The COVID-19 pandemic has brought on one of the worst economic calamities the world has ever faced, with Cambodia also feeling the bite. Numerous businesses across the globe are complaining about losing revenue and financial institutions are no exception. However, for Chief Bank, a young but fast-growing bank in Cambodia, things continue to go smoothly.
Having achieved a profit in its first year of operations in Cambodia, Chief Bank has wisely placed business integrity ahead of business gains in its long-term business strategy and strictly adheres to corporate social responsibility.
Dr Soeung Morarith, Chief Executive Officer (CEO) of Chief (Cambodia) Commercial Bank Plc, told AMAZADIA that Chief is working for a better future for people in the host country and part of that is preparing for the worst.
“Our balance sheet is very healthy and can be converted into cash flow anytime,” he said. “We have been making a profit since 2015. We have never lost money while our reserve has considerably increased. This shows that customers support and trust us more and more.”
Good preparation has allowed Chief Bank to take care of its staff as well as safeguard their customers through loan restructuring and flexibility in debt repayments, as guided by the National Bank of Cambodia.
However, Morarith cites that the bank continues to adopt measures to prepare for a worst-case scenario given the unpredictability of the pandemic.
“Chief Bank always thinks under control. We have to strengthen our inside factors, first of all. Second, we cautiously manage our expenses to reserve funds in this situation,” he said. “Third, we are actively continuing transformation via the digitalisation of our products. That’s because, during this time, people have to practice social distancing,” says Moraith.
He added that Chief Bank has sped up its digital transformation during this period to ensure that customers can still use the bank’s services while they are at home. With Chief Bank’s mobile banking app, customers can check their balances without physically coming to the bank and can use top-up services such as buying phone credits and other bills over the internet.
Customers can also transfer money to other holders of Chief Bank accounts as well check the credit services that Chief Bank has and receive other news and information on their mobile phone.
“We have to pursue digital transformation as deeply as possible during this time for us to grasp the opportunity for the future,” Morarith said.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
