Nic Platt
Cambodia’s only fully Singaporean-owned commercial bank, Phillip Bank Plc, has launched its new internet banking platform that will bring a whole host of new solutions to their clients, allowing them to efficiently process financial transactions through a safe and convenient internet gateway.
This newly launched product comes as Cambodia’s e-payment sector continues to grow rapidly. In 2020, the National Bank of Cambodia reported that more than 59 percent of Cambodians conducted online payment transactions.
Cambodian consumers are increasingly embracing new online banking platforms, perceiving them to be more convenient, secure and cost-effective than regular banking options.
Phillip Bank Online Banking platform
Phillip Bank’s Internet Banking will allow Bank customers to process all financial transactions via a downloadable application on the client’s mobile device or computer.
The application will also feature special banking offers, a 24/7 banking support line, and a customizable user interface – which will allow clients to quickly check on all their banking transactions, including deposits and loans, in an organized fashion.
Users can easily transfer funds internally, and conduct inter-bank transfers, mobile top-up, and balance enquiries, while also finding branch / ATM locations. All Phillip Bank customers are eligible to sign up for online banking and the updated mobile app for free.
“Phillip Bank’s new internet banking platform has been designed with our customers’ needs and desires as our utmost priority. We can ensure that our individual and corporate customers will experience a whole new convenient digital banking ecosystem that is not restricted by normal banking hours to process financial transactions,” Phillip Bank Chief Executive Officer, Mr. Chan Mach, told Cambodia Investment Review.
“We understand Cambodia is undergoing a digital banking revolution and Phillip Bank is ensuring that we are leading the way in this transformation,” he added.
Safe and Secure Internet Banking under Phillip Bank
The safety and security of its online banking platform has been a major theme for Phillip Bank. The Bank’s CEO, Mr. Mach noted that “…our new internet banking platform has been designed with safety and security as paramount – we have included features such as two-factor authentication as well as alerts for all transactions conducted.”
Two-factor authentication provides more security for every transaction when making sensitive financial transactions, by delivering a one-time code to the registered mobile number of the customer and preventing unauthorized transfers and payments via digital channels.
As noted by Mr. Mach, all transactions will also be accompanied by an alert with clients able to receive emails or SMS alerts about their financial activity. However, all Phillip Bank customers must still ensure their own due diligence to protect their passwords, payment details and payee identification.
Singaporean investors have been active in Cambodia’s development and promotion of the technology and digital sectors, with the most prominent area being tourism and hospitality.
“As Cambodia’s only fully-owned Singapore commercial bank we have ensured our digital banking application meets international standards for security as well as ease of use for our customers,” said Mr. Mach.
“We hope our new platform will continue to facilitate Singapore–Cambodia trade and investment relationships through the increased ease of financial transactions for all our customers,” he added.
Singapore’s investments in Cambodia reached $1.29 billion between 1994 and 2020. Bilateral trade between Cambodia and Singapore reached $4.2 billion in 2020. Senior officials of the two nations are optimistic that trade figures will increase further in 2021.
