MBCambodia officially launches

March 01, 2023 | 09:54
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MB has officially transformed its Cambodia branch as MBCambodia, a commercial bank with its headquarters and two offices located in Phnom Penh.
MBCambodia officially launches
Chea Chanto - Governor of the National Bank of Cambodia (left) handed over the operation licence to Dinh Quang Huy - chairman of the Board of Directors of MBCambodia (right)

With the hope of providing Cambodian customers with a seamless financial and banking experience, MB Group will adapt its proven model in Vietnam and apply it to MBCambodia.

The opening ceremony of MB Cambodia Limited (MBCambodia) took place on February 27 in Phnom Penh, Cambodia. Chea Chanto, governor of the National Bank of Cambodia, Nguyen Huy Tang, ambassador extraordinary and plenipotentiary of the Socialist Republic of Vietnam to the Kingdom of Cambodia, as well as officials of MB Group and MBCambodia, also attended.

After 28 years of establishment, MB has evolved itself to be the leading financial behemoth with a diversified ecosystem of six members ranging from bank, insurance, consumer finance company, securities company, and asset management. The bank is now in the top five of the industry in terms of business efficiency and safety, and simultaneously in the top four of the industry in terms of profit.

MBCambodia officially launches
Senior executives raise a toast at the opening ceremony

MB has seen a significant increase in its client base thanks to its major emphasis on digital transformation. MB boasts 20 million customers, and it is anticipated to add anywhere from 5-7 million new customers by the end of this year. To accomplish this objective, MB is concentrating its efforts, in addition to growing the market at home, on expanding its presence in international markets, in particular those markets with dynamic economies and young digital-savvy populations, such as Cambodia.

Luu Trung Thai, CEO of MB, expressed his belief that Cambodia's finance and banking industry is expanding rapidly with huge potential, coupled with a high credit growth rate averaging 20 per cent annually.

“Furthermore, a business-friendly climate and flexible management policies in Cambodia also make this country incredibly attractive to foreign investors,” Thai stressed.

He added that MB's 10 years of operations in Cambodia have been fully compliant with government, National Bank of Cambodia, and Cambodian authorities' rules.

MBCambodia officially launches
Luu Trung Thai, CEO of MB

"MB has been delivering secure and seamless financial and banking services to both individuals and corporate clients in Cambodia. In addition, foreign enterprises who want to expand their footprint in Cambodia are also our priority,” Thai added.

Dinh Quang Huy, chairman of MBCambodia's Board of Directors, said that MBCambodia would concentrate on retail and digital banking to provide Cambodians with comfortable and swift, digital-first experiences.

"Given its expertise in implementing banking and financial operations in Vietnam, particularly in the retail sector based on digital innovation, MB believes in a promising future for MBCambodia,” Huy said

The management of MB has also pledged their support for the training and delivery of modern digital banking-based retail products and services for MBCambodia, as well as technologically advanced products and services deploying.

Specifically, other cutting-edge technologies, such as digital platform, e-KYC and multi-layer security would be transferred from the MB Group in Vietnam to MBCambodia. Furthermore, MB is dedicated to providing financial and technical assistance for MBCambodia, helping ensure functions work smoothly and securely.

MBCambodia, equipped with the know-how gained from MB Group and the opportunities presented by the Cambodian market, is expected to capitalise on in the country's economic growth while also assisting MB achieve its long-term objective of becoming a digital behemoth and a top-tier financial services provider, breaking into the market’s top three in terms of efficiency, and becoming one of the most prominent banks in Asia.

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