ABA Bank clinches Domestic Retail Bank of the Year - Cambodia at ABF Retail Banking Awards 2024

This highlights its robust growth, innovative digital banking solutions, and expansive service network.

ABA Bank, Cambodia's largest commercial bank, has been distinguished at the ABF Retail Banking Awards 2024, securing the Domestic Retail Bank of the Year - Cambodia accolade. This recognition highlights the bank's commitment to excellence and its remarkable achievements in a year characterised by substantial growth and innovative digital strides.

In 2023, ABA Bank achieved impressive financial metrics that underline its dominant position in Cambodia's banking sector. The bank saw a 27% increase in total assets, reaching $11.5 billion by the year-end. Customer deposits grew by 26% to $9.2b, whilst gross loans escalated to $7.9 billion, marking a 21% increase since the previous year-end. Notably, ABA Bank continued its streak as the nation’s most profitable commercial bank, posting a net profit of $277m, a 5% increase year-on-year.

The bank's leadership in digital banking was further cemented with the ABA Mobile app, which remains the most downloaded banking application in Cambodia. ABA Mobile saw a significant 30% increase in user engagement year-over-year, due to its continuous enhancements and user-focused innovations. Key features introduced include a revamped interface in version 5.0, promoting a customisable and intuitive user experience, enhanced security features, and accessibility adjustments such as font size customisation and theme changes. Noteworthy is the data-free access initiative, which allows users of certain mobile networks to access essential banking services without data charges, thus promoting financial inclusion.

ABA Bank has been proactive in expanding its digital and cashless payment solutions. In 2023, it introduced cross-border QR payments, enabling customers to transact seamlessly across Thailand by scanning ThaiQR codes. The bank also significantly expanded its QR payment merchant network by 42.85%, reaching 700,000 merchants. This expansion not only solidifies ABA's position as a digital payments leader but also enhances convenience for its customers.

ABA Bank also notably expanded its network of self-banking machines to 1,599, the largest network in Cambodia, significantly enhancing financial inclusion and accessibility for its customers.

The ABA Merchant app witnessed a remarkable 136% increase in active users, reaching 720,000. The app's new analytics feature allows merchants to easily access and analyse transaction data, optimising their operational efficiency and customer engagement. Additionally, the ability to receive tips through digital payments and offer instant cashback promotions has enriched the customer and merchant experience alike.

ABA Bank secured a Trustee Operator license, pioneering escrow services in Cambodia which add an extra layer of security and transparency to significant transactions, such as real estate deals and share trading. This service underscores ABA's commitment to fostering trust and reliability in Cambodia's economic landscape. Moreover, the bank expanded its physical presence with seven new branches and 15 new ABA 24/7 self-banking spots nationwide, enhancing accessibility and convenience across the country.

ABA Bank is not only focused on financial growth and digital innovation but also on creating a sustainable and inclusive environment. It emphasises employee well-being, customer satisfaction, and community engagement, aiming to be a catalyst for positive change in the Cambodian banking sector.

This comprehensive performance and strategic focus on innovation, customer-centricity, and sustainable growth have earned ABA Bank the prestigious Domestic Retail Bank of the Year title at the ABF Retail Banking Awards 2024. This accolade is a testament to ABA's unwavering commitment to excellence and innovation in serving its clients and enhancing its position as a leader in the Cambodian banking community.

The ABF Retail Banking Awards is presented by Asian Banking & Finance Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be recognised for your company's cutting-edge products, services, and solutions that made a positive impact on your customers, please contact Julie Anne Nuñez at julie@charltonmediamail.com.