Riverwoods, IL; Phnom Penh, 8 November 2018–PPCBank and Diners Club International have signed a franchise agreement in Cambodia. The Network Participation Agreement gives PPCBank the privilege to issue Diners Club cards to its customers in Cambodia. The signing of the agreement at Sofitel Phnom Penh Phokeethra follows the establishment of a memorandum of understanding earlier this year.
PPCBank’s customers will be invited to apply for Diners Club Cambodia cards that would come with special benefits and world-class experiences in shopping, dining, travel, healthcare, education, and more. The Diners Club Cambodia card will be accepted around the globe at more than 28 million merchants in more than 190 countries and territories. Diners Club Cambodia clubmembers will enjoy access to numerous consumer and commercial card programs, with a wide variety of benefits including access to a network of airport lounges, elite status and valuable offers at the world’s finest hotels, memorable dining experiences at world-renowned restaurants, and special offers on luxurious entertainment and shopping categories.
Mr. Shin Chang Moo, the President of PPCBank, said: “Cambodia is a fascinating country and the economy has continued to grow steadily with a marked increase in income levels. With the recent emerging trend in mobile financial services, people’s behavior and perspectives towards spending money have changed dramatically. People are now willing to spend more on quality products and services, instead of spending less for ones that fall short of their expectations and needs.”
“With that in mind, PPCBank is always on the lookout for opportunities to introduce new and innovative products and services that can cater to a growing demand. With Diners Club International, we look forward to providing Cambodians with a whole new level of financial experience, while enjoying a wealth of privileges all around the world,” said Mr. Shin.
“We look forward to supporting PPCBank with the launch of Diners Club Cambodia cards and providing their clubmembers with worldwide acceptance and the ability to take advantage of many of the exclusive benefits only available to Diners Club members,” said Joe Hurley, senior vice president and head of global business development for Discover. “This agreement aligns with our strategy of creating unique and flexible partnerships around the world.”
Through this agreement with Diners Club International, PPCBank aims to provide dedicated premium products and services for individuals who are seeking luxury and convenience, domestically and internationally, while maintaining quality and prestige.
With Diners Club Cambodia cards, their travel experience can be elevated through exclusive Diners Club International worldwide privileges which include access to Diners Club® Airport Lounges in more than 850 locations worldwide.
Founded in 2008, PPCBank is recognized as one of the fastest growing commercial banks in Cambodia, not only in terms of asset size but also its network reach and growth in its customer base. Aiming to both revolutionize and personalize Cambodia’s banking experience, PPCBank recently launched a suite of products and services including its mobile application, fully functional Corporate Internet Banking (smartBiz), Mobile Teller system for on-the-spot consultations, and intelligent Call Center to support customer 24/7. Currently, the fully licensed commercial bank is in the process of carrying out its digital banking project, focusing on the introduction and improvement of mobile financial services. The new franchise relationship with Diners Club International will be the latest addition to its product offering.
Over the past two decades, Cambodia has experienced strong economic growth and consequently, income levels have risen remarkably, resulting in a higher amount of disposable income. With an average growth rate of 7.7% between 1995 and 2017, Cambodia is the sixth fastest-growing economy in the world. Economic growth is expected to be sustained with the World Bank forecasting growth of 7% for 2019.