Prince Bank inaugurates Cambodian edition of Efma Retail Banking Forum

Efma feature

03 July 2019

On 20 June 2019, Prince Bank co-hosted Efma’s inaugural Cambodian edition of the Retail Banking Forum in Phnom Penh.

Held at the Raffles Hotel Le Royal, the event brought together leaders of the financial sector in Asia as well as inspiring speakers to share ideas and experiences around the theme “Banking the Next Generation: a Seamless Digital Experience”.

Co-host Prince Bank started its business operations in 2015 as a private microfinance institution under the name “Prince Finance” and transformed into a commercial bank last July. Prince Bank offers services, such as transaction accounts, savings deposits, term deposits, housing loans, personal loans and business loans, and currently has 15 operating branches, ATMs, mobile banking and internet banking services. The bank was proud to receive attendees from all over the APAC region and co-host a prestigious event alongside Efma.

The event was inaugurated by Her Excellence Neav Chanthana, Deputy Governor of the National Bank of Cambodia and Mr Sorachna Honn, Chief Executive Officer for Prince Bank. Guest speakers and panelists included leading industry experts such as Michael Lor, Efma’s Asia Pacific Senior Advisor; Christian Roland, Head of Transformation - FEVP Transformation for Siam Commercial Bank, Thailand; Kazuya Sakakibara, Executive Officer of IT Strategy and Product Development from Jibun Bank, Japan; Pui Fang Chow in charge of Partnerships for DBS Bank, Singapore; and Supaneewan Chutrakul, First Senior Vice President - Retail Business Division for Kasikorn Bank, Thailand.

The forum covered the opportunities and challenges that financial institutions are encountering in the banking industry in the region, in particular in the Greater Mekong sub-region, and beyond. Special focus was given to the digitalization of the business in line with global technological developments and changes in consumer expectations, a trend which is accelerating after a slow take-off in the region.

Some key themes discussed during the event included:

Digital transformation trends: Charting the path towards success whilst dealing with the issues of big data and analytics, payments and personalization.
Artificial intelligence and machine learning: Making sense of tomorrow’s world for banks today.
Distribution and customer experience: How to create an experience and space for interaction with banking customers comparable to those of retail leaders.
Digitalizing SMEs: How to deepen the relationship with these valuable segments and break into new ones.
Open banking, APIs, and Fintechs: The challenges of interfacing with the rest of the world where speed and innovation need to be pursued with equal intent.
Internet of Things, Voice, Virtual Reality, etc.: How to prepare banks for the platforms and channels of tomorrow whilst dealing with the predominance of mobile today.
Preparing the workforce to meet demands in the digital age: How to update the workforce with the necessary skills, mindset and culture as banks transform their infrastructure and platforms.

We would like to thank Prince Bank for co-hosting a successful inauguration of the Efma Retail Banking Forum in Cambodia, as well as all the speakers and participants in the forum.

Keywords : Internet of things , SME/Corporate , API/Open banking , Fintech , Customer experience , AI/Robotics

Geography : Cambodia