International Finance

MGN Emperor aims to become Cambodia’s top digital bank

The bank plans to incorporate fintech into its business model and introduce technologies such as facial recognition

Newly established MGN Emperor Bank has revealed its ambition to become Cambodia’s leading digital bank. It believes fintech will prove to be a backbone in improving financial inclusion in Cambodia.
“We incorporate fintech into our business model. To begin with, we have plans to introduce cutting-edge technology as part of our IT infrastructure, such as facial recognition technology to enhance customer experience. It is the first step to show we are committed in contributing to the development of Cambodia’s digital economy,” MGN Emperor Bank CEO and managing director Om Visal told the media.
He also added that the bank is striving to advocate and incentivise small and medium enterprises to digitally transform their business by shifting from paperwork to using digitalised systems.
The bank was established to cater the needs of small and medium enterprises and with the objective of collecting deposits from high net worth customers, after witnessing huge potential for investments in Cambodia’s economy.
According to the bank, its focus is to contribute to the Royal Government of Cambodia’s effort to boost small and medium enterprise’s ability to access finance.
According to the SME Finance Forum held in 2017, micro, small and medium enterprise financing gap was estimated at 21 percent of Cambodia’s GDP, roughly valued at $4.7 billion.
The bank recently began its operations in Phnom Penh. The bank has revealed that it will equip ATMs with facial recognition technology that provides convenience, speed, and safety to customers. It also plans to create an Emperor Bank Centre to serve customers with innovated one-stop service that creates new experiences for them.
After the recent launch of the bank into Cambodia’s growing financial industry, experts have predicted that fierce competition in the crowded market will lead to mergers and acquisitions.

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