Chip Mong Bank launches in-house processing centre

Chip Mong Bank (CMCB) - a newly established bank and subsidiary of Cambodian conglomerate Chip Mong Group - has launched its in-house processing centre built on Compass Plus Technologies solutions.

The first phase of the project saw Chip Mong Bank implement Compass Plus solutions to support cardless cash withdrawals at ATMs. Following the initial stage, the bank and the Compass Plus team worked together to launch the in-house processing centre. As part of this phase, cash recycling ATMs were introduced to give greater convenience to Chip Mong Bank’s customers – enabling them to deposit cash without having to visit a branch. Cash by code transactions were also integrated in the bank’s mobile banking app – allowing customers to generate a code through the app to enable them to withdraw cash for any of Chip Mong Bank’s ATMs. The bank, which was established in early 2019, completed both stages in a short period of time despite limited resources and time constraints.

The project is Compass Plus’ first with Chip Mong Bank. In the next phase, the bank intends to integrate with Cambodia Share Switch to offer its customers fast inter-bank transactions via ATMs and POS terminals, and achieve certification for international payment systems.

“We are excited to work with Chip Mong Bank on the launch of their processing centre,” said Igor Simonov, Regional Sales and Account Manager, Asia Pacific at Compass Plus. “Chip Mong Bank is a unique and rapidly developing bank and we look forward to facilitating its future growth across Cambodia.”