Cathay United Bank (國泰世華銀行) has deepened its presence in Cambodia over the past decade. In the past few years, the bank has followed its parent group’s goals to promote consumer banking in the Southeast Asian country through digital finance as it strives to enhance the digital experience for people who use its financial services.
The number of people using the Bakong Clearing and Transaction System since the Cambodian government launched it in 2020 has reached 7.9 million, or about half of the country’s population, a sign of the increasing demand for digital payment services.
Cathay United Bank (Cambodia) Corp in February last year launched a new mobile banking app — mBanking — integrated with the Bakong system, becoming the first Taiwanese bank in Cambodia to allows clients to open digital accounts with access to the state-backed fund transfer and payment system.
Photo courtesy of Cathay United Bank
Cathay United Bank said that its Cambodia branches processed more than 6,000 deposits on average per month last year, indicating that there is real demand for the services.
In October last year, it greatly expanded the number of its service points for deposits and withdrawals in Cambodia to 15,000 by partnering with Southeast Asia’s leading fintech company TrueMoney, aiming to meet local clients’ demand for savings and withdrawal services.
The bank is also committed to providing KHQR payment capabilities in Cambodia. KHQR is a QR code system for retail payments in the country. The number of merchants using KHQR payment services has reached about 4,000, the bank said, adding that it would continue its efforts to provide complete cash access to merchants.
Photo courtesy of Cathay United Bank
As there are promising opportunities in the payment business in ASEAN, the bank aims to develop consumer banking to expand its customer base and further promote its online “mBanking” services, Cathay United Bank (Cambodia) president Yeh Chan-hao (葉展皓) said.
In addition, the bank would continue to uphold the spirit of “One Team, One Bank,” expand the deployment of its digital infrastructure and strengthen the integration of its sales channels in Cambodia, Yeh said.
It hopes to collaborate with other third-party partners to improve its services and help the bank further embrace local customers with digital finance services.
The bank aims to provide the highest-quality consumer banking and digital finance solutions in Southeast Asia, it said.
Taiwan’s technology protection rules prohibits Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) from producing 2-nanometer chips abroad, so the company must keep its most cutting-edge technology at home, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. Kuo made the remarks in response to concerns that TSMC might be forced to produce advanced 2-nanometer chips at its fabs in Arizona ahead of schedule after former US president Donald Trump was re-elected as the next US president on Tuesday. “Since Taiwan has related regulations to protect its own technologies, TSMC cannot produce 2-nanometer chips overseas currently,” Kuo said at a meeting of the legislature’s
Semiconductor shares in China surged yesterday after Reuters reported the US had ordered chipmaking giant Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) to halt shipments of advanced chips to Chinese customers, which investors believe could accelerate Beijing’s self-reliance efforts. TSMC yesterday started to suspend shipments of certain sophisticated chips to some Chinese clients after receiving a letter from the US Department of Commerce imposing export restrictions on those products, Reuters reported on Sunday, citing an unnamed source. The US imposed export restrictions on TSMC’s 7-nanometer or more advanced designs, Reuters reported. Investors figured that would encourage authorities to support China’s industry and bought shares
TECH WAR CONTINUES: The suspension of TSMC AI chips and GPUs would be a heavy blow to China’s chip designers and would affect its competitive edge Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, is reportedly to halt supply of artificial intelligence (AI) chips and graphics processing units (GPUs) made on 7-nanometer or more advanced process technologies from next week in order to comply with US Department of Commerce rules. TSMC has sent e-mails to its Chinese AI customers, informing them about the suspension starting on Monday, Chinese online news outlet Ijiwei.com (愛集微) reported yesterday. The US Department of Commerce has not formally unveiled further semiconductor measures against China yet. “TSMC does not comment on market rumors. TSMC is a law-abiding company and we are
FLEXIBLE: Taiwan can develop its own ground station equipment, and has highly competitive manufacturers and suppliers with diversified production, the MOEA said The Ministry of Economic Affairs (MOEA) yesterday disputed reports that suppliers to US-based Space Exploration Technologies Corp (SpaceX) had been asked to move production out of Taiwan. Reuters had reported on Tuesday last week that Elon Musk-owned SpaceX had asked their manufacturers to produce outside of Taiwan given geopolitical risks and that at least one Taiwanese supplier had been pushed to relocate production to Vietnam. SpaceX’s requests place a renewed focus on the contentious relationship Musk has had with Taiwan, especially after he said last year that Taiwan is an “integral part” of China, sparking sharp criticism from Taiwanese authorities. The ministry said
RSS