Chip Mong Commercial Bank, a subsidiary of local conglomerate Chip Mong Group, was officially launched yesterday, promising to offer a wide range of digital banking products.
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The bank is Chip Mong’s twelfth venture in the country.
Speaking at a conference yesterday before the launch, Leang Meng, chairman of Chip Mong Commercial Bank, said the new institution will focus heavily on its digital offer, adding that this is in line with the government’s goal to turn the country into a predominantly digital economy by 2023.
“With many players in the banking sector still unable to offer their customers online services, we saw a great opportunity to invest in the local financial sector,” Mr Meng said. “We aim to fill gaps in the offer of digital and tech-based services in the local banking sector.
“We will offer money transfers via mobile phones as well as barcode shopping,” he added.
Wan Kup Yew, president of Chip Mong Commercial Bank, said becoming a digital-only bank will not happen overnight.
He said the bank will progressively add new products to its offer of digital services, starting with money transfers through handheld devices, and mobile and online banking.
“The local banking industry is still growing, so we cannot become a digital-only player just yet. We have to do it progressively, as young Cambodians adopt digital technologies and become more tech-savvy,” Mr Yew said.
“We will not only provide services to enhance Cambodians’ lifestyles, but we will also provide services to meet more basic needs,” he said.
Mr Yew did not disclose the capital invested in Chip Mong Commercial Bank. However, he said that, by law, commercial banks are required to start with a minimum capital of $75 million.
He said Chip Mong Commercial Bank was approved in principle by the National Bank of Cambodia in May last year.