Cambodia Investment Review
Phillip Bank Plc. Cambodia’s only fully Singapore-owned commercial bank has outlined plans to extend the Bank’s footprint in the digital services focusing on B2B2C through partnership with major merchants to digitalize the process to create smoother and faster customer flow toward their business.
After the completion of its merger with KREDIT Microfinance in early 2020, Phillip Bank’s Chief Executive Office Mr. Chan Mach is ready to follow the Bank’s vision of “Growing people, delighting customers and benefiting communities” using its digital transformation as the driving change.
Upon completing the merger with KREDIT in 2020, Phillip Bank is now one of largest commercial bank in Cambodia in terms of the branch network.
Utilizing digital capabilities
Under Mach, the Bank has been investing heavily in its digital capabilities, most recently launching 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 new 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.
To read more about Phillip Banks’s internet banking application click here.
The Bank has outlined it will utilize its increased digital capabilities to implement a new loyalty program as well as help the Bank to grow its digital footprint, accessibility, and network across Cambodia on QR payments and KHQR to drive the digitalization of SME’s and local corporates.
Partnering with third-party firms
Phillip Bank is also a member of the National Bank of Cambodia’s signature initiative Bakong payment application and KHQR project, and is among the bank with highest number of Bakong users. The Bank provides the KHQR service to more than 3,000 merchants and will soon reach to 6,000 merchants.
Phillip Bank KHQR can accept payment from the mobile application of various banks and financial institutions.
Through this digital infrastructure, Phillip Bank aims to a leader in digital banking, equipped with a wide-ranging digital product ecosystem that will benefit the daily lives of its customers. The Bank also has plans to collaborate with Business Process Outsourcing companies such as Massive Distributions to promote its rapid digital growth.
Partnering with such firms is an important strategy for increasing the competitiveness of financial institutions in a sector that is competing for resources.
In addition, Phillip Bank has also partnered with the pioneering consultancy firm Aquarii Cambodia, inking an agreement to become their ‘banker of choice’ to provide financial services to upcoming investment projects, citing the bank’s excellent service that is based on the values of integrity, transparency, and accountability.
To read more about the Phillip Bank and Aquarii Cambodia partnership click here.