Phnom Penh (FN), Aug. 13 – Canadia Bank, a leading and long-established commercial bank in Cambodia, has been recognized for the fourth time by The Asian Banker (TAB) as the Best Retail Bank in Cambodia in the Global Excellence in Retail Finance Awards of 2024. This recognition reflects Canadia Bank's steadfast commitment to providing exceptional products, services, and digital solutions to its customers.
TAB’s Global Excellence in Retail Financial Services Award is one of the most-established awards that recognizes outstanding financial institutions in consumer and retail banking. Aside from being recognized as the Best Retail Bank in awarding years 2020, 2021, 2023, and 2024, TAB has also hailed Canadia Bank as The Strongest Bank by Balance Sheet in 2019 and the Best Managed Bank in 2022.
This prestigious award reflects Canadia Bank’s dedication to providing its customers with seamless banking experiences tailored to meet their individual needs and aspirations. The journey to this achievement has been marked by a series of strategic initiatives aimed at enhancing service delivery, optimizing product offerings, and investing in cutting-edge technology to empower the customers.
Canada Bank places a strong emphasis on consumer-centric banking solutions catering to the financial needs of the customers. In 2023, several initiatives were taken to build a stronger payment ecosystem and promote online transactions through digital platforms such as the Canadia Bank App, Smart Branches, and self-service machines. Mobile tablets with well-equipped security measures were launched to assist the frontline sales staff in onboarding new customers even outside the branches. Additionally, streamlined loan processing along with enhanced and expanded payment solutions with more KHQR merchants, billers, and public e-payment platform integrations were also implemented to serve the customers better.
The Bank has also expanded its cooperation with the Royal Government of Cambodia and its Ministries for more convenient digital payment services, enabling customers to pay bills, government taxes, public service fees, and receive social security disbursement benefits via the Bank’s online platforms and/or branches nationwide.
As a result, the retail business showed remarkable growth in 2023 in terms of the number of accounts, mobile app users, card spending volume, consumer loan portfolio, and merchant transaction volume.
Mr. Raymond Sia, CEO and Executive Board Director of Canadia Bank, is grateful for the recognition of leading and reputable regional and international publications like The Asian Banker. While receiving the award together with Ms. Chheang Sophea, Head of Consumer Banking, at TAB’s Finance Vietnam 2024 conference in Hanoi, he said,
“Pivotal to this achievement is our focus on creating a customer-centric environment. Our innovative approach to retail banking has introduced a range of personalized financial solutions that cater to the diverse needs of our customers, whether they are individuals, merchants, or Government institutions. Our employees are the backbone of our success, and this accolade reflects their hard work and unwavering dedication.”
In addition to its focus on customer service and innovation, the Bank has also demonstrated a strong financial performance and stability. Canadia Bank has reported $102 million net profit in 2023 with a healthy loan-to-deposit ratio of 80%. Reflecting on these financial achievements, Lok Neak Oknha Dr. Pung Kheav Se, Chairman of Canadia Bank, was quoted in the 2023 Annual Report on the Bank’s continued commitment to provide best-in-class products and services to Canadia Bank’s customers. He also said,
“We reaffirm our promise to our customers: to remain at the forefront of the banking industry, to continue innovating, and to uphold the high standards of quality service. We are deeply grateful to our customers for their trust and loyalty, and to our employees for their contributions to our success. Together, we look forward to reaching new heights in the years to come.”
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