MBCambodia Officially Launched

MB officially upgraded and converted the MB Cambodia branch into a commercial bank with the name MBCambodia, including a head office and two branches in Phnom Penh, the Kingdom of Cambodia. Accordingly, MB Group will transfer the successful model in Vietnam to MBCambodia, with the expectation of bringing the most convenient financial-banking experience to customers in Cambodia.

Mr. Chea Chanto - Governor of the National Bank of Cambodia (left) hands over the operation license 
to Mr. Dinh Quang Huy - Chairman of the Board of Directors of MBCambodia

On February 27, the launching ceremony of MB Cambodia Limited (MBCambodia) took place in Phnom Penh, the Kingdom of Cambodia. The event was attended by Mr. Chea Chanto, Governor of the National Bank of Cambodia, Mr. Nguyen Huy Tang, Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam in the Kingdom of Cambodia, and representatives of MB Group and MBCambodia.

After 28 years of operation in the banking and finance industry, MB Group has become a multi-purpose financial group with six member companies operating effectively in various fields, including finance and banking, securities, consumer finance, insurance and investment fund management. MB reached the top five in the market in terms of business efficiency and safety, and at the same time, reached the top four in terms of profit. MB is also among the top banks with the largest total assets in Vietnam with nearly VND729 trillion.

Focusing on promoting digital transformation in recent years has brought MB to a strong breakthrough in the number of customers. MB is serving 20 million customers and is expected to attract about 5-7 million new customers in 2023. To achieve that goal, in addition to boosting the domestic market, MB focuses on expanding overseas markets, especially markets with dynamic economies and young, technology-loving populations like Cambodia.

At the ceremony, Mr. Luu Trung Thai, Vice Chairman of the Board of Directors and General Director of MB, shared that Cambodia's finance-banking industry is developing strongly with a high credit growth rate, reaching 20% /year on average, along with open management policies, support for foreign investors. "These can be said to be favorable and extremely attractive conditions, attracting investors to Cambodia," emphasized Mr. Thai.

Mr. Thai also said that in 10 operations in Cambodia, MB has completely complied with the policies of the Government, National Bank of Cambodia and Cambodian authorities. “Most importantly, MB has been providing safe and convenient financial and banking services to individual customers, businesses in Cambodia and businesses investing in Cambodia,” said Mr. Thai.

(From right to left) Mr. Dinh Quang Huy - Chairman of the Board of Directors of MBCambodia, Mr. Nguyen Viet Anh - Deputy Director of the Economic Department, Ministry of National Defense, Mr. Luu Trung Thai - Vice Chairman of the Board of Directors, General Director of MB, Mr. Chea Chanto – Governor of the National Bank of Cambodia, Mr. Nguyen Huy Tang - Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam in the Kingdom of Cambodia and Mr. Nguyen Anh Khanh - General Director of MBCambodia

Also at the event, Mr. Dinh Quang Huy, Chairman of MBCambodia's Board of Directors, emphasized that MBCambodia would focus on retail and digital banking to bring convenient and fast experiences to Cambodian people. “With its success in implementing banking and financial activities in Vietnam, especially in the retail sector based on digital technology, MB sees an opportunity to successfully apply the model in Vietnam for MBCambodia," Mr. Huy said.

Accordingly, MB's leaders are committed to supporting training and delivery of digital banking-based retail products and services, modern product and service deployment methods such as Agile, Design Thinking, etc. and modern digital products and services such as e-KYC and multi-layer security for MBCambodia. In addition, MB is committed to supporting capital, ensuring that MBCambodia operates safely and sustainably.

With the experience inherited from MB Group and the potential available in the Cambodian market, MBCambodia is expected to contribute to Cambodia's socio-economic development, and help MB gradually realize its strategic goal of becoming a digital enterprise, a leading financial group, entering the top three markets in terms of efficiency and aiming to be the top in Asia.

Source: Vietnam Business Forum