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