ABA Bank boosts trade and financial services for Cambodian and Singaporean SMEs through FTC

ABA Bank, the country’s largest commercial bank¹, proudly announced its participation in the newly launched Financial Transparency Corridor (FTC) initiative. The FTC leverages a secure, consent-based digital infrastructure to facilitate trade finance and related services for SMEs.

This joint project by the National Bank of Cambodia (NBC) and the Monetary Authority of Singapore (MAS) aims to revolutionize cross-border trade for small and medium-sized enterprises (SMEs) in both countries.

The FTC launching ceremony took place in Singapore on 19 June 2024 and was presided over by Hun Manet, Prime Minister of Cambodia, Lawrence Wong, Prime Minister of the Republic of Singapore, Chea Serey, Governor of NBC, and Chia Der Jiun, Managing Director of MAS.

This innovative initiative fosters greater access to financing for businesses, empowers them with wider customer choice, and streamlines cross-border trade processes. Additionally, it allows banks in both countries to securely share data, making it easier for businesses to get financing for their cross-border trade.

Askhat Azhikhanov, CEO of ABA Bank commented, “ABA Bank is excited to participate in this innovative Financial Transparency Corridor, which improves cooperation between financial institutions in Cambodia and Singapore and provides local SMEs with a better and more efficient business tool.”

“We are proud to support this initiative, aiming to enhance and increase cross-border trade and provide better banking service for our customers. The new corridor will surely create more business opportunities for Singaporean and Cambodian companies,” he concluded.

The FTC initiative underscores the ongoing commitment of Cambodia and Singapore to promote financial inclusion, facilitate trade, and achieve sustainable economic growth. ABA Bank's participation marks a significant step towards realizing these shared goals and empowering SMEs to thrive in the increasingly interconnected global marketplace.

_{¹ABA Bank is the largest commercial bank in Cambodia in terms of total assets, gross loans, customer deposits, and profitability based on the National Bank of Cambodia’s Annual Supervision Report 2021-2023.}