Prince Bank PLC | APEA - Regional Edition - Asia Pacific Enterprise Awards

Prince Bank PLC



Prince Bank PLC

Financial Services Industry

Company Introduction

Prince Bank PLC started its operations in 2015 as a private microfinance institution. In July 2018, the Bank obtained a commercial banking license from the National Bank of Cambodia and has since operated as a full fledge commercial bank in Cambodia.

The Bank’s vision is to be the financial institution of choice for its target customers, and the mission is to help customers succeed through professional financial services. From its infancy, the Bank has been determined to raise its standard to be ahead of the established and matured banks in Cambodia.

With a strong capital base, robust technological capabilities and extensive knowledge of the local market, the Bank aspires to become the “Best Digital Bank in Cambodia” by offering differentiated financial solutions through a mix of channels, including innovative digital platforms. The Bank works primarily to support the growth of individuals and small and medium-sized enterprises as part of its mission to help them succeed.

Corporate Culture

The Bank practices the Digital first, Data first and Mobile first mindset and approach in all its initiatives. To the Bank, being digital means simplification, being efficient in resources and speed in the market. The Bank adopts an agile methodology and collaborative tools in its project management and iterative development and deployment of its services.

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Growth Initiatives

The Bank has a clear target market — professional employees and small-and medium enterprises and aims to serve them in the following ways:
  • Focus on speed: the first bank to launch Visa and MasterCard debit and credit cards less than 2 years after becoming a commercial bank, the first bank to roll out 19 branches and 32 self-service terminals in 12 months across the country, one of the fastest banks to offer Central Bank’s FAST payment service, among the first banks to join the Central Bank’s Bakong application and integrated into the mobile banking application and among the first to have e-Forms, HR application, and e-Training for its employees.

  • Leverage on state-of-the-art technologies for delivering products and services to customers and enabling staff to perform their jobs at their best through in-house developed platforms such as e-Forms and e-Request and approval; tracking, monitoring and management of IT assets and licenses; and IT ticketing systems to support end-users.

  • Digital leadership: the Bank’s innovative Mobile Banking App provides customers with plentiful of convenient services, such as inter-bank funds transfers, bill payments, mobile phone top up, Bakong e-Wallet, term deposit top-up, virtual cards, instant account opening and QR payment at more than 1,300 merchants nationwide. In order to create a better digital experience, the Bank is able to on-board the customers remotely via tablet, from anywhere at anytime, without visiting the branch.

Achievements and Impact

The Bank has expanded rapidly its geographical footprint. As of to date, the Bank has 31 operating branches; 10 located in Phnom Penh and 21 in provinces across the kingdom, and we are continuing to expand aggressively in 2021 forward.

On the business operations, the Bank has introduced and grown a comprehensive products and services offering for retail and the business markets, launched its feature-packed digital banking channels, expanded self-service terminals, all with the intention to offer more convenience and better experience to its customers.

In addition, a full-fledged products and services such as savings, checking account, term deposits, local and overseas funds transfers, home loans, personal loans, business loans and overdraft facilities has been launched to the public.

The Bank has also successfully implemented and launched its Mastercard and VISA credit and debit cards in record time in early 2020.

The Bank has also opened two Priority Banking Lounge which is exclusively designed for high net worth customers who are seeking a personalised banking experience to meet their wealth, financial and lifestyle goals.

Future Direction

The Bank’s top targets for the next 12-24 months are to expand its distribution networks from 31 branches to 35 and from 52 self-service terminals to 80, while also expanding Priority Banking centres from 2 to 6. Claiming the position of “Cambodia’s Best Digital Bank”. Achieving total asset growth of 100% year on year and to achieve dominant position in the professional employees and small- and medium-sized enterprise segments (20% segment share).