Top 10 Banks in Cambodia
Cambodia's banking sector, like so many in the Kingdom, has undergone mass changes over the past decade both in terms of growth and expansion but also their adaptation to digital banking and trying to improve on a customer-centric approach.
B2B Cambodia's editorial team has compiled a list of the best banks in Cambodia according to you.
To be listed in our Top Businesses in Cambodia series, each business needs to have consistently received positive feedback and maintain high rating on both Google and Facebook reviews.
Innovation, customer satisfaction, and financial stability are some of the key attributes to look out for, but the Cambodian banking space is bloated in terms of how many banks have emerged in the space and competition is fierce too. This has led to a number of banks forging partnerships with other industries to attract customers and diversify their services (entertainment, insurance, flight and hotel booking etc).
Both the National Bank of Cambodia (NBC) and The Association of Banks of Cambodia (ABC) keep lists online of commercial and signatory banks opening in the Kingdom.
By the start of 2023, there were as many as 59 Commercial banks and 9 Specialised banks operating in Cambodia! As many as 15 new commercial banks have entered the market in five years.
In this article, we identify the top 10 best banks in Cambodia, known for their reliability, comprehensive services, and popularity on the banking landscape.
It should be noted that some banks specialise in specific areas such as commercial banking or might have a better reputation for personal banking services than their corporate services so this is a generalised look at the top banks operating in the country. Also many banks subscribe to different types of awards and there are multiple repeat annual winners.
Top 10 Banks In Cambodia
ABA Bank
ABA Bank (Advanced Bank of Asia Limited) is widely regarded as one of the most tech-forward and innovative digital banking solutions in Cambodia with branches and ATMs widely distributed. The bank offers a range of customer-centric commercial, retail, corporate and personal banking services and digital payment solutions - their personal banking app is hailed by many expats and Cambodians.
ABA Bank, a member of the National Bank of Canada Group, was named "Best Bank in Cambodia 2023" by Global Finance magazine. Among their most recent innovations was introducing the first-in-Cambodia Card Machine enabling customers to issue international debit cards and local Cambodian Shared Switch cards in a matter of minutes.
They also offer non-collateral instant Salary Loans for employees of the companies who opted for the ABA Payroll service via their app.
ACLEDA Bank
ACLEDA Bank offers a wide range of banking services to individuals and businesses and an extensive branch network in Cambodia. Originally founded in 1993 as a national NGO for micro and small enterprises' development and credit, they have come a long way to be a leading player in the banking sector and were licensed by the National Bank of Cambodia as a Specialised Bank in 2000 and in 2003 as a Commercial Bank.
They are also the first listed commercial bank in Cambodia and among their services are E-Banking, Credit, Deposits, Local and International Funds Transfers, Trade Finance, Cash Management, etc. Their app is considered one of the best banking apps in Cambodia.
They also were among the first to offer Cambodia-Thailand cross-border QR (Quick Response) payments, and have partnered with Ria Money Transfer and Euronet money transfer in 2023.
Canadia Bank
Canadia Bank was privatised in 1998 and has become one of the largest local banks in Cambodia with a global network of correspondent banking relationships and a solid base of local and international customers.
Canadia Bank is renowned for its strong financial stability and offers a diverse portfolio of products and services, including retail and corporate banking, catering to individuals, SMEs, and large enterprises.
Although considered a leader in lending to borrowers among all commercial banks in the country and one of the most popular, they were arguably late to the game when introducing a modern banking app in Q1 2023, and started rolling out Smart Branches with self-service digital banking.
Canadia Bank was recognised as Cambodia’s Best Retail Bank in 2023 by The Asian Banker.
Wing Bank
One of the newer commercial banks having launched on mid-2022, and part of the Royal Group of Companies, Wing Bank (Cambodia) comes from a track record of fintech innovation, with their popular Wing payments and has one of the largest digital banking ecosystems in the Kingdom.
The bank was graded as the 2022 ‘Most Innovative Consumer Finance Company’ in Cambodia at the International Finance Awards.
They are quickly expanding their footprint nationally and extending into all major provinces. In mid-2023 they partnered with PTT (Cambodia) Limited to launch the PTT Fleet Card for corporate customers to help facilitate convenient, cashless and efficient refuelling at PTT Stations (petrol stations) across Cambodia.
Foreign Trade Bank of Cambodia (FTB)
The Foreign Trade Bank of Cambodia is a joint private/government venture that has been providing customers with banking services since 1979 and thus is the Kingdom’s first local commercial bank offering banking services to Cambodians and expatriates for more than four decades now.
