The global financial crisis did not affect strongly the local commercial banks in Cambodia because most of banks don’t depend on foreign source of finance, and loans from other foreign banks and also don’t buy stocks in the international market. At the mean time, Cambodia has not yet created stock exchange. As Cambodia’s banking sector are ready to expand their ATM networks to provide customers with easier access to their money withdraw across the country.
At the present, the banking sector in Cambodia is at a crucial juncture: many changes have taken place in the recent period, including the increasing depth of the banking system, the rapid expansion of the bank network through the establishment of new provincial and local branches and the growth of banking services through the introduction of ATMs, credit cards, debit cards, e-banking and telephone banking, ATMs recognized by fingerprint.
Automated Teller Machine (ATM) was introduced in Cambodia by Canadia Bank in June 2004. ATMs have boomed in the last few years in Cambodia’s banking sector. And ATMs have become more popular among banking clients because they offers a secure and easy access point for cash without fee for in-network usage.
ACLEDA bank, leading local commercial bank, so far installed 60 ATMs up from 20 ATMs in 2007. The bank plans to reach 100 ATMs by the end of this year.
In Channy, president and CEO of ACLEDA, was quoted by the Phnom Penh Post as saying that “Our ATMs have been installed in all parts of Cambodia,” adding that “Our long-term expansion strategy will include an expansion of our network to 500 ATMs and 240 branch offices nationwide.”
ACLEDA bank is the largest numbers of ATM cardholders with 190,000 out of 420,000 depositors of ACLEDA using ATM cards.
In Channy said that ACLEDA will install 1,000 point-of-sale (POS) terminals this year in order to make in-store purchases easier for its customers and hopes to have 3,000 terminals across the country within three years.
Early this year, ANZ Royal Bank launched a new mobile phone banking service in Cambodia in an attempt to allow its subscribers to send cash over their mobile phone. So far, ANZ bank has 127 ATMs, up from 91 in 2007. The bank expects to add only 10 more this year.
Canadia bank is the first bank to install ATM in Cambodia in 2004. Currently the bank has installed 48 ATMs throughout the country, up from 25 in 2007. The bank expects to reach 60 ATMs by the end of this year.
“We are connected with the new domestic switch called ‘Easy Cash’, which is linked with Mekong Bank, SBC and UCB, and we hope more banks will follow our path to make life easier for their cardholders by allowing them to use their cards in any ATM from any local or international bank,” Kunkanel Nong, marketing manager at Canadia Bank was quoted by the Phnom Penh Post as saying.
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hi Cambodia economy. Seem to me that Cambodia now is more technology driven than industrial countries. In Australia, we have yet see such an ATM with finger print. I am not in favour to provide finger print for private institution at all. And by the way this is my comment in relation to your comment posted in one of my blog -
Sexual crime is not the only factor that most foreign tourists arrested while on holiday oversease. Some of them just do not understand that they have to understand and respect local soverignty and law, and to avoid certain practical joke.
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