ABA Bank was recognised with the Domestic Retail Bank of the Year - Cambodia at ABF Retail Banking Awards 2021
Their remarkable milestones and outstanding figures led them to be at the forefront of modern finance and digital transformation.
For Cambodia’s leading private financial institution ABA Bank, its user-centric solutions have reinforced its goal of offering clients the best in banking and bringing convenient digital banking solutions to the market.
For years, ABA Bank has been setting the pace for modern finance and digital transformation.
Its mobile banking app, ABA Mobile, is considered the #1 banking application in terms of usage and number of features. The bank has significantly expanded the list of services and features in ABA Mobile, resulting in a 74% YoY growth with the number of active users of the app within the last year.
Some of the new features ABA Mobile introduced in 2020 were the Instant Loan feature, Visa Direct service, Ria Money Transfers, and MoneyGram Instant Transfers, amongst others.
Meanwhile, ABA Bank’s e-commerce platform PayWay also received another critical feature in 2020, which helps process recurring or future payments automatically. Through the platform, ABA customers can store their credit card or ABA account credentials for the subsequent regular or scheduled purchases with this feature.
Having been in the market since 2018, PayWay is a secure and easy-to-use payment gateway platform that allows businesses to receive payments for their services online and customers to have a convenient experience.
The Bank has also launched the PayWay Mobile application to further promote the e-commerce platform. The free mobile app helps businesses of any size accept cashless payments in USD and KHR from their customers using their smartphones by generating QR codes. PayWay Mobile also solves the merchants’ daily routines related to keeping sales records, whilst reducing cash contact.
At the same time, ABA Bank’s business franchise is noticeably strengthening, underpinned by its market share’s significant growth.
This is reaffirmed by the ‘B+’ with Stable outlook credit rating from the American credit rating agency S&P, despite the economic slowdown brought by the current global pandemic. S&P sees that the bank can sustainably manage rapid loan and deposit growth.
ABA has also successfully expanded its network by opening two more full-scale branches and launching the network of ABA 24/7 self-banking spots equipped with cash and cheque processing machines that provide customers with round-the-clock access to their accounts.
These undertakings proved to be of great value, as ABA Bank demonstrated positive results for the previous year under all key metrics.
The bank’s total assets grew by 40% as of end-December 2020, amounting to $6.1b. The deposit portfolio also increased by 43% to US$4.9b. Through this, ABA secured a net profit of US$151.4m for FY 2020.
As such, ABA Bank prevails to clinch the Domestic Retail Bank of the Year - Cambodia of the recently-concluded Asian Banking and Finance (ABF) Retail Banking Awards 2021. The prestigious award recognises financial institutions with remarkable milestones, and how they have transformed the banking and finance industry in the midst of a global pandemic and digital transformation.
ABA Bank has proven itself as the frontrunner of the Cambodian banking scene, with its cutting-edge innovations and strategic initiatives, as manifested by its outstanding figures.