Cambodia Investment Review
Temenos, a global leader in core banking software, celebrated its long-standing partnerships with Cambodian financial institutions in a grand event unveiling its future business strategy. The event was a comprehensive showcase of the company’s strong presence in Cambodia and the broader Asia-Pacific (APAC) financial sectors.
During the Customer Appreciation Awards, several Cambodian banks received accolades for their enduring alliance with Temenos.
CCU Commercial Bank Plc was granted the Fastest Innovation Award. The bank has achieved a remarkable feat as the first bank in Cambodia to go live on the latest Temenos Transact core banking software within 12 weeks with Temenos Partner Conscala. CCU Commercial Bank Plc is possibly among the top 3 banks in Asia Pacific to have accomplished this milestone, reflecting their unwavering commitment to providing cutting-edge banking solutions to their valued customers, staying ahead of the curve in the ever-evolving financial landscape. The bank now offers many new features and improvements, enhancing its ability to deliver top-notch services, streamline operations, and provide an even more secure and seamless banking experience.
The event’s highlight was the 20-year partnership award conferred to Acelda Bank Plc. Acelda Bank began its first interactions with Temenos in 1999 and started its first project with Temenos in 2003. Together with Temenos, Acelda Bank began its journey and evolved from a tiny microfinancing institution to becoming the most prominent commercial bank in Cambodia today.
Throughout the years, Temenos helped the bank innovate, expand, and scale. Today, the Bank has achieved a steady state in its banking operations, has its own Transact expertise, and can support the system independently. It is one of the rare banks that have evolved from Temenos’ initial product, GLOBUS, to T24 and, after that, Transact.
A hallmark of the banking innovation journey was the keen eye on why they do what they do – To help the unbanked or underbanked in Cambodia. During the earlier years, Acelda Bank Executive Vice President and Group Chief Officer Terry Mach would go to the countryside with the Temenos team to meet the locals to understand their banking needs better and tailor banking products for their requirements. Each step of the way, Acelda Bank listened to the needs of the everyday Cambodians and, layer by layer, built banking from the ground up, by Cambodians, for Cambodians. Today, the Bank’s customers have evolved – Many of them have grown beyond their cottage businesses to become small, medium enterprises, forging ahead to propel the Cambodian economy forward.
Acelda Bank exemplifies the Cambodian dream – It may have started small, but with discipline, resilience, and creativity, today it’s the biggest bank in Cambodia. It’s a story of banking putting its customers at the core of everything and, in the process of keeping to this simple principle, making history by sticking to its roots. Temenos is humbled and privileged to confer the 20th-year partnership award to Acelda Bank amongst a crowd of distinguished leading bankers and innovators in the Cambodian banking industry!
The Versatile Nature of Temenos’ Solutions
Nick Edwards, Deputy Regional Director, Asia Pacific, also seized the occasion to illuminate the company’s ambitious plans and impressive statistics. “Temenos now has a presence in 16 locations across the APAC region, serving over 380 clients through a dedicated workforce of more than 300,” Nick stated. He further emphasized the company’s leading position in Cambodia with a roster of 26 client institutions.
Diving into the technical realm, Nick highlighted the versatile nature of Temenos’ solutions. “Our unique single code and configuration base allows us to cater to a wide market range, irrespective of the segment, location, or asset size,” he explained. Nick also noted that Temenos had charted an ambitious course on the global stage.
Quoting a recent Accenture report, Nick underscored a 94% surge in preference for public cloud-based solutions among banks in 2022 compared to the previous year. “Cloud adoption is expected to continue, and Temenos is poised to offer key features like modularity, artificial intelligence, and enhanced cloud security,” he affirmed.
The company’s arsenal of groundbreaking solutions, such as Infinity Digital Banking, Data & Analytics, Risk & Compliance, and Financial Crime Mitigation, was also outlined. “We are resolute in our commitment to automating processes, revolutionizing digital banking to meet evolving customer demands, and leveraging cutting-edge technologies like Cloud and AI/ML,” Nick expounded.
Importance Of a Digital-First Approach in Banking
During a fireside chat, Swapnil Deshmukh, Regional Director – of Infinity Digital Banking, and Sokha Ros, Chief Digital Officer at SBI Ly Hour Bank, explored the Cambodian banking sector’s rapid development. Sokha recounted how the industry has progressed from paper-based systems in the 1980s to the current digital age, attributing a significant part of this growth to Temenos’ core banking infrastructure. He also emphasized the significance of the US dollar introduction in the 1990s, which necessitated an advanced dual-currency accounting system that Temenos could provide.
The dialogue also examined the importance of a digital-first approach in banking. Sokha Ros elaborated, “operational costs, customer privacy, convenience, and most importantly, customer-centricity, are driving every bank to adopt a digital-first strategy.” Discussing challenges, Sokha highlighted the importance of aligning human resources, processes, and systems to achieve a successful digital transformation, adding that bringing subject matter experts to an expected outcome was a nuanced but essential task for leadership.
The Temenos’ event was not merely a celebration of enduring partnerships but also a reflection of its dedication to being a strategic enabler in shaping the future of banking in Cambodia and globally. With its substantial investment in R&D and robust client base that spans over 150 countries, Temenos is well-equipped to continue its influential role in Cambodia’s rapidly evolving banking landscape.
