Asiamoney Cambodia best international bank 2021: Maybank
Maybank’s journey from a single branch in Phnom Penh in 1993 to a dominant international institution in Cambodia has been action-packed, making it a natural fit for the Best International Bank award.
Over nearly three decades, the Malaysian bank has expanded its offering across the full spectrum of financial services in Cambodia, from business and corporate banking to retail banking, using some of the best online and mobile services in the country. region. But perhaps more importantly, Maybank brought international expertise to the local market.
Led by CEO Mohd Hanif Suadi, Maybank is the go-to name for international companies and investors looking to tap into Cambodia’s economic development. After all, its Malaysian parent company is one of Southeast Asia’s largest financial services groups.
In August 2021, Maybank partnered with the Cambodian central bank to roll out a real-time money transfer service between Malaysia and Cambodia. The so-called Maybank-Bakong Cross-Border Money Transfer allows customers to transfer funds first from Malaysia to Cambodia and, before long, in the other direction.
While Maybank’s digital transformation is accelerating, it is also meeting Cambodia’s unbanked masses where they live. The bank plans to expand its 21 branches nationwide and increase the number of ATMs and self-service machines. He sees such brick-and-mortar outreach as the next way to attract more customers and increase lending.
Maybank’s strategic focus has increasingly shifted towards retail SMEs, a segment generating double-digit growth (averaging 16%), since 2018. Even during the Covid-19 pandemic, Maybank maintained its position among the top 10 foreign banks in Cambodia. both for its deposits and for its loan balances.
The bank also works with the Credit Guarantee Corporation of Cambodia and the government’s SME bank and co-finances loan guarantee programs. These collaborations help address key challenges that SMEs face in accessing finance, while supporting businesses that form the backbone of the economy.
Maybank’s Cambodia business recorded pre-tax profits of around $24.1 million in 2020, while the non-performing loan ratio fell to 2.37% from 2.63% in 2019.
Of particular note is how Maybank leads by example with its environmental, social and governance initiatives. It is one of the pillars of Maybank’s five-year strategic plan, called M25, to be the regional ESG pioneer. This means working to humanize financial services in the communities where it operates and collaborating with stakeholders to achieve sustainable growth.
A key determinant will be Maybank’s success in financing Cambodia’s transition to a low-carbon economy. Priorities include developing sustainability-focused products and services, offering systemic risk management tools, integrating ESG into all financial analysis, building an ESG culture, linking between ESG activities and financial inclusion and climate resilience support in the countries where Maybank operates. Expect more in 2022.