ABA Wins “Best Cambodian Bank for Digital Solutions 2022” by Asiamoney Magazine

ABA Bank wins “Cambodia’s Best Bank for Digital Solutions 2022” award from Asiamoney magazine.

ABA Wins “Best Cambodian Bank for Digital Solutions 2022” by Asiamoney Magazine

ABA Bank, Cambodia’s largest commercial bank by total assets, gross loans, customer deposits and profitability based on the National Bank of Cambodia’s 2021 Annual Supervision Report and a leader in digital finance, has been awarded the “Best Bank for Digital Solutions in Cambodia 2022” award from Asiamoney, the regional branch of the famous international financial magazine Euromoney.

Asiamoney’s award went to ABA for its continued digital banking transformation and strategic focus on delivering innovative banking experiences to its customers.

The judges praised the development of the ABA Mobile application throughout the year. In particular, ABA has enhanced its mobile banking app with an instant account opening feature, where new ABA customers have the option to open their first account with their smartphone and valid national ID card, through the secure process eKYC; ABA KHQR functionality, which allows collecting payments or receiving transfers from ABA Mobile users and customers of other banks that support the KHQR standard introduced by the National Bank of Cambodia; Card-to-card transfers with Mastercard and UnionPay, where ABA cardholders can transfer up to $20,000 per month from their bank cards to other cards using ABA Mobile; Payday loan feature, which allows app users to access quick and easy financing for personal use with no collateral requirement.

The enhancement of the ABA Merchant app is another significant development for ABA during the period. The ABA Merchant app is a “mobile point of sale” (mPOS) solution that helps businesses of all sizes accept cashless payments by generating QR codes on their smartphones. This app solves merchants’ daily routines of keeping sales records while reducing cash contact.

Online and social media sellers can benefit from the payment link functionality of the ABA Merchant app. The seller can generate a link to their product in the app and add the price, photo and description of the item. After that, they can share the payment link with the buyer through any instant messaging app. Upon receipt of the link, the buyer can tap on it and make payment seamlessly with their ABA Mobile app.

In order to continuously develop its digital banking channels for businesses, ABA has integrated the ABA Business banking platform with a cloud-based accounting service, Xero. This integration allows business owners to link their Xero accounts to their ABA business accounts and perform accounting functions, simplifying tedious manual bookkeeping work.

Writing for the award, Asiamoney Editor-in-Chief Rashmi Kumar commented, “When it comes to combining banking and innovation in Cambodia, there is no need to look further than ABA Bank.

“The company has made bringing new technologies to the Cambodian financial sector a priority. Example: it was the first to launch a large-scale mobile banking application in Cambodia in 2015.”

“Today, the ABA Mobile app is a force to be reckoned with. The number of transactions made on the app grew to 250 million last year, from 100 million in 2020. The value of these transactions has reached $123 billion last year, four times the size of Cambodia’s GDP,” she added.

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