Oriental Bank And Forte Insurance Launch Banccassurance Strategic Partnership
Oriental Bank Plc., Forte Insurance (Cambodia) Plc., and Forte Life Insurance (Cambodia) Plc. officially launched a long-term bancassurance strategic partnership on December 12, 2024, at the Hard Rock Cafe Exchange Square.
The partnership is intended to enhance customer access to essential financial and insurance-related products, providing greater security and financial resilience for individuals and businesses.
“This partnership came after months of collaboration and a shared vision to redefine how financial and insurance services can enhance the lives of individuals and businesses,” said Datuk Phan Ying Tong, Founder and Chairman of Oriental Bank.
Together with Forte Life and Forte Insurance, we aim to introduce solutions that are tailored to meet the evolving needs of our customers, combining innovation with a deep understanding of the local market.
_B2B Cambodia_20241217_155226.jpg)
“When we look at how we can expand and protect more Cambodian customers, we need to make sure that we have a certain alignment and direction with our partners, and the same from their perspective as well,” Prou Sythan, CEO of Forte Life, told B2B Cambodia, regarding the motivation behind establishing this partnership.
“When it came to [partnering with] Oriental Bank, it was an easy decision, because Oriental Bank’s founder Datuk Phan has been a senior seasoned banker in the Cambodian market for more than 20 years, which is a pretty similar [trajectory] to Forte Group, working to grow, protect and help more Cambodian customers, all part of the journey in Cambodia’s progression,” he added.
Suy Channtharong, CEO of Forte Insurance, also told B2B Cambodia about the comprehensive nature of the partnership.
“The partnership includes both Forte General Insurance and Forte Life, so we can give a very comprehensive insurance solution [to our customers],” he said.
For example, in a simple case, if there is someone who wants to take a housing loan or mortgage [from the bank], they can also get property insurance from Forte General Insurance at the same time. So this is a potential channel for us to increase our insurance penetration, and also allow clients or customers to have better access to both financial protection and insurance protection.
Watch Suy Channtharong, CEO of Forte General Insurance, discuss the development
of bancassurance partnerships in Cambodia:
“I think it's a good partnership for Oriental Bank to partner with Forte, we can leverage on each other's strengths, especially in terms of digital innovation,” added Datuk Phan. “Forte Group is very much into digital innovation, and this is aligned with Oriental Bank’s ‘digital first’ approach.”
“Being a new bank in Cambodia, we are differentiating ourselves from conventional banking by going deep into digital banking, which we think is our strength and is also addressing the needs of Cambodia’s younger population,” he concluded.
