Cambodia's best bank for SMEs: Prince Bank
Prince Bank certainly does not lack ambition. The former microfinance institution only obtained its commercial banking licence in July 2018; since then, Prince Bank has been determined to climb the ranks quickly and take on other more established banks in the country. It has managed to do so in just two years, and now has about 1,000 employees.
With its background as a microfinance institution, Prince Bank is well-equipped to serve Cambodia’s SMEs.
Prince Bank, run by CEO Honn Sorachna, is not the biggest SME lender in the country and pales in comparison with ABA Bank and Acleda Bank. However, it has worked hard in the past year to bring SME clients on board digitally. It also joined the SME co-financing scheme, a programme launched by the Cambodian government in April. As part of the co-financing scheme, Prince Bank will provide low-interest, long-term loans to SMEs.
Prince Bank is also introducing a mobile app just for SMEs in early 2021, the bank told Asiamoney. The app will include functions such as digital lending and cash management systems.