Canadia Bank bags Cambodia’s Best SME Bank for 2nd consecutive year in Global SME Banking Innovation Awards 2024

Canadia Bank, a long-established and one of the leading commercial banks in Cambodia, has been recognized for the second year in a row as “Cambodia’s Best SME Bank” in the Digital Banker’s Global SME Banking Innovation Awards 2024. This award body recognizes the excellence and business achievements of the most pioneering and trail-blazing SME banking financial institutions operating in their respective countries.

Canadia Bank has been awarded Cambodia’s Best SME Bank by the Digital Banker for consistently demonstrating excellence and commitment to making financing more accessible for SMEs customers. By offering a diverse range of tailored financial products and services, including various SME financing programs and trade finance solutions, and leveraging on technology to create a sustainable payment ecosystem, Canadia Bank empowers SMEs to improve and expand their operations.

Moreover, Canadia Bank has been actively supporting and engaging with various SME-related organizations including Young Entrepreneurs Association of Cambodia (YEAC), Cambodia Women Entrepreneurs Association (CWEA), and Federation of Associations for SMEs of Cambodia (FASMEC) by offering bespoke financing programs to those who lack collateral and providing and/or sponsoring many financial literacy workshops to help them make informed financial decisions.

As one of the first institutions to participate in the Government-led Business Recovery Guarantee Scheme (BRGS), Canadia Bank has been recognized twice by the Credit Guarantee Corporation of Cambodia (CGCC) as the Top Performing Financial Institution in Cambodia in 2022 and 2023. Recently, Canadia Bank was recognized by CGCC as the number one performing financial institution with “Outstanding Performance in Number of Guaranteed Accounts” and maintaining the best “Asset Quality in Guaranteed Loans” in 2023.

Furthermore, the Bank has streamlined its processes for SME clients by investing and improving its digital solutions, including implementing open APIs, launching a merchant app, and introducing more payment gateway solutions. The new merchant app empowers entrepreneurs with a comprehensive suite of tools which can be accessible via their mobile devices. Through this app, merchants are able to accept cashless payments in USD and KHR from customers of any banks under Bakong, set up multiple business outlets, assign cashiers, view transactions in real time, and download reports.

Mr. Raymond Sia, Canadia Bank’s CEO and Executive Board Director, is delighted to be recognized by reputable regional and international publications, including The Digital Banker.

“My colleagues and I are very honored to have clinched once again the prestigious “Best SME Bank in Cambodia 2024” from The Digital Banker’s Global SME Banking Innovation Awards. This recognition underscores our unwavering dedication to innovation and customer-centricity to provide our SME customers with the best-in-class products and services to help their businesses grow and prosper. By combining enhanced financing programs, innovative digital solutions, customer-centric approach, and promoting financial literacy, Canadia Bank continues to make financing more accessible to the SME customers.”

Mrs. Song Khenglay, Canadia Bank’s EVP and Chief Operating Officer, further supplemented, “SMEs are the lifeblood of Cambodia’s economy because they provide essential services and products tailored to local needs, support community development, and serve as major source of job creation and income generation. We are always ready to provide the SMEs with financial services tailored to their unique needs. We remain grateful for our customers’ 33 years of trust and continued support and we will continue to be your Best Financial Partner.”

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