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Prince Bank: Multiple awards pave the way for an aspiring industry leader

Jose Rodriguez T. Senase and Rhea Mae Soco / Khmer Times Share:
The top management of Prince Bank has done a great job of steering the company amidst the adverse effects of the COVID-19 pandemic. Supplied

Prince Bank Plc is on the right track as it seeks to become the industry leader in Cambodia.

The Bank is already getting many recognitions for excellence in both internationally and in the region, despite keeping a low profile and the fact that Prince Bank is among the newest players in a highly-competitive industry.

To date, the Bank has received 11 major international and regional awards, according to Honn Sorachna, CEO of Prince Bank.

Last month, Prince Bank was named as the “Best Emerging Commercial Bank-Cambodia 2020” and the “Fastest-Growing Digi-tal Bank-Cambodia 2020” by Global Business Outlook, a leading international business publication.

That same month, Asiamoney, a leading authority on Asian financial matters, recognised Prince Bank as the “Best Bank for SMEs-Cambodia 2020”.

Prior to that, Prince Bank was named as the “Best Commercial Bank of the Year-Cambodia” by International Banker.

“These remarkable achievements have been possible, all thanks to the Bank’s clear strategic vision, our shareholders’ commit-ments, the board’s consistent support, the guidance and support from the Regulators and the hard work of our management team and colleagues,” Honn said.

“The shareholders and Board have made the necessary resources available and believed in the long-term investments so that the Bank can differentiate itself from the rest in this very fragmented industry,” he added.

Prince Finance started as a microfinance institution six years ago and became a full-fledged commercial Bank in 2018, and since then Prince Bank has expanded to become one of the fastest-growing commercial banks in Cambodia.

Prince Bank’s total loan portfolio grew from around $110 million in 2018 to more than $300 million in 2019. At the same time, its assets increased from $170 million in 2018 and reaching almost $410 million a year later.

Prince Bank is notable for possessing a strong capital base, robust technological capabilities, solid expertise and extensive knowledge of the local market. The Bank puts a premium on convenience, and offers differentiated financial solutions through a mix of channels.

Prince Bank offers a wide range of products and services, including current and savings accounts, term deposits, home loans, per-sonal loans, business loans and overdraft facilities.

A key focus for the Bank is the small and medium enterprise (SME) sector.

In April 2020, Prince Bank partnered with the Cambodian government to provide lower interest loans to SMEs, collaborating with the newly created SME Bank.

One of the major projects that Prince Bank had successfully achieved is its transformation from the conventional style of bank-ing to digitalization and innovations through digital channels and offering greater convenience for their customers.

Within three months of persistent hard work and diligence, Prince Bank was also able to launch both the MasterCard and Visa card brands to further enrich customers’ payment experience, according to the Bank’s Chief Transformation Officer, Jennifer Lee.

“Together we forged a strong collaboration between our business and technology functions to launch two card schemes i.e. Mastercard and Visa within a very short span of time,” Lee recalled.

Prince Bank also prides itself for its integrity and ethical practices.

According to Honn, Prince Bank complies with all the relevant laws and is regularly audited by independent auditors, in compliance with the regulatory requirements.

Currently, Prince Bank has 31 branches across 22 provinces and cities in Cambodia, including Phnom Penh, Battambang, Siem Reap, Preah Vihear, Takeo, Kampong Speu, Mondulkiri, Tboung Khmum, Pursat, Preah Sihanouk, Steung Treng, Ratanakiri, Banteay Meanchey, Kratie and Kampong Cham.

“We are present in almost all parts of Cambodia,” Honn noted.

Lee explained that whilst COVID-19 did have an impact on its operations, but the Bank took this opportunity to enhance our digitalization endeavors,” Lee pointed out.

“We continue to grow our businesses during the COVID-19 pandemic; and in fact, we should be profitable for FYE 2020, which is within only 2 years of operating as a full-fledged commercial bank,” Honn added.

In addition to the aforementioned recognitions, Prince Bank is also becoming known as one of the best companies to work for, not only in Cambodia, but also internationally.

World HRD Congress, a leading authority in human resources development, accorded the following prestigious awards to Prince Bank:  “Cambodia Dream Companies to Work For 2021”, “Cambodia Best Employer Brand Awards 2020”, “Global Best Employer Brand Awards 2020”, and “Asia Best Employer Brands 2019”.

This year, Prince Bank was among the very few companies in Cambodia that received the “Best Companies to Work for in Asia” award from HR Asia.

Honn explained they have received such recognitions due to the Bank treating all employees as family, consistently complimenting their hard work and proving them opportunities to grow by involving them in the aspirations of the Bank. There is also a wide range of financial incentives for top performers in the Bank.

“The Bank’s senior management provided our employees the opportunities, trust, commitment and support; leading us to these achievements. We have made mistakes, even expensive ones. However, we placed emphasis on our goals, our achievements and we continue progress forward. We do not focus on what were done wrong, but instead focus on what could we have done to improve for the better,” he noted.

As CEO, Honn said he has full faith and never doubted the team’s commitment to do their best. “Not everything went according to plan. But we keep reminding ourselves to move forward and learn from every mistake,” he pointed out.

He added for the new year, the Bank has invested significantly in a leadership curriculum, made available for all employees to continuously enhance their competencies and leaderships skills in order to advance their performance, as well as their career development.

Despite the current situation in Cambodia and other parts of the world, Honn said he is looking forward to a brighter future for the Bank.

“We will remain positive and proactive and we will move forward in the new year. I am confident we can continue to do even better in 2021,” he stressed. “With the support of our esteemed customers, the commitment of our world class employees, and the continuous guidance of our regulators, we expect 2021 to be another successful year for Prince Bank, the Fastest Growing Digital Bank!” Honn concluded.






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