SME boom spurs PPCBank expansion with new branches
SME boom spurs PPCBank expansion with new branches
Phnom Penh Commercial Bank (PPCBank) will add two new branches to its network in the capital this week as the South Korean-owned firm aims to target small- and medium-sized enterprises (SMEs), which represent some 80 per cent of the Kingdom’s economy.Both branches are located in bustling areas surrounded by SMEs and feature modern, stylish interior design to attract clients whose demand for financial services has spurred the institution’s growth, PPCBank president Shin Chang Moo said
The first of the new branches, located on Mao Tse Toung Boulevard, officially opened on Monday, while the second, near Heng Ly Market, is to welcome its first clients on Friday.
Shin said at the Mao Tse Toung Boulevard opening that the branch would provide “its whole range of services and products to the public”, while VIP clients will be serviced in the exclusive “Gold Club”.
At Gold Club, VIPs will be able to conduct financial transactions in several languages, including Khmer, Mandarin, Japanese, Korean and English.
“PPCBank will continue to deliver other convenient services and support through our digital channels. We recently released a new version of our corporate internet banking ‘smartBiz 1.5’ platform, and we will soon release ‘mobile banking 2.0’ to ensure we provide the most easily understandable and up-to-date features to our customers.
“We are also further expanding our banking and ATM networks throughout the country. When customers visit our branches we would like to offer them more than just banking services, rather we would like to extend a unique client experience beyond their expectations to align with our growth,” Shin said.
The two new bricks-and-mortar locations brings the total number of PPCBank branches in the Kingdom to 21, with 14 located in the capital. The bank also has 40 ATMs across Cambodia.
Minister of Industry and Handicraft Cham Prasidh last week said the SME sector was the “backbone of the Kingdom’s economic growth” – benefiting wages, job creation, exports, technological advancements and poverty reduction.
He urged firms to register with the ministry, saying only five per cent of SMEs had done so, adding that some 99 per cent of the Kingdom’s more than 500,000 firms were SMEs.
“The ministry is encouraging SMEs to register with it. [This] will make it easier for the ministry to manage the sector and provide training,” Prasidh said.
