Cathay United Bank (Cambodia) Corporation Limited (CUBC) a subsidiary of Taiwan’s largest financial group Cathay Financial Holdings launched the new CUBC mobile banking application or mBanking App integrated with the National Bank of Cambodia’s Bakong payment system. This new mBanking App was created with the aim of providing a modern and convenient digital financial experience to customers in Cambodia. CUBC’s new mBanking app allows customers to open digital accounts instantly.
Alice Chuang, president of Cathay United Bank (Cambodia) Corporation Limited said that, “In recent years, CUBC has continuously improved high-quality financial services, and upgrade customers’ experience of digital banking services at the same time. In addition to convenience and providing a new experience for users of mobile banking applications, CUBC is also integrated to the National Bank of Cambodia’s Bakong system.”
With Bakong system, CUBC customers can transfer money to all Bakong members for free service of charge until July 30th, 2023. At the same time, CUBC customers can also deposit money into their accounts through financial agents that are members of Bakong. Currently, Bakong has nearly 50 members such as Canadia Bank Plc., ACLEDA Bank Plc., True Money (Cambodia) Plc., Lyhour Pay Pro Plc and so on. Under Bakong membership, CUBC customers can also use a QR code to receive and pay with other members.
According to a report released by Nikkei Asia, the number of users of the Bakong payment system (including those who also use apps of member banks connected to the system) has grown to some 7.9 million since the launch of the system in Cambodia in 2020, accounting for nearly half of the country’s total population, with transactions totalling some US$2.9 billion in value.
With nearly 10 years of experience in Cambodia alongside its deep understanding of customers’ expectations when it comes to digital payment and information security, CUBC released the mBanking App with the goal of delivering a streamlined, seamless and secure digital financial experience.
“The CUBC mBanking App also integrates the Fast Identity Online (FIDO) authentication and facial recognition systems that enhance the security of personal digital accounts, preventing counterfeiting and forgery,” added Alice. Going forward, CUBC plans to roll out new capital utilization and savings offerings to Cambodia’s bank account holders as well as to the country’s small and medium-sized enterprises (SMEs).
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