Cambodia’s ACLEDA Bank is upgrading to the latest version of Temenos’ core banking system, T24 R12. ACLEDA has expanded beyond microfinance to fully-fledged retail banking, now boasting a 238 strong branch network across Cambodia and an asset size of $1.9 billion.

Temenos has maintained the organisation’s IT infrastructure over the past 10 years. The new software upgrade will enhance its offering by: Supporting their aggressive strategy to connect with the unbanked in Cambodia, as only four per cent of the country is reported to have a formal bank account; Assisting the bank in dealing with customer demand – they anticipate customer acquisition will double over the next five years; Further enable the bank to extract economies of scale, and as such, lower the cost of providing basic banking services.

“We are experiencing huge expansion opportunities to connect with the unbanked and this upgrade project is part of our aggressive strategy to do just that. Testament to our efforts, our customer base has recently hit the one million mark. We always aim to serve our customers at the highest possible standard and T24 makes this possible by providing the flexibility to react to consumer demand with functionality to support rapid product development. In turn, this increases our profitability and ultimately our loan base which will grow alongside our customer numbers – taking control of our bottomline,” says Dr. IN Channy, CEO, ACLEDA Bank.

He adds: “We have always been an advocate for T24 and will continue to use the technology in the long-term. Our staff are very familiar with how to easily maintain the solution, increasing our efficiency levels. Unlike other international and local vendors, Temenos can get a project up and running in as little as six months – time to market being a deal breaker for a growing institution like us, which needs fast roll-outs.”

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