ app's​ development​ throughout​ the​ year.​ In​ particular,​ ABA​ enhanced​ its​ mobile​ banking​ app​ with

  • 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);
  • ABA​ KHQR​ feature,​ which​ allows​ customers​ to​ collect​ payments​ or​ receive​ transfers​ from​ ABA​ Mobile​ users​ and​ customers​ of​ other​ banks​ that​ support​ the​ KHQR​ standard​ introduced​ by​ the​ National​ Bank​ of​ Cambodia;
  • Card-to-card​ transfers​ with​ Mastercard​ and​ UnionPay,​ where​ cardholders​ can​ transfer​ up​ to​ $20,000​ monthly​ from​ their​ bank​ accounts​ via​ ABA​ Mobile;
  • Salary​ loan​ feature,​ which​ allows​ mobile​ app​ users​ to​ access​ quick​ and​ easy​ financing​ for​ personal​ use​ with​ no​ collateral​ requirement.

The​ enhancement​ of​ the​ ABA​ Merchant​ app​ is​ another​ significant​ development​ of​ ABA​ in​ the​ period.​ ABA​ Merchant​ is​ a​ "mobile​ point​ of​ sale"​ (mPOS)​ solution​ that​ helps​ businesses​ of​ any​ size​ accept​ cashless​ payments​ in​ USD​ and​ KHR​ by​ generating​ QR​ codes​ on​ their​ smartphones.​ This​ app​ solves​ merchants'​ daily​ routines​ of​ keeping​ sales​ records​ while​ reducing​ cash​ contact.​

Online​ and​ social​ media​ sellers​ can​ benefit​ from​ the​ ABA​ Merchant​ app's​ Payment​ Link​ feature.​ The​ seller​ can​ generate​ a​ link​ to​ their​ product​ in​ the​ app​ and​ add​ the​ item's​ price,​ photo,​ and​ description.​ After​ that,​ they​ can​ share​ the​ Payment​ Link​ with​ the​ buyer​ via​ any​ instant​ messaging​ app.​ Upon​ receiving​ the​ link,​ the​ buyer​ can​ tap​ on​ it​ and​ complete​ the​ payment​ seamlessly​ with​ their​ ABA​ Mobile​ app.​

To​ continuously​ develop​ digital​ banking​ channels​ for​ companies,​ ABA​ integrated​ its​ ABA​ Business​ banking​ solution​ with​ a​ leading​ cloud-based​ accounting​ platform,​ Xero.​ This​ integration​ allows​ the​ business​ owner​ to​ link​ their​ Xero​ account​ to​ their​ ABA​ company​ account​ and​ carry​ out​ bookkeeping​ functions,​ simplifying​ tedious​ manual​ accounting​ work.

In​ the​ award​ write-up,​ Asiamoney​ editor​ Rashmi​ Kumar​ commented,​ "When​ it​ comes​ to​ combining​ banking​ and​ innovation​ in​ Cambodia,​ one​ doesn't​ need​ to​ look​ any​ further​ than​ ABA​ Bank.​ The​ firm​ has​ made​ bringing​ new​ technology​ to​ Cambodia's​ financial​ sector​ a​ priority.​ Case​ in​ point:​ it​ was​ the​ first​ to​ launch​ a​ full-scale​ mobile​ banking​ app​ in​ Cambodia​ in​ 2015."

"Today,​ the​ ABA​ mobile​ app​ is​ a​ force​ to​ be​ reckoned​ with.​ The​ number​ of​ transactions​ made​ on​ the​ app​ jumped​ to​ 250​ million​ last​ year​ from​ 100​ million​ in​ 2020.​ The​ value​ of​ these​ transactions​ hit​ a​ hefty​ $123​ billion​ last​ year,​ four​ times​ the​ size​ of​ Cambodia's​ GDP,"​ she​ added.

About​ Asiamoney
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​ finance​ developments​ 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.