The financial services sector in Cambodia has been developing at a rapid pace over the past few years. When Australia-based ANZ established its joint-venture with local Royal Group in 2005, there was only one automated teller machine ATM in the entire country. Now there are a few hundred, with ANZ Royal Bank’s 130-strong ATM network the largest.
This dramatic development in the country’s financial infrastructure is underscored by its economic growth. From 2004 to 2007, the Cambodian economy grew at about 10% per year, principally based on its expanding garment, construction, agriculture, and tourism sectors. The country’s GDP contracted by 1.5% in 2009 following the global financial crisis, but bounced...
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