Canadia gets Tencent Cloud support for new banking app

TENCENT Cloud International, a division of Shenzhen-based Hong Kong-listed Tencent HoldingsLtd,onMarch27announced that it will provide technical support for local commercial lender Canadia Bank Plc to roll out a new mobile banking app, seen as a reflection of Cambodia’s rapid consumer shift towards fintech-powered digital payment solutions.

“By leveraging the one-stop mobile financial technology platform, Tencent Mobile Framework [TMF], Canadia Bank was provided with support throughout the development, maintenance, and implementation of the bank’s mobile banking app,” Tencent Cloud said in a statement.

“Furthermore, the technologies provided by TMF facilitate the seamless flow of the app, timely offering easy-to-use features, as well as maintaining prompt responses during transaction processing at all times.

“The Canadia Bank App is a one-stop mobile banking app that aims to make customers’ online banking experience easier and more personalised.

“Among many other convenient and secure banking benefits, customers can now generate KHQR Codes – a universal QR [quick response] code system created for retail payments in Cambodia – to settle payments, make group transfers to pay family and friends in one go, open an account via the EZ account opening feature, and collect points from its loyalty programme – all in just a few clicks,” it said.

Tencent Cloud International senior vice-president Poshu Yeung said in the statement: “We are pleased to join hands with our partner Yusys Technologies [Co Ltd] to support Canadia Bank for the launch of its new mobile app, which aims to provide its users with easier and more convenient mobile banking options.

“We value this opportunity to demonstrate our capabilities in providing high-performance, high-value services and solutions to banks, companies, and businesses in more regions around the world. It is with great pleasure that we congratulate Canadia Bank for this achievement in their digitalisation,” he said.

Canadia Bank chief information officer Howard Lau added: “The launch of our new Canadia Bank App is a significant milestone in Canadia Bank’s major digital transformation roadmap. We are glad to have support from Tencent Cloud International in providing us with their consistent high-quality services, as well as their experience in financial technology.

“With this collaboration, we look forward to having our first-class products and services implemented to the benefit of all our customers in Cambodia,” the statement quoted him as saying.

The National Bank of Cambodia reported the number of e-wallet accounts in the Kingdom at 17.9 million as of endDecember, amid a pick-up in electronic payment volumes – driven in part by Covid-19 anxieties – that has been hailed as gradual fintech development towards the achievement of the government’s digital economy objectives.

The statement notes that, “as of 2023, Canadia Bank has 67 branches and more than 400 digital, self-service banking machines – ATMs, CRMs, CardIssuing Machines, Virtual Teller Machines – across Cambodia”.

On the Hong Kong Stock Exchange, Tencent Holding’s (700:HK) share price rose HK$16.40 or 4.52 per cent to close at HK$379.20 on March 28 for a market cap of HK$3.57 trillion (US$450 billion), 52-week range of HK$188.626-416.60 and trailing price-to-earnings (P/E) ratio of 17.20, with 31.34 million shares traded versus the 25.14 million 65-day average, according to the Wall Street Journal.