PRASAC Adopts Digital Finance to Spearhead Greater Financial Inclusion in Cambodia

PRASAC, Kingdom’s largest financial institution, announced that it has actively exerted its efforts to promote the financial inclusion in Cambodia through the provision of loan and other banking services to the unbanked people and untapped market in Cambodia since its inception in 1995.

Mr. Say Sony, PRASAC Senior Vice President, said that: “Over the last 25 years of its operations, PRASAC has diversified its products from credits to deposits, fund transfer, foreign exchange, payroll services, phone top-up and upgrades to FinTech such as ATM, bill payments, POS, Fast Payment, Internet Banking, Mobile Banking, Cambodian Shard Switch (CSS), blockchain-powered payment system Bakong and Real-Time Fund Transfer.”

He added that, these products and services have been geared to the needs of Cambodian people who wish to experience full-fledged digital financial services, given that digitization of services is no longer an option but a race MFIs must run to stay relevant in rapidly evolving markets.

“PRASAC therefore has been taking progressive steps to embrace digital finance, starting with the digitization of existing products, services and operations. In this regards, PRASAC has migrated its core banking system from MicroBanker to FlexCube, the world’s first class banking system, to ease banking transactions, build a competitive advantage, better serve targeted customers across Cambodia, and effectively manage our information system,” asserted Mr. Sony.

“PRASAC also deploys ATM, POS, Internet Banking, Mobile Banking and other interbank transfer services such as Fast Payment, CSS, Bakong and Real-Time Fund Transfer. Leveraging these state-of-art financial technology enable PRASAC to increase operational efficiency, increase customer base and extend service outreach at a lower cost, convenient, secure and faster transaction for valued clients,” continued Mr. Sony.

According to Mr. Sony, all products and services offered by PRASAC help to improve the living standards of Cambodian people as they can access to financial services easier at affordable cost. These products also provide convenience for their daily business operations and lifestyle.

He said that, PRASAC will further keep abreast of any developments regarding FinTech and digital finance to well prepare itself to compete successfully in the market and to spearhead greater financial inclusion in Cambodia.

Be informed that you can now transfer from account to account up to USD 100,000 per day for FREE via PRASAC Internet Banking and Mobile Banking conveniently anytime anywhere. Please open savings account at PRASAC today to enjoy a comprehensive bank transaction for free of charge.

Be also noted that as of September 2019, PRASAC has total assets of more than USD 2,900 million, loan portfolio of more than USD 2,500 million, 419 thousand borrowers, total deposit balance of USD 1,720 million, 597 thousand depositors, nationwide office network and ATMs, and 9,000 employees, coupled with 40 library buildings in all provinces in Cambodia.

For any inquiry, please call 023 999 911 or 086 999 911 or visit www.prasac.com.kh www.prasac.com.kh