Synopsis: CIMB’s digital push is part of a broader strategy to serve its customers more efficiently, reduce barriers to access, and strengthen its long-term position in the Cambodian market.
CIMB Bank PLC (Cambodia) is accelerating its digital investment strategy to support the growth of small and medium-sized enterprises (SMEs), leveraging its regional network and technological capabilities to promote inclusive and sustainable economic development.
During a session held under the theme “Your Regional Advantage Starts with CIMB Bank” at the bank’s headquarters in Kuala Lumpur earlier this week, Hong Cheap, CEO of CIMB Bank PLC (Cambodia), told Khmer Times that digital banking is becoming a central part of the bank’s vision, particularly to address the needs of Cambodia’s growing SME sector.
“In the short term, we are not expanding more branches, but we are investing more in digital because we know that most of us are no longer going to branches and no longer carrying wallets,” Cheap said, adding, “We are becoming more mobile, and so we will invest more in digital and digitalisation.”
According to Cheap, the bank’s digital push is part of a broader strategy to serve its customers more efficiently, reduce barriers to access, and strengthen its long-term position in the Cambodian market. The bank recently launched Octo Biz Light, a mobile application designed specifically for SMEs, and is preparing to roll out additional digital platforms through 2025 and 2026.
“Our strategy is in line with our group’s vision to advance customers and society. We see digital as an enabler that drives faster and more sustainable growth. SMEs are a major focus for us because they are a key driver of jobs and GDP in Cambodia,” he said.
Over the past several years, CIMB Cambodia has deepened its involvement in the SME sector through various partnerships, including a collaboration with the Credit Guarantee Corporation of Cambodia (CGCC) to provide collateral-free loans to eligible small businesses.
“Many SMEs still face challenges getting access to loans from formal institutions, so they often turn to informal lenders, where they face high interest rates and short repayment periods,” Cheap explained. “With CGCC, we can support them with guaranteed loans and long-term financing options.”
Cheap noted that the lack of physical bank branches in every province and city is no longer a major limitation, thanks to the rise of digital channels. “Since we don’t have a presence in all areas, we have developed digital platforms to allow SMEs in the provinces to access our services without having to visit a branch,” he said.
Beyond Cambodia, CIMB Group’s footprint across ASEAN gives the bank a unique advantage in supporting cross-border trade, regional investment, and financial integration. CIMB operates in seven ASEAN member countries: Malaysia, Indonesia, Thailand, Singapore, Vietnam, the Philippines, and Cambodia.
“We are a regional bank with a strong presence in ASEAN. Our strength is regional connectivity, and we can use that to help Cambodian customers access new opportunities in the region and attract investors from ASEAN to Cambodia,” Cheap said.
He outlined three strategic areas of service: Preferred Banking, cross-border trade, and trade finance.
“Preferred Banking allows us to serve medium- to high-income customers who are interested in investing across ASEAN. Cambodian investors can explore markets in Malaysia, Singapore, or Thailand, while investors from those countries can easily invest in Cambodia with our support,” he said.
Cross-border trade is also a key focus. “Because we have a network in several countries, we can offer better exchange rates, faster money transfers, and reliable cross-border services. For example, when Cambodian customers import from Malaysia, they benefit from our operations there, whether it’s in terms of currency exchange or transaction speed,” Cheap said.
On trade finance, he noted that Letters of Credit (LCs) are essential for businesses involved in international trade. “A lot of suppliers abroad require Cambodian companies to issue LCs. With our presence across ASEAN, we can issue and process these documents efficiently, which helps facilitate import and export activities,” he added.
CIMB Cambodia is also working to connect local businesses with regional suppliers. “If our customers want to import goods from Malaysia or Singapore, we can match them with trusted partners through our branches in those countries. We also help foreign clients who want to enter the Cambodian market,” he said.
As the bank marks its 15th anniversary in Cambodia this year, Cheap reflected on its steady and sustainable growth. “We are a large bank in the region, but we have chosen to grow carefully in Cambodia. We focus on strong governance, high security standards, and professional services,” he said. “Our non-performing loan rate is below 3 percent, which reflects our disciplined approach.”
He urged SMEs to formalise their businesses in order to benefit from better financing options. “If an SME wants to access formal financial services, it needs to register with the relevant ministry.
That allows us to offer lower interest rates. It also needs clear business plans and financial reports,” he said.
He welcomed the National Bank of Cambodia’s ongoing efforts to improve financial literacy among SMEs, adding that the banking sector must also play a role in educating and supporting small business owners.
