LOLC Cambodia, one of the Kingdom’s leading microfinance institutions, has proudly announced the successful upgrade of its core banking system. The improvements represent a milestone, aimed at enhancing convenience, innovation and security for its customers.
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To commemorate this achievement, a celebration ceremony was held on the evening of November 29. The event was graced by the presence of Mr. Sok Voeun, CEO of LOLC (Cambodia) Plc.; Mr. Sok Sophal, Deputy CEO of LOLC; Mr. Conrad Dias, a member of the Board of Directors; and many other distinguished guests.
During the event, Mr. Sok Voeun highlighted the significance of the upgrade.
“The primary purpose of upgrading our core banking system is to adopt a new generation of advanced technology that delivers faster, easier and more secure services to our customers. What makes this upgrade even more remarkable is the convenience and security it offers to users of our mobile and digital platforms,” He explained.
He further elaborated, noting that while the upgrade required a significant financial investment and years of research, the benefits far outweigh the costs.
”It’s like upgrading to the latest, most advanced car – it offers not only modernity but also safety for drivers in any unforeseen situations. Similarly, our new system ensures both innovation and protection for our customers,” he continued.
Mr. Conrad Dias, a member of the Board of Directors, emphasised the importance of staying at the forefront of banking technology.
“Banking is rapidly moving into a fully digital era, and it’s crucial for us to be ahead of the curve. Upgrading to the next-generation core banking system is a necessary step to better serve our customers and remain competitive,” he said.
He also detailed the scale of the upgrade.
“This was a massive undertaking, requiring over one-and-a-half years of dedication. It presented challenges not just in terms of technology but also in managing people and their mindsets. However, this system enables faster innovation, seamless integration with other services through APIs, and positions us to offer banking as a service,” he noted.
The upgraded system is expected to significantly improve operational efficiency, staff productivity and the company’s ability to innovate.
Mr. Dias also noted the company’s future plans, saying, “We aim to enhance our mobile app with more services and use AI to deliver smarter, more personalized banking experiences for our customers.”
Concluding his remarks, he said, “This upgrade not only improves the speed and security of our services but also allows us to embrace new opportunities in digital banking. It ensures we can provide a cutting-edge experience for our customers while staying aligned with global standards.”
This initiative underscores LOLC’s unwavering commitment to ensuring customers have access to the most convenient and secure banking services, reflecting its continuous efforts to stay at the forefront of technological advancements in the financial industry.
