ACLEDA Bank: Pioneering Growth and Trust in the Banking Sector
For over three decades, ACLEDA Bank has remained steadfast in its commitment to being Cambodia’s premier commercial bank, dedicated
to serving all segments of society with trust and reliability. Under the visionary leadership of Dr. In Channy, President and Group Managing Director, ACLEDA Bank has experienced remarkable growth and success, marked by sustainable development principles and a customer-centric approach.
Now expanding its operations beyond Cambodia’s borders into Laos and Myanmar, the bank continues its mission to offer secure and innovative financial products and services to empower customers in resource management and efficiency.
During her exclusive interview with Cambodia Business, Mrs. Mar Amara, Senior Executive Vice President & Group Chief Financial Officer and Group Chief Operations Officer, emphasized the bank’s dedication to ethical conduct, societal respect, and environmental stewardship.
“At all times, we observe the highest principles of ethical behavior, and respect for society, the law, and the environment. By doing so, we aim to contribute to improving the quality of lives, ensuring sustainable and growing benefits to our stakeholders, and also to support the socio-economic development of the society as a whole.”
Mrs. Mar Amara is a member of the Bank’s Executive Committee, playing a pivotal role in shaping strategic initiatives and overseeing day-to-day operations. She is also chairwoman of the Bank’s Assets and Liabilities Committee and Portfolio Management Committee, and member of Management Credit Committee.
Founded in 1993 as a national NGO focusing on micro and small enterprise
development, ACLEDA Bank evolved into a Specialized Bank in 2000 and later obtained a full banking license from the National Bank of Cambodia in 2003, rebranding as ACLEDA Bank Plc. Optimism in Cambodia
Mrs. Mar Amara, Senior Executive Vice President, Group CFO & COO.
Optimism in Cambodia
ACLEDA Bank anticipates continued growth in Cambodia’s economic landscape, anticipating a growth rate of around 6% driven by increasing financial inclusion, digitalization, and evolving customer preferences. The bank’s strategic focus revolves around enhancing financial inclusion and digitalization, catering to the needs of Micro, Small, and Medium Enterprises (MSMEs), and offering innovative lending solutions to corporate clients.
Distinguished by its extensive network and innovative digital platform
“ACLEDA Mobile,” the bank has experienced significant growth in user numbers, surpassing 3 million recently, reflecting an 80% increase compared to the previous year. ACLEDA Bank’s commitment to expansion includes plans to increase its network and leverage technological advancements to enhance products and services.
Mrs Amara said, “Currently, we have 264 office networks nationwide, 177 self-service banking (SSB), 1,393 ATM/CRM, 4,728 POS terminals and EBS-Digital banking facilities serving over 4 million active customers with more than 80 products and services.”
She added that the bank’s core products and services encompass credit services, deposit accounts, fund transfers, trade finance solutions, electronic banking facilities, cash management services, corporate agency support, and financial health assessments provided to our customers. “We will keep expanding those networks in the year 2024 to gain more competitive advantage. With technological advancements, ACLEDA Bank has accelerated its adoption of Fintech and increased digitalization to create fresh opportunities to enhance our products and services.”
“ACLEDA Bank remains optimistic about the industry’s growth potential while recognizing the need for strategic management to navigate these challenges effectively,” she added. Listed on the Cambodia Securities Exchange (CSX) since 2020, ACLEDA Bank has provided investment opportunities for customers and boosted trading activity on the CSX. Notably, the bank’s stock has seen a substantial increase in trading value, indicating growing investor interest and confidence.
In 2019, the average monthly trading value was approximately US$400K. However, from May 2020 to January 2024, the average monthly trading value of ACLEDA Bank’s stock reached US$4.65M, representing a notable increase and accounting for 75.81% of the total trading value during that period.
The number of trading accounts on the CSX has experienced remarkable growth. From the end of 2019, with 22,626 accounts, it surged to 48,186 accounts by the end of 2023, reflecting a substantial increase of 25,560 new accounts or 112.97%. Among these accounts, 17,258 were holding ACLEDA Bank’s stock, constituting 35.82% of the total accounts.
“ACLEDA’s digital banking is strategically designed to provide customers with enhanced convenience, efficiency, cost-effectiveness, time-effectiveness, increased productivity, real-time services and transactions, ubiquity and omnipresence, and security in managing their finances,” Mrs Amara said.
“We are proud to offer a comprehensive range of digital products, including local and cross-border payments, catering to diverse customer segments across P2P, C2C, B2B, P2G, B2G/ G2B, and G2G transactions.”
Mrs. Amara emphasized ACLEDA’s achievements and ongoing initiatives in cross-border payments. “Since the National Bank of Cambodia designated us as a sponsoring bank for cross-border QR Payment in April 2019, ACLEDA has played a crucial role in facilitating significant cross-border transactions, both regionally and internationally.”
New Frontiers
“We have successfully connected and assumed settlement roles between Cambodia & Thailand, Vietnam, and Laos. Ongoing projects and efforts include connecting cross-border QR Payments with India and Japan.”
She added that ACLEDA is also actively supporting the Financial Transparency Corridors (FTC) project of the NBC and the Monetary Authority of Singapore, fostering a digital trade platform between Cambodia and Singapore, with plans to extend these initiatives to other ASEAN countries.”
“Furthermore, ACLEDA Bank actively supports government initiatives, such as the Pentagonal Strategy-Phase I, focusing on the development of the digital economy and society. Through our extensive branch network and digital channels, the bank facilitates government revenue collection and payment services, contributing to overall economic growth and development.”
As of January 2024, ACLEDA Bank provides financial services across urban and rural areas, with significant loan amounts disbursed to various sectors, supporting Cambodia’s economic development goals, with loan amounts totaling USD 5.10 billion for business sectors and USD 1.37 billion for the agriculture, forestry, and fishery sectors.
Going forward, ACLEDA Bank has pledged to continue its strategic focus on customer-centricity, innovation, and societal contribution and remain a leading force in Cambodia’s banking sector, driving economic growth and fostering financial inclusion.
