Cambodia's best digital bank 2020: ABA Bank
The Covid-19 pandemic has forced Cambodian banks to recognize the importance of developing their digital banking capabilities. But one bank has been at the forefront of the local banking industry’s digitization efforts and it is now reaping the fruits of its earlier digital makeover.
ABA Bank’s digital banking platform has helped it to acquire, understand and serve its customers. ABA Mobile, the bank’s flagship mobile app, had 854,000 customers as of September. In 2020 alone, the app recorded more than 82 million transactions with a total volume of nearly $43 billion – or $16 billion more than the nominal GDP of Cambodia in 2019.
Nowadays, 70% of ABA Bank’s transactions are cashless and 30% are cash-based, the bank told Asiamoney. In terms of transaction volume, 55% are cashless and 45% cash-based.
ABA Bank has maintained its decisive lead in digital banking, but the bank did not rest on its laurels. During the awards period, ABA Bank launched several new services on its digital banking platform including international Swift money transfer and Visa Direct transfer to any visa cards issued in Cambodia and eight other countries in the Asean region.