Prince Bank Named ‘Best Bank For SMEs In Cambodia 2024' By Euromoney
Prince Bank has announced its latest accolade of being named the ‘Best Bank for SMEs in Cambodia 2024’ by Euromoney, a recognition of the bank’s commitment to supporting small and medium-sized businesses in the Kingdom.
In a press release issued on October 16, 2024, the bank stated that this recognition reflects Prince Bank’s dedication to offering innovative financial solutions tailored to the needs of small and medium-sized enterprises (SMEs) in Cambodia, further cementing the bank’s role in supporting local businesses and driving economic growth in the region.
Honn Sorachna, Managing Director and CEO of Prince Bank Plc, expressed his gratitude for the honour, crediting the bank’s success to the trust and collaboration of its customers and partners.
“This award is a testament to our unwavering commitment to being the trusted banking partner for Cambodia’s SMEs. Over the past nine years, Prince Bank has grown into a key player in the banking sector, renowned for its customer-centric approach and innovative financial offerings,” said Sorachna.
He added that winning this award demonstrates Prince Bank’s leadership in providing exceptional banking services for SMEs, which are key contributors to the country’s economic development. Prince Bank continues to excel by offering unparalleled access to financial resources and cutting-edge digital solutions, ensuring SMEs have the tools they need to succeed.
The bank offers a comprehensive range of services designed to meet the unique needs of SMEs, including business loans, trade finance, overdrafts, payroll services, and efficient cash management solutions. It has also developed three advanced digital platforms – PRINCE Mobile, PRINCE MobileBiz, and PRINCE Merchant – enabling SMEs to manage accounts, process real-time payments, and make investments from anywhere, fostering greater flexibility and efficiency in business operations.
In collaboration with the Credit Guarantee Corporation of Cambodia (CGCC), Prince Bank also provides SME loans through various programs, including the PGS Women’s Loan scheme. Through these initiatives, the bank continues to support the growth of SMEs by offering specialised financial products such as term deposits, checking accounts, and trade finance. Through this partnership, the bank also introduced the Portfolio Guarantee Scheme for Women Entrepreneurs, offering loans up to USD 100,000 with favourable terms.
Prince Bank’s strategic partnerships and proactive efforts to understand the challenges SMEs face have been instrumental in its success. As it looks to the future, Prince Bank remains focused on enhancing its offerings and leveraging technological advancements to deliver more efficient financial solutions, ensuring that SMEs continue to thrive in Cambodia’s dynamic economy.
The bank stated that it also aims to contribute to Cambodia’s broader economic growth through its corporate social responsibility (CSR) initiatives, which promote financial literacy among SME owners. These efforts further highlight Prince Bank’s commitment to building a prosperous and inclusive future for local businesses.
According to its release, to ease financial burdens on SMEs, Prince Bank recently launched a special Business Loan campaign, offering loans of up to USD 5,000,000 for terms of up to 10 years, along with other facilities including Overdraft and Trade Finance Loans at attractive interest rates. Additionally, the bank has extended Phase 3 of its Co-Financing Scheme with SME Bank, offering SMEs in the tourism sector loans of up to USD 500,000 at a competitive interest rate of 6.5 per cent per annum, helping them recover from the impacts of the pandemic.
Prince Bank’s Euromoney award is a recognition of its leadership, innovation, and unwavering dedication to driving Cambodia’s economic growth. By continuously supporting SMEs with tailored solutions, it continues to set new standards in the banking industry while fostering inclusive growth and long-term prosperity. The Euromoney award sets a high bar for banking institutions across the region and highlights the critical role of financial institutions in empowering SMEs.
For more information about Prince Bank’s services and SME solutions, contact their team at 1800-20-8888 (toll-free) or visit the bank's website at www.princebank.com.
This press release was supplied.