The bank has played a role in facilitating global trade for businesses in Cambodia and is renowned for its expertise in trade finance, they assist companies in expanding their international operations.
FTB officially launched its new retail mobile app in May 2022, called “FTB Mobile” to replace MohaBot. They also started construction on a $112 million headquarters near the Peace Palace in Phnom Penh which is not expected to be completed until 2025.
BRED Bank
BRED Bank Cambodia is a subsidiary of BRED Banque Populaire, a member of the BPCE Group and was established in Cambodia in 2017 and still is the only European bank in the Kingdom.
The French Bank has established a network covering Phnom Penh, Siem Reap and Battambang and in 2023, its parent company committed a further $35 million to the Cambodian operation with the aim of doubling its market share, expanding its branch network and introducing new products and services.
BRED Bank boasts a healthy personal banking product portfolio; its goal is to be Cambodia’s best bank for business and provide access to funds that grow businesses.
Phillip Bank
Phillip Bank, part of the PhillipCapital Group, was established in Cambodia in 2009 and is the only Singaporean commercial bank operating in the Kingdom.
They offer a wide range of financial services and products catering to Corporate, SME and Retail customers. They also previously merged with Kredit MFI in 2021 to become one of the largest commercial banks in Cambodia in terms of its branch network.
Phillip Bank established a Trustee Company in Cambodia to provide the trustee services for all trustors and attract foreign investment and also launched its enhanced version of the mobile app, Phillip Mobile. In 2023, they entered a strategic partnership with Sarita Waterside to attract more investments, particularly from Singapore and build trust in the real estate market in Cambodia.
Two of their core focuses have been providing high-tech digital products and service excellence.
Maybank
The Malaysian bank is considered among the leading foreign banks in Cambodia in terms of assets and customer deposits and was established in December 1993. Maybank Cambodia has expanded its customer base providing the full range of banking services for the mass market, local SME and the commercial and corporate sectors.
Maybank was locally incorporated to become Maybank (Cambodia) Plc., to reflect a long-term commitment to Cambodia and in line with their standings as a regional bank. They were awarded Best International Bank Cambodia 2022 at the Asiamoney Best Bank Awards.
Maybank Cambodia has worked closely with SMEs to suppose and sustain their businesses and has partnered with SME Bank of Cambodia on SME Bank Co-Financing Schemes and the Credit Guarantee Corporation of Cambodia (CGCC) on Co-Financing Credit Schemes.
In mid-2023, in collaboration with American Express and Visa, introduced the Maybank 2 Cards, the first dual credit card in Cambodia and also renewed its commitment to help develop Cambodia’s securities industry with the Securities and Exchange Regulator of Cambodia (SERC).
J Trust Royal Bank
J Trust Royal Bank started operating in Cambodia in August 2019 after it completed its acquisition of a majority shareholding in ANZ Royal Bank and is a joint venture between J Trust, a Japanese financial holding company, and The Royal Group, one of Cambodia’s largest conglomerates.
They have rebranded and expanded since the change and combine international expertise with local market knowledge. The bank provides a broad range of financial services, including retail and corporate banking, wealth management, and trade finance.
Prince Bank Plc
Prince Bank Plc. started its business operations in 2015 and is part of the larger Prince Group who have several businesses across varying sectors. It started operating as a commercial bank in 2018 and has more than 30 branches nationwide.
The Cambodian bank has a strategy of focusing on customer-centric digital banking products and launched the Prince Merchant app (retail customers) and Prince Mobilebiz. Prince Bank has also continuously added new partners such as international money transfers via their digital platforms.
Prince Bank invested in the Techo International Airport (the new Phnom Penh International Airport under construction) Guaranteed Bond.
Cambodia Banks Market Overview
When choosing a bank in Cambodia, it's essential to consider your specific needs, such as personal or business banking requirements, accessibility, technology, and customer service, to ensure you find the best match for your financial needs.
Based on reports from PROFITENCE, Standard Insights, MAD's Digital Banking in Cambodia white paper, and from the NBC (National Bank of Cambodia):
- Among the top priorities for customers in retail banking in selecting a bank are “Good data protection and security/fraud protection” as well as the “Ease in setting up; configuring and using the platform”.
- More than half of customers send bank transfers online, and even 25 per cent pay all bills via apps and online.
- A number of initiatives such as electronic know-your-customer (e-KYC), KHQR, and the National Bank of Cambodia’s Bakong system are changing the digital banking landscape.