Best bank: ABA Bank
In 2023, ABA Bank, Cambodia’s largest commercial bank, achieved significant growth across all key metrics, solidifying its position as a leader in the country’s banking sector and winning it the award for the country’s best bank. Under the leadership of chief executive Askhat Azhikhanov, the bank’s net profit increased by 5% to $276.5 million in 2023, securing its status as the most profitable commercial bank in Cambodia for the third consecutive year.
ABA Bank’s total assets were up by 27% to $11.4 billion, while customer deposits and gross loans grew by 26% and 21%, respectively. The bank’s customer base also experienced significant growth, surpassing 3.5 million customers.
The flagship ABA Mobile app, the cornerstone of ABA Bank’s digital strategy, has cemented its position as Cambodia’s most popular mobile banking solution. The app’s user base expanded by 30% year on year, reaching 3.1 million users, reflecting the bank’s enhancements to its services and features. In 2023, the app processed 843 million transactions, a substantial increase from 502 million in 2022. The total value of these transactions amounted to $208.5 billion, which is 6.5 times Cambodia’s GDP.
ABA Bank’s commitment to innovation was further demonstrated by the aggressive expansion of its QR payment platform. The bank onboarded 700,000 merchants in 2023, a 40.9% increase from the previous year. This strategic move positioned ABA Bank as a trailblazer in Cambodia’s digital payment space, empowering businesses to adopt cashless transactions.
Alongside its digital initiatives, ABA Bank strengthened its physical presence by opening seven new branches in key locations and establishing 15 new self-banking spots, increasing the total to 45 nationwide.
As the bank continues to combine its growing physical network with robust digital solutions, it is well equipped to maintain its leadership position in delivering accessible and innovative banking services to the people of Cambodia.
Best investment bank: SBI Royal Securities
SBI Royal Securities is once again Cambodia’s best investment bank, solidifying its position as a market leader in the country’s nascent capital markets. Despite the relative immaturity of Cambodia’s financial markets, SBI Royal Securities has been instrumental in driving market growth and introducing innovative structures and products to investors.
A prime example is the IPO of CAMGSM, one of the largest telecom companies in Cambodia, with a market capitalization of $1.14 billion. The CAMGSM IPO represents a milestone for the Cambodia Securities Exchange, as it is the first non-banking company to surpass a valuation of $1 billion. The company’s strong performance on the secondary market following the IPO further underscored the success of this landmark transaction.
In addition to the CAMGSM IPO, SBI Royal Securities facilitated Cambodia’s first-ever green bond issue for Golden Tree. The bond, worth $1.5 million with a 7% annual coupon rate and a five-year maturity, was listed in January 2023, marking another significant milestone for Cambodia’s capital markets. Looking ahead, SBI Royal Securities maintains a robust pipeline, with several bonds in the underwriting process and an ongoing M&A transaction.
Best international bank: Maybank
Maybank posted significant growth in deposits and assets under management in Cambodia last year. It also worked on several corporate deals and small and medium-sized enterprise loans, and further developed its sustainable financing capabilities.
Maybank Cambodia reported an increase in deposits of 31% in 2023 and grew its total assets by 27%.
Maybank’s SME loans topped $716 million in 2023 and in collaboration with the Credit Guarantee Corporation of Cambodia, the bank offered the co-financing guarantee scheme, giving over 100 SMEs in Cambodia access to formal finance.
Initiatives such as Maybank Pop Up, Maybank 2 Cards, the introduction of the new Maybank2U online banking platform and the upgrading of its of cash management solutions in 2023 drove its corporate business. One of its more significant product launches was the Forex Swap application, which offers customers improved financial solutions for foreign currency.
Best digital bank: ABA Bank
ABA Bank introduced new features to its flagship mobile banking app last year, significantly expanding its QR payments platform and further developing its ABA Merchant app. The bank reported significant growth in all its targeted areas.
The number of transactions made via ABA Mobile increased from 502 million in 2022 to 843 million in 2023. The app user count increased from 2.4 million to 3.1 million in 2023, a 19% year-on-year increase. Around 700,000 merchants joined ABA Bank’s QR payment platform, up by 41% year on year.
The bank continues to develop its ABA Merchant app. The number of active users of the app in 2023 increased to 720,000, more than doubling from the previous year’s 305,000.
Best bank for SMEs: Prince Bank
Prince Bank disbursed record volumes of small and medium-sized enterprise loans last year, extending new finance schemes and supporting women entrepreneurs.
Of its $168 million total loan book, $80 million or 48% went to owners of 697 SMEs. The bank has extended its Co-Financing Scheme, which provides government support to the tourism industry affected by the pandemic. The scheme provides a loan of up to $500,000 and loan tenure of up to seven years, with any SME entitled to a preferential interest rate of 6.5%.
The bank also continued its support for women entrepreneurs with a partnership with the Credit Guarantee Corporation of Cambodia (CGCC). The partnership introduced the Portfolio Guarantee Scheme for Women Entrepreneurs for loans up to $100,000 and tenures up to 6 years. The CGCC, a state-owned enterprise, provides credit guarantees for business loans up to 80% of the loan amount.
Best bank for ESG: Campu Bank
Last year, Campu Bank partnered with property developers on sustainable finance, offered training courses in this area for its employees and launched internal programmes to decrease its own carbon footprint.
The collaboration with property developers promotes financing for the purchase of property with green building initiatives or sustainable frameworks.
The bank has also launched a carbon footprint reduction programme, which involves replacing old hardware with energy efficient computer hardware. In addition, green technology cooling systems are being explored for the air-conditioning of its own buildings.
The bank has also encouraged its employees to engage in training on sustainability.
Best bank for corporate responsibility: ABA Bank
ABA Bank introduced corporate responsibility initiatives across the sport, education, healthcare and youth sectors last year.
The bank signed a memorandum of understanding with the Association of Samdech Akka Moha Sena to support education in Cambodia and contributed $100,000 for scholarships, educational programmes and financial assistance schemes. It also invested in a school improvement project. The first phase revitalized a school in Kampong Ro, Svay Rieng province and the second phase focused on Sok An Thnol Bombek high school in Takeo province, creating a better learning environment for over 1,200 students.
ABA Bank donated S$200,000 to the Cambodian Red Cross for its humanitarian programmes assisting vulnerable communities across the country. It also partnered with the BeyondTheGames Folding Heart Campaign, which supports Cambodian para-athletes.
The bank sponsored the Cambodian Women Entrepreneurs Association Expo 2023.
Best bank for diversity and inclusion: Campu Bank
Campu Bank focused on good employment practices and promoting female employment in 2023.
It implemented enhanced safety measures and ran workshops on wellness and personal financial management. The bank provides a dedicated in-house infirmary in its corporate head office to provide on-site healthcare services to employees. It also offers entitlement to 90-days’ maternity leave and medical benefits at a private clinic for all employees.
The bank took steps to promote gender equality in 2023: 21 male employees and 49 female employees were promoted in 2023, meaning that nearly 50% of management and top management are female employees.
Best bank for corporates: Canadia Bank
Canadia Bank’s corporate lending business reached $3 billion in 2023 and it now accounts for around 63% of its total loan portfolio. Corporate deposits reached $1.7 billion out of the total bank-wide deposits of $6.1 billion.
In 2023 the bank established an investment banking unit to guide corporations throughout the IPO listing process. The bank worked on financing for the construction of Cambodia’s new airport, the Techo International Airport. It also collaborated with the China Road and Bridge Corporation on the toll fee payment system for the Phnom-Penh Sihanoukville Expressway.
