The newly merged bank “KB PRASAC Bank Plc. (‘KB PRASAC’)” has a commercial bank license from the National Bank of Cambodia and received final approval for integration from the Ministry of Commerce recently.​​ KB PRASAC Bank has now 192 branches throughout Cambodia – 184 PRASAC branches with 8 KBC branches.

The perfect synergy leverages the strength of nearly 30 years of experience PRASAC in the microfinance sector and the world-class financial innovation of Kookmin Bank Cambodia in the banking sector, allowing the merged bank to deliver a modern and variety of banking services and products to combine the state of the art of core banking and digital banking system in order to better serve all segments of customers in Cambodia even beyond financial services.

KB PRASAC Bank has a strong shareholder “KB Kookmin Bank” – the largest commercial bank in Korea and a major subsidiary of KB Financial Group Inc., which is a Korea-based global leader in universal financial services and a New York Stock Exchange listed holding company. KB Kookmin Bank has its strategic direction to bring all best practices together with digital financial technologies to KB PRASAC Bank for making customers easier access to banking services.

With a shared vision of promoting financial inclusion, KB PRASAC Bank Plc. is committed to being the most trusted financial partner with innovative and sustainable services that are helpful for customer growth. The bank aims to provide sustainable access to financial services to communities, and micro, small and medium enterprises.

Mr. OUM Sam Oeun, President and CEO of PRASAC MFI and now the CEO of KB PRASAC Bank Plc., expressed his excitement about this remarkable development, “We are delighted to have received this final approval for the merger process and commercial bank license. On behalf of shareholders and all of us at KB PRASAC Bank, I would like to extend my sincere thanks to the National Bank of Cambodia and the Ministry of Commerce, and relevant authorities for their support during this major consolidation,” he added.

“The merger of the financial institutions as ‘KB PRASAC Bank Plc.’ signifies a powerful synergy that will create more and more benefits to customers in Cambodia. By mixing PRASAC’s long-standing experience in microfinance with KBC’s cutting-edge FinTech solutions and global expertise, we become a new stronger bank with an extensive network, wider branch presence, and increased total assets.”
Mr. Sam Oeun continued, “As we embark on this exciting journey, KB PRASAC Bank Plc. extends heartfelt appreciation to our valued customers for their trust and loyalty. We are committed to working tirelessly to make their lives better and contribute to Cambodia’s development by delivering innovative financial solutions and promoting financial inclusion.”

“We are confident that the merged bank’s expertise, resources, and commitment to excellence will empower customers and communities alike, to stay in tune with the best financial partner – KB PRASAC Bank Plc.,” concluded Mr. Sam Oeun.

Please note that all documents such as loan agreements, term deposit certificates, ATM cards, credit cards, savings passbooks, and other legal documents of both PRASAC MFI and KBC remain valid. For further information, please kindly contact the call center of KB PRASAC Bank via 023 999 911, 086 999 911, 0969 999 911, or email info@prasac.com.kh.

About KB PRASAC Bank Plc.
KB PRASAC Bank Plc., a subsidiary of KB Financial Group, is a new commercial bank in Cambodia formed through the successful merger of PRASAC Microfinance Institution Plc. and KB Kookmin Bank Cambodia Plc. The bank has consolidated total assets of USD 5.7 billion, a deposit balance of USD 2.9 billion, a total loan portfolio of USD 5.0 billion, 192 branch offices, and more than 10,000 staff. KB PRASAC offers full-fledged financial services that meet clients’ needs and preferences. The bank is dedicated to promoting financial inclusion, driving economic growth, and providing innovative banking solutions to its diverse clientele. For more information, please visit www.prasac.com.kh

About KB Kookmin Bank
Kookmin Bank Co., Ltd. is a leading commercial bank in South Korea that has the largest number of branches in the industry and over 36 million customers equivalent to more than half of the nation’s population. The bank also stands as the leader in digital finance service by operating mobile platforms including Liiv and KB Star Banking with more than 17 million customers. It plays a key role in creating synergy among affiliates within KB Financial Group. For more information, please visit www.kbstar.com / www.kbfg.com.

The post KB PRASAC Bank Plc. Officially launched, following the Merger between PRASAC MFI and Kookmin Bank Cambodia first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The collaboration will benefit customers using Poscar Digital’s online accounting management system, as they can easily pay monthly fees through digital payment solutions. Canadia Bank and Poscar Digital will also work together to integrate digital services for businesses and corporations while planning to hold workshops to enhance financial literacy for their customers.

The Chairman and CEO of Canadia Bank, Mr. Raymond Sia, expressed strong confidence in this strategic partnership between Canadia Bank and Poscar Digital.

According to Mr. Raymond Sia, the collaboration between Canadia Bank and Poscar Digital is a strategic partnership aimed at developing the digital ecosystem and enhancing the digital operational capabilities of SMEs, as well as other businesses and corporations.

Founded in 1991, Canadia Bank is a leading commercial bank in Cambodia. In 2022, Canadia Bank received multiple awards from international institutions, including the “Dream Company To Work For” from the World HRD Congress, the “Best Managed Bank” award from The Asian Banker, and the “Best Domestic Bank” and “Best SME Bank” awards in Cambodia from the International Finance Awards. Additionally, the bank received the “Best SME Bank” award from Digital Banker and the “Best Retail Bank” award from The Asian Banker in 2023.

Canadia Bank currently operates 68 branches across the province, with ATMs, CRM, VTM, and digital banking machines available at over 400 locations nationwide as of the beginning of 2023.

The post Leading Cambodian bank introduces new digital payment solutions and promotes financial literacy first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Mr. Richard Liew, Chief Executive Officer of Bridge Bank, said, “By providing monthly installment payment options, Bridge Bank and House Guru hope to expand product availability to a huge range of people, giving consumers more variety, freedom, and flexibility when selecting products that they really desire for the home.”

He added that eligible individuals will be able to enjoy a huge range of amazing products, such as top-of-the-range TVs, furniture, and home decorations, with payments spread over affordable monthly installments.

Bridge Bank targets to launch the Buy Now, Pay Later (BNPL) product for the House Guru Home & Living Mall in line with the mall’s grand opening in Q3 2023. The full terms and conditions will be announced by Bridge Bank.

House Guru Home & Living Mall is a one-stop shop for all home, living, and business products such as Furniture, Appliances, Electronics, Decorations, DIY, Paint, Building Supplies, Tools, and Air Conditioners, sold for very affordable prices. It will be the largest home and living mall in Phnom Penh City Center and is set to transform the shopping experience for home improvements and decorations.

Bridge Bank is the local commercial bank with a vision to be your preferred financial partner of today and generations to come that provides financial services you can trust through our global service standards, making banking simple and secure.

The post Bridge Bank Joins Partnership with House Guru to let Customer enjoy extensive payment service first appeared on Estatedia | Economy & Real Estate Media in Cambodia.