Phillip Bank Launches Savings Vault – A New Defense Against Digital Fraud
Phillip Bank, the only Singaporean-owned commercial bank in Cambodia, has launched Savings Vault, a first-of-its-kind savings account feature in the country designed to give customers stronger protection and greater peace of mind in today’s digital age.
With mobile scams and online fraud becoming more sophisticated, Savings Vault offers customers an added layer of security. Funds placed in a Savings Vault remain locked and cannot be withdrawn or transferred through digital channels unless the customer visits a branch for face-to-face verification. This ensures that even if a customer’s mobile device is compromised, their savings remain protected.
Despite the enhanced security, customers continue to enjoy the benefits of a regular savings account. Savings Vault offers competitive interest rates with monthly capitalisation, flexibility with no fixed term, and availability in both USD and KHR. Customers can also top up additional funds into their Savings Vault anytime through the Phillip Mobile app, making it easy to grow their savings while keeping them secure.
Opening a Savings Vault is simple and convenient. Customers can activate the feature directly through the Phillip Mobile app in just a few taps, without paperwork or additional branch visits.
Chan Mach, Chief Executive Officer of Phillip Bank, said the launch reflects the Bank’s focus on combining innovation with customer safety:
Phillip Bank has always invested heavily in cybersecurity to safeguard our customers, but with digital scams becoming more common, we know many people still feel anxious about keeping their money safe. Savings Vault is designed to give them an extra layer of protection and the choice of even greater peace of mind. It ensures that their hard-earned savings remain secure, no matter how online threats continue to evolve.
The Savings Vault feature is now available on Phillip Mobile Banking app, marking another milestone in the Bank’s journey to bring trusted and international-standard innovations to Cambodia.
Phillip Bank is a member of Phillip Capital Group, headquartered in Singapore since 1975. The Group offers a full range of quality and innovative financial services to retail, corporate, and institutional customers across 15 countries globally. In Cambodia, Phillip Bank operates more than 70 branches nationwide.