Cambodia's ATM networks grow despite crisis

PHNOM PENH, Despite concerns over the impact of the global credit crunch on local financial institutions, Cambodian banks are expanding their network of ATMs to provide customers with easier access to their money, national media reported Monday.

In Channy, president and chief executive of ACLEDA Bank, told the Phnom Penh Post that the growth of ATMs has boomed in the last few years as living conditions improve and greater progress is made in modernizing the kingdom's bank sector.

"In 2007, (we) had 20 ATMs. Now, we have 60 ATMs with plans to reach 100 by the end of this year," In Channy said.

"Our ATMs have been installed in all parts of Cambodia," he said.

"Our long term expansion strategy will include an expansion of our network to 500 ATMs and 240 branch offices nationwide," he added.

Meanwhile, Kunkanel Nong, a marketing manager at the Canadia Bank, said that Canadia currently operates 48 ATMs throughout Cambodia, up from 25 in 2007, and that the bank expects to reach 60 ATMs by the end of this year.

The first ATM in Cambodia was introduced by Canadia Bank in June 2004, according to the National Bank of Cambodia's (NBC) 2007annual report.