Cambodia Investment Review

Phillip Bank Launches Market-Leading Payroll Solutions for Companies

Phillip Bank Launches Market-Leading Payroll Solutions for Companies

Published in: Cambodia Investment Review Website

Phillip Bank, Cambodia’s only fully Singapore-owned commercial bank, has introduced new payroll solutions designed to offer significant benefits for both employees and employers. This innovative service aims to provide comprehensive solutions to enhance the financial well-being of employees while supporting the operational efficiency of businesses.

The bank’s updated payroll solution allows companies to choose between two key benefits for their staff’s payroll accounts. Employees can enjoy either free personal accident insurance coverage up to $50,000, or a high-yield payroll savings account with an interest rate of up to 5.00% per annum. This flexibility is designed to meet diverse employee needs and preferences, positioning Phillip Bank as a forward-thinking financial partner.

Seamless Transition for Adopting Payroll Solutions

In addition to these primary benefits, the payroll service offers several additional advantages for employees. These include preferential rates for unsecured personal loans, allowing employees to borrow up to $10,000 or five times their monthly salary, whichever is lower. Employees can also enjoy free cash-out services at over 10,000 TrueMoney agents across Cambodia, $4.99 flat fees for international remittances on selected corridors, and campaigns with up to 50% in discounts and cashbacks.

Read More: Phillip Bank Among Pioneers in Flagship Singapore – Cambodia Financial Transparency Corridor Initiative

Phillip Bank CEO Chan Mach.

For employers, Phillip Bank offers attractive interest rates of up to 5.50% per annum on the company’s Current Auto-Save Account. Businesses also gain access to Phillip Bank’s Business Internet Banking, with free local cross-bank payments via Electronic Fund Transfers (EFTs) and fee waivers for over-the-counter (OTC) payroll processing.

To minimize disruptions to business operations, Phillip Bank offers on-site account openings. This service ensures a seamless transition for companies adopting the bank’s payroll solutions.

Goal to Provide Tailored Financial Solutions

Commenting on the launch, Mr. Chan Mach, CEO of Phillip Bank, said, “Our goal is to provide tailored financial solutions that not only meet the needs of businesses but also prioritize the financial security and benefits of their employees. We believe that our new payroll service will set a new standard in the market.”

Phillip Bank’s new payroll service underscores its commitment to innovation and customer-centric banking. By offering a range of valuable benefits and ensuring ease of access and use, the bank aims to strengthen its position as a trusted partner for businesses in Cambodia.

For more information and to sign up for Phillip Bank’s payroll solutions, businesses are encouraged to contact the bank directly or click here.

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