Cambodia is still a heavily cash-based society, but ANZ Royal Bank says local companies are now taking advantage of new cash management services such as multi-currency transactions, bulk payments processing and sweeps.
The financial services sector in Cambodia has been developing at a rapid pace over the past few years. When Australia-based ANZ established its joint-venture with local Royal Group in 2005, there was only one automated teller machine (ATM) in the entire country. Now there are a few hundred, with ANZ Royal Bank’s 130-strong ATM network the largest.This dramatic development in the country’s financial infrastructure is underscored by its economic growth. From 2004 to 2007, the Cambodian economy grew at about 10% per year, principally based on its expanding garment, construction, agriculture, and tourism sectors. The country’s GDP contracted by 1.5% in 2009 following the global financial crisis, but bounced back to more than 4% in 2010 driven by renewed exports. “The opportunities here are very significant for well-run companies,” said Stephen Higgins, CEO of ANZ Royal Bank, and responsible for both the bank’s retail and corporate operations.
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