Vattanac Bank clinches the coveted Asian Technology Excellence Awards 2024 for Fintech-Banking in Cambodia

The Vattanac Bank App (VB App) features cutting-edge innovation such as the seamless & secure Air Transfer, app widgets & shortcuts, biometric authentication, and resilient security measures.

Vattanac Bank has been awarded Asian Technology Excellence Award 2024 for the Fintech - Banking Cambodia category, for its award-winning and innovative mobile banking application that is embedded into and enhances users’ daily lifestyle. 

 
Vattanac Bank, an integral part of Vattanac Group, is a 100% Cambodian-owned commercial bank offering retail, SME, corporate banking, digital, and escrow & retention products & services, and was founded 22 years ago with a vision to create a world-class bank built on a strong foundation of excellence, quality, and trust as banking is all about trust. It continues to showcase its commitment to becoming the most reliable and sustainable bank in Cambodia.
 
In support of the Royal Government of Cambodia’s Pentagonal Strategy- Phase 1 and the National Bank of Cambodia’s Agenda to promote the digital economy, Vattanac Bank embarked on its “Phygital” journey. This approach combines the best of warm physical human engagements with the prowess of digital innovations.
 
“Today, Vattanac Bank has expanded to 41 physical branches across 23 provinces in Cambodia. With the continuous direct investments of shareholders and digital transformation, we have seen significant growth in our customer base, growing by 89% and digital adoption & mobile app users have grown by 122% over the past 1.5 years,” said Dr Anthony Chin, Chief Executive Officer of Vattanac Bank. “To complement our physical presence, we have launched our customer call centre which operates 24 hours a day, 7 days a week, powered by a digital call centre system where our customers can call anytime for any enquiries or assistance required.”
 
Another integral part of this “phygital” eco-system is the Vattanac Bank App (VB App), which empowers customers by providing them with the tools and flexibility to efficiently access and manage their bank accounts and services via their mobile devices anytime, anywhere, whilst maintaining a strong focus on cybersecurity whilst continuously improving its user experience.

Pioneering features and seamless payment services
 
Amongst the app’s outstanding features are the award-winning Air Transfer (similar to the Air Drop of money) and Browse and Pay, which are uniquely available through Vattanac Bank as the first and only bank in the region to offer them. This underscores Vattanac Bank’s commitment to advancing digital banking solutions and enhancing customer experience. Additionally, it offers a convenient and efficient money transfer option between Vattanac Bank accounts, significantly reducing the time needed to complete financial transactions.

Meanwhile, its Browse and Pay feature allows users to effortlessly store up to six favourites or frequently used accounts' QR codes in the VB App for seamless transactions instantly. Additionally, users have the option to utilise the Transfer via Phone number feature on the VB App, providing added convenience when traditional account information is not required. This eliminates the hassle of requesting account numbers or searching for someone's QR codes on your phone.
 
At the same time, the app offers a distinctive feature allowing users to display a transaction screenshot by simply tilting their phone. This Tilt-for-Receipt function is particularly convenient when making payments at merchant outlets, without the need to physically rotate the mobile device to confirm transaction completion and it automatically hides the customer’s account number.
 
Customers’ banking journeys are also personalised through the app as it offers a range of customisable settings. They can modify the Personal Hub on the Vattanac Bank App’s home screen, ensuring swift access to frequently used features such as app shortcuts, favourite recipients, and essential services.

Users also have the flexibility to choose their preferred landing page upon logging in and select their screen appearance or let it dynamically adapt to their own mobile device settings.
 
VB App offers a range of diverse payment services and seamless fund transfer for easy transactions. Customers can make global transfers with ease, sending money internationally to China or directly into an Alipay e-wallet, and making instant mobile transfers to friends and family. The app also has a host of bill & utility payment capabilities, tax, customs & excise payments and donation functions to charitable causes. The app also supports multi-currency transactions, allowing users to switch between USD and KHR easily. A built-in calculator helps process transactions efficiently, catering to a wide range of customer preferences.

Whilst enhancing user experience, Vattanac Bank has invested in cybersecurity features and measures to safeguard customers and the bank. Notably, during the recent global Crowdstrike episode in July 2024, Vattanac Bank’s mobile app and digital ecosystem were fully functional during the period wherein many major businesses and payment services were severely interrupted over a prolonged period. 
 
The Asian Technology Excellence Awards, now in its fourth year, celebrates top technological innovators and solutions that are redefining industries and leading the charge in digital transformation.

The Asian Technology Excellence Awards is presented by Asian Business Review. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at [email protected].