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Prince Bank: NBC’s regulatory role positive for banking sector

Anith Adilah Othman / Khmer Times Share:

One of the Kingdom’s newest commercial banks, Prince Bank Plc, commended the National Bank of Cambodia (NBC) for playing an excellent role as a regulator, adding that it helps to bring about stability to the local banking sector.

Prince Bank, which started as a private microfinance institution in 2015 before transforming into a fully-fledged commercial bank last year, said this was evident in the way the central bank has been providing its assistance and guidance to industry players.

“Banks and other financial institutions need to operate within governance that reflects the necessary policies that ensure the stability of the industry and sustain public confidence. Thanks to the NBC’s role and leadership, the banking industry has grown and is in a strong position, as we can see today. As a new entrant in the commercial banking space, we greatly appreciate the NBC’s continued support and guidance to help steer us in the right direction so that we are able to create an institutional foundation that will allow us to sustainably operate,” it said in a written reply to the Khmer Times.

With the help of the NBC, Prince Bank was granted a B46 license in July 2018. Just a year later, the bank now has 22 locations throughout Cambodia in a majority of provinces from Phnom Penh to Battambang and is looking to expand even further to pursue its goals.

The main aspiration, according to Prince Bank, is to be the best bank in terms of digital innovations and the greatest bank in terms of customer experience.

This focus on the customer means it needs to concentrate on expanding its physical distribution network nationwide, as well as taking advantage of digital and other banking options.

“We believe that our emphasis on technology and human resource development will help distinguish us from a crowded field. We collaborate with reputable partners and build a diverse team that is familiar with our customer segments. With this knowledge, we can develop a banking ecosystem that allows our customers to manage every aspect of their daily lives.”

The bank is currently investing in technological solutions in an attempt to reach an ever-increasing market pool of customers that prefer digital offerings. As Phnom Penh and Cambodia, as a whole, proceed deeper into the digital age, more and more customers will select banking institutions based on their digital services over word of mouth or long-time trust.

Prince Bank currently has capital of $250 million, which significantly exceeds the official requirement. According to the bank: “This reflects on the bank’s commitment to invest in long-term growth within the Cambodian banking sector.”

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