Cambodian Public Bank yesterday announced a new product to encourage children to save in riel.
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The ‘Campu Bright Star Children Savings Account’ is open to all children below 18 years old who can open an account with an initial deposit of just KHR200,000 ([$50], according to a statement issued by the bank during the product launch.
The bank’s initiative to start a children’s savings account in riel currency come after strong support for a similar product in dollars in 2013, Datuk Phan Ying Tong, regional head of Indo-China operations of Public Bank, said at the launching ceremony.
He said that the bank recorded an encouraging average growth of 22 percent and 37 per cent from 2016 to 2018 in terms of the number of children saving accounts and amounts respectively.
“We are confident that this new product would cultivate a good savings habit among the young who are the asset and pillars of strength for Cambodia’s future and progress towards becoming a fully developed nation in time to come,” Datuk Phan said.
“It is very timely now for us to introduce children saving accounts in Khmer Riel under the tagline ‘Smart Savings Habit Starts from Young,” he added.
The National Bank of Cambodia late last year launched a platform which sought to tackle financial literacy, stressing its importance as a key to economic sustainability.
Known as NBC-Edu, the new mobile app platform is available on Google Play and App Store for free and it was developed to improve financial literacy in students from primary school to high school. The mobile application also includes know-how of financial management and savings for the young.