Coca-Cola Cambodia chooses ABA as primary banking partner
ABA Bank, a member of the National Bank of Canada Group, announces today that Cambodia Beverage Company (“CBC”), the exclusive authorized manufacturer and distributor of the Coca-Cola brands, has chosen ABA as its primary banking partner in Cambodia. After proper diligence, CBC has identified ABA as the most suitable bank to support its business needs.
ABA Bank is ready to provide CBC with fully customized banking services and solutions to support the Company’s operations and business growth. Some of the key services ABA will provide to CBC include the advanced Internet Banking for Business (“iBanking for Business”) with capabilities to setup Host-to-Host connection for the effective and efficient cash collection, payment, and reconciliation within ABA eco-system as well as authorized payment service providers; the structured conventional collection service using ABA’s wide digital network and branches; the possibility to provide the channel financing model to create value for parties and stakeholders being involved in trade relationship and payment.
Many large corporations in the Fast-Moving Consumer Goods (FMCG) sector face challenges with physical cash collection from downstream distributors, wholesalers and retailers due to the cash-based economy in Cambodia. To address this issue, ABA will be working with CBC to implement digital collection using Virtual Accounts, over-the-counter service, Cash-in Machines, cash recycling ATMs, and other services. The Bank believes that its current infrastructure will greatly help CBC to manage and mitigate risks in physical cash collection, maximizing the use of the cashflow and overnight balance with the Bank.
“At CBC we want to stay ahead of the growing trends of digitalization and e-commerce throughout Cambodia by ensuring a smooth and effective payment process between CBC, our suppliers and customers to enhance the productivity of all our partners. Our new strategic partnership with ABA, one of Cambodia’s most innovative banks, is expected to provide us with the latest available technology in digital banking services that will advance the way we do business across Cambodia. We are delighted to enter this banking partnership with ABA and look forward to a successful future together,” said CBC Chief Executive Officer, Mr. David Wigglesworth.
CBC will further enjoy benefits from using iBanking for Business platform for its payment to vendors, suppliers, and stakeholders domestically and internationally. That includes payroll service, utility bills payment, and general transactions between bank accounts and e-wallet accounts.
CEO of ABA Bank, Mr. Askhat Azhikhanov said, “Coca-Cola is an international brand that has its business footprints across the globe. We are proud that CBC, which exclusively represents the Coca-Cola Company in Cambodia, chose ABA to be their main bank. With our resources and expertise in place, we will always do our best to provide effective and scalable financial management solutions.”
Equipped with solid infrastructure, reliable platforms, and high-quality resources, ABA is set to expand the cooperation and partnership with CBC, achieving mutual business sustainability and growth in the long term.
ABOUT CAMBODIA BEVERAGE COMPANY (COCA-COLA)
The Cambodia Beverage Company Limited (CBC), a leading nonalcoholic ready-to-drink player in the Kingdom of Cambodia and a 100% owned subsidiary of the Bottling Investments Group (BIG) which is a 100% owned subsidiary of The Coca-Cola Company, is the exclusive authorized manufacturer and distributor of The Coca-Cola Company and Monster Energy Company products in Cambodia.
CBC is The Coca-Cola Company’s newest plant in the Asia region. Situated within the Phnom Penh Special Economic Zone, the facility sits on 12.5 hectares, and is 10 times larger than the previous site.
The new plant significantly increases CBC’s capacity to meet the current and future demand from local customers and consumers.
ABOUT ABA BANK
ABA Bank is one of Cambodia’s leading banking institutions founded in 1996. Today, ABA offers the full spectrum of modern financial services and digital banking solutions to customer segments covering SMEs, microbusinesses, and individuals.
As at May 31, 2019, ABA Bank’s total assets equaled to US$3.36 billion, making it the third largest bank in Cambodia. In 2017, ABA Bank received the issuer credit rating ‘B’ from Standard & Poor’s (S&P) Global Ratings. In 2018, S&P reaffirmed the credit rating with “Positive” outlook.
ABA Bank was named “Best Bank in Cambodia” for 2015-2019 by major publications including The Banker, Euromoney, and Global Finance magazines.
The major shareholder of ABA Bank is National Bank of Canada (www.nbc.ca), the sixth largest bank in Canada and the leading bank in Quebec where it is the partner of choice among SMEs.