“Banking is not like it used to be,” says the chief executive of a leading bank in Cambodia. “It was previously like selling beer – you kept selling until the customer got drunk and they wanted more.”
Things have become a bit more sophisticated than that.
Cambodia’s banking sector is saturated, with 43 commercial banks, numerous specialized banks, micro-finance institutions and hundreds of smaller lenders. But most of the lenders at the top of the league tables are exploring online banking and mobile apps, particularly following a drive by the National Bank of Cambodia.