Global Finance Magazine Crowns ABA As Best Bank In Cambodia 2024
ABA Bank, Cambodia's largest commercial bank by assets and one of the leading digital financial providers, has been crowned as the "Best Bank in Cambodia 2024" by Global Finance magazine. This recognition was bestowed upon ABA Bank at the 31st annual Awards for the World's Best Banks event held in New York, USA.
ABA Bank’s press release said the bank was acknowledged for its exceptional performance in the Cambodian market, consistently meeting the evolving needs of its customers.
The judges at Global Finance commended ABA Bank for its outstanding achievements throughout the year, which included the implementation of innovative developments.
One of the notable innovations was the utilisation of the revamped ABA Mobile version 5.0, which offers customisation features to provide a more personalised and intuitive banking experience.
ABA Bank also introduced other new services and features on ABA Mobile such as cross-border QR payments in Thailand and the ABA Cashback program, enabling users to access instant cashback options from a diverse range of merchant partners through ABA KHQR (the Cambodia QR standard).
Furthermore, ABA Bank introduced data-free access to ABA Mobile for Smart and Metfone subscribers, ensuring uninterrupted access to essential banking services even with limited mobile data.
In 2023, ABA Bank significantly expanded its digital ecosystem, with over 700,000 merchants now utilising KHQR stands, POS terminals, and the ABA Merchant app to collect cashless payments.
The ABA Merchant app allows businesses and sellers to accept payments through ABA KHQR, manage refunds, download transaction reports, analyse sales, and more.
The bank also enhanced its corporate segment services, relaunching the ABA Business online banking platform with new features and a modern interface.
In collaboration with Caltex Cambodia, ABA Bank introduced Fleet Card, a credit card that companies can use for fleet management and fuel expense control.
Additionally, ABA Bank expanded its physical presence across Cambodia, reaching 95 branches and 45 ABA 24/7 self-banking spots by the end of 2023. The Bank's ecosystem now includes a total of 1,700 self-banking machines.
Askhat Azhikhanov, CEO of ABA Bank, expressed gratitude for being recognised once again as the Best Bank in Cambodia by Global Finance. He attributed the award to the dedication and hard work of the entire team and reiterated the bank's commitment to providing customers with the best possible banking experience.
Azhikhanov emphasised ABA Bank's focus on delivering innovative solutions and pursuing growth while leveraging technology to offer convenient and secure banking solutions.
Joseph D. Giarraputo, founder and editorial director of Global Finance, stated that the Best Bank Awards recognise financial institutions that offer a wide range of services, long-term reliability, and technological innovation in an ever-changing environment.
According to Global Finance, this year's award winners are banks that have prioritised their customers' needs, achieved strong results, and laid the foundations for future success. Other neighbouring banks awarded include Techcombank for Vietnam, Bangkok Bank for Thailand, and UAB for Myanmar.
ABA is the largest commercial bank in Cambodia in terms of total assets, customers' deposits, loans, and profitability, as indicated by the National Bank of Cambodia's Annual Supervision Reports for 2021 and 2022. As of December 31, 2023, ABA managed USD $11.5 billion in total assets and served over 3.5 million retail and corporate customers.