CAMBODIA: RHB Indochina Bank Limited, a member of the RHB Banking Group, is poised to strengthen its position in Cambodia and the Indochina region next year by driving retail expansion and promoting digital banking.
Among its key priorities in 2019, RHB Indochina aims to roll out deposits campaigns to attract US dollar and Cambodian riel deposits, especially current and savings account (CASA), and to increase SME loan portfolio by 12%.
RHB Indochina is seeking to acquire US$575 million in deposits and maintain CASA composition at 45% of its business. RHB Indochina will also be expanding its product and service offerings to meet the growing demand of the business community and the Cambodian population by introducing premier banking, safe deposit box and debit card.
At its 10th anniversary celebration today, RHB Indochina launched its RHB Mobile Banking App which offers customers simple, fast and seamless banking experiences. This new app allows customers to view their accounts online, pay bills, transfer funds, mobile reloads, and transfer cash through RHB Pay Anyone using email, phone or Facebook account without needing a bank account number. Since the launch of RHB Now internet banking platform in September last year, RHB Indochina has more than 4,000 active users.
RHB group managing director and RHB Indochina Bank chairman Datuk Khairussaleh Ramli said the SME sector plays a significant role in the Cambodian economic development contributing 40% to 50% of total employment and business activities. As a multinational financial services group, RHB is in a strong position to support SMEs giving access to financing and by providing opportunities for business linkages and networking through organised trade missions to key markets where RHB has presence.
“In the years to come, we will continue to support the growth of the Cambodian economy, business community and the Cambodian population at large by strengthening our product offerings with holistic financial as well as wealth solutions that cater to the different segments of customers in Cambodia. We will also continue to collaborate with the local business community to promote on-shore and off-shore trading opportunities,” added Khairussaleh.
RHB Indochina started in Cambodia in 2008 as OSK Indochina Bank and in April 2013, OSK Indochina Bank became a member of the RHB Banking Group. Today, the group has 12 branches in Cambodia.
As at September 2018, RHB Indochina recorded an increase in loans by US$53 million year-on-year, with customer deposits also growing healthily by US$130 million with substantial balance growth from CASA. The increase in customer deposits has resulted in asset growth by US$21.7 million.
Cost-to-income-ratio remained healthy and is kept below 1.1% as at September 2018 compared to 2018’s target, due to lower operating expenses. Overall, the group is positive about the profitability of its Cambodia operations and will be able to close the year with better performance.
Source: The Sun Daily