With more than $2 million invested in the project already, a local bank Thursday said it hopes to bring an Automated Teller Machine to Phnom Penh.
Once imported and installed, the ATM will allow Canadia Bank Master Card holders to get cash advances. Officials at Canadia Bank are hoping to install the machine in its headquarters on Ang Doung Street, Canadia Marketing and Customer Manager Lok Van Chheng said.
Bank officials hope this is only the beginning, Lok Van Chheng added. “If it’s successful, we will install more in safe locations such as supermarkets, gas stations, hotels, restaurants, airports and shopping centers,” he said.
Officials were expecting to import the first machine either from Hong Kong or Singapore, and wanted to have it up and running by early January, Lok Van Chheng said.
The bank has issued about 500 credit cards since beginning their program two months ago. Already, they are accepted in more than 100 locations in Cambodia, Lok Van Chheng said.
The amount customers will be allowed to draw on their ATM cards, however, will depend on the credit limit and the amount of money the clients have in their accounts, Lok Van Chheng said, adding that only 30 percent of the bank’s clients are familiar with ATMs to begin with.
Despite concern with expanding debt spending, some officials say ATMs would be a welcome addition to Cambodia.
“I think it will be good to have the new technology in the country,” National Bank of Cambodia Director General Tal Nai Im said.
Others voiced similar praise on the idea of expanding Cambodia’s technology and banking sectors, especially as the world reels from an economic slowdown.
“It’s a perfect time for us to catch up,” Cambodia Institution for Cooperation and Peace Executive Director Kao Kim Hourn said. “We’re leapfrogging. If the private sector can do it, okay, it’s the right time.”