Panda Bank launches private banking service on its 4th anniversary

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On the occasion of its fourth anniversary, Panda Commercial Bank PLC launched a private banking service for high-net-worth clients.

“This bespoke service guarantees an exclusive and personalized banking experience, with a dedicated relationship management team for our clients to meet their financial and non-financial aspirations. It’s more than banking; it’s about crafting journeys of financial prosperity,” said Cynthia Liaw, CEO of Panda Commercial Bank PLC.

Cambodia has seen good growth in its payment systems, which is in tandem with the growth trajectory of commercial banks in the Kingdom such as Panda Bank, said Rath Sovannarak, Deputy Governor of the National Bank of Cambodia (NBC), at an event on Thursday to mark the 4th anniversary celebration of Panda Bank.

“The banking system, the heart of the economy, has been steadily advancing and maintaining resilience through asset, credit, and deposit growth. In addition, in line with the advancement of financial technology, the payment system has been continuously modernized and has contributed to supporting the digitalization of Cambodia’s socio-economic situation through enhancing efficiency, security, and integration into the region and the world, said NBC Deputy Governor Sovannarak.

“An important part of promoting trade, investment, and tourism activities. The Bakong system, a one-stop payment system, facilitates users, including business people, to make money transfer transactions and local and cross-border payments via KHQR, which is efficient, secure, and has low transaction costs,” he added.

Cynthia Liaw said, “Panda Bank’s 4th anniversary is a momentous occasion that signifies not just the passage of time but the incredible journey that we’ve shared together.”

Panda Bank opened its office in Cambodia on February 29, 2020, with a full banking license.

She welcomed NBC representative Rath Sovannorak and said, “We deeply appreciate the strong partnership and support we have received from the National Bank of Cambodia over the years. I also thank Say Sam Al, Deputy Prime Minister of Cambodia, Dith Tina, Minister of Agriculture, Forestry and Fisheries of Cambodia, Khuong Sreng, Governor of Phnom Penh, Kouch Chamroeun, Governor of Preah Sihanouk Province, Neak Oknha Hun To, Shareholder of Panda Bank and Li Xiong, Chairman of Panda Bank, for their support.”

“Today, we are not just celebrating numbers and achievements but the people who have made Panda Bank what it is. I want to express my sincere gratitude to each member of the Panda Bank family—our employees, customers, and partners,” she added.

The CEO also said the bank’s most noteworthy achievements include the introduction of the Panda Bank App. She said the bank offers the nation’s most competitive interest rates, the convenience of self-account opening for Fixed Deposit and a Treasure Vault, which is a daily interest savings account offering compounded interest every day. The CEO also noted that the bank joined the Bakong network in 2023, along with launching its UPI Debit card.

On Cambodia’s growth in 2024, the NBC official expressed confidence. “The International Monetary Fund (IMF) projects that global growth will decrease to 3 percent in 2023 from 3.5 percent due to continued monetary policy, which has put pressure on consumption and investment amid geopolitical tensions. This has negatively affected the growth of production and international trade,” said NBC Deputy Governor Sovannarak.

“In Cambodia, economic growth is estimated at 5.5 percent, slightly higher than the previous year’s 5.2 percent, mainly supported by the growth of tourism and non-garment manufacturing, despite low growth in the garment, construction, real estate, and agriculture sectors, he said.

“The recovery of the economy and the growth of the banking system in Cambodia depend on public trust and indispensable factors: peace, political stability, and macroeconomic stability under strong, wise, and prudent leadership. Doctor of Samdech Moha Bovathibodi Hun Manet, Prime Minister of the Kingdom of Cambodia, he said, adding, “The Royal Government of Cambodia has launched the first phase of the Pentagon Strategic Plan for Employment Growth, Equity, Efficiency and Sustainability, which is the foundation for achieving the Cambodia Vision 2050. It sets out a clear vision and orientation strategy for the banking sector to expand the scope of sustainable and confident banking operations, as well as help create new opportunities. The development of banking services, which are the main vessels and driving forces in the development of the Cambodian economy in an environmentally friendly manner.”

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