With massive achievement of transforming Prince into a commercial bank and the next key phase to succeed in its vision of becoming the first-choice financial institution for the target customers, Prince Bank has signed a contract with 5 of 18 banking technology partners from Asia and Europe – which all of those are the well-known firms in supplying bank technology system by investing over USD 10 million on top of the existing banking system. The contract signing ceremony was recently held at Sofitel Phnom Penh Phokeethra.
“With strong capital base, robust technological capabilities, solid expertise and extensive knowledge of the local market, the bank aspires to become the industry leader. This investment is the next step in build a comprehensive banking technology in offering differentiated financial solutions through a mix of channels with great convenience and experience to all customers segments, in particular contributing to closing the financial inclusive gaps through reaching out to the under-banked population and small business customers.” Said Mr. Honn Sorachna, Chief Executive Officer of Prince Bank
The 5 banking technology partners who had award the contract with Prince Bank will provide services as follows:
- BPC Banking Technologies will provide Card Management System & SWITCH, Fraud Management System, and other relevant services.
- Techurate will provide Digital Banking, Data Analytics and provide professional services of additional services of Core Banking System (Flexcube).
- Deam Computer international Pte Ltd., a local partner of Oracle which will be providing a data and data management system and Core Banking (Flexcube).
- IDEALINK Consulting Ltd., a local partner of TESS International and DOW JONES which will be proving AML/CFT management system with internationally accepted data feeds of watchlisted individuals, entities, and alike.
- iFinancial System Services Co., Ltd. will provide terminal machine (Cash Recycling machine).
What is more, Prince Bank has started the business operations in 2015 as a private microfinance institution under the former name of Prince Finance PLC and has been transformed into a commercial bank with license No.B46 to carry out the banking operations granted by the National Bank of Cambodia on 18 July 2018. The entity is incorporated as a public limited company under business registration No.00014627 at the Ministry of Commerce. In relevant to its operation extending, Prince Bank has switched the operating system into Fexcube system since early July which has the capability to offer standard banking product and services to the customers and continuously expanding its brand networks in Phnom Penh and other key provinces.