Inside ACLEDA: Cambodia’s Most Established Bank—Powerful, Practical, and Problematic
TL;DR
ACLEDA is Cambodia’s largest and most institutionally integrated bank. It offers foreign-friendly onboarding through wallet access (with a local phone number), full USD/KHR banking, real ATMs, a functional super app, and nationwide reach. It dominates civil servant payroll and operates with deep political backing. While growth is slowing and criticisms linger around its lending practices, ACLEDA remains one of the few credible choices for serious banking in Cambodia.
ACLEDA’s Institutional Rise
Founded in 1993 as an NGO to support post-conflict economic recovery, ACLEDA became a licensed commercial bank in 2003 with support from IFC, USAID, and European development funds. It was the first Cambodian bank to go public and remains the only one listed on the local exchange.
ACLEDA serves as both a commercial bank and a strategic financial utility. It distributes civil servant salaries, collects government revenue, and offers unmatched reach into rural areas.
Key stats (2024):
- Assets: $10.9 billion
- Loan Book: $7.2 billion
- Deposit Base: $8.4 billion
- NPL Ratio: 5.47%
- Solvency Ratio: 18.6%
- Liquidity Coverage: 250%
- Employees: 13,000+
- Branches: 260+
- Rating: B+ (S&P)
- Ownership: 51% Cambodian (including staff trust), 49% foreign (Sumitomo, ORIX, Triodos, BRED)
ACLEDA Mobile: From Wallet to Full Bank Account
What began as ToanChet has evolved into the ACLEDA Super App, supporting both wallet and full account users.
💡 What’s the Difference?
| Feature | ACLEDA Wallet (Phone # Based) | ACLEDA Bank Account (Full KYC) |
|---|---|---|
| Registration | Remote via app, with local SIM | In-person at branch |
| Max Daily Limit | $10,000 or KHR 40 million | $3 million or KHR 12 billion |
| Max Per Transaction | Same as above | $200,000 or KHR 800 million |
| Cash Withdrawal | ATM (up to $5,000) | Full branch and ATM access |
| Interest Earnings | ❌ None | ✅ Fixed deposit options |
| International Inbound Transfers | ❌ Limited | ✅ SWIFT, Western Union, MoneyGram, Ria, Thunes, Overseas Partners |
Foreigners can open a wallet remotely using:
- Cambodian mobile number
- Passport and selfie
- No visit to the branch
From there, upgrading to a full account takes 20–40 minutes in branch and unlocks:
- Real and virtual debit cards
- USD and KHR withdrawals
- Full access to interest-earning products
- Inbound remittance from global partners
Wallet accounts retain a permanent tie to the registered phone number, which also serves as your account identifier for QR payments and money transfers.
Digital Experience & Interoperability
ACLEDA Mobile is function-first. It supports:
- USD and KHR wallets
- Full KHQR interoperability
- Bakong real-time interbank payments
- Bill pay, top-ups, loan tracking, and savings tools
- QR payment via KHQR and Mastercard QR
- Seamless ATM cash access—no agent reliance
While not the flashiest interface, it remains one of Cambodia’s most complete digital banking platforms, well ahead of marketing-driven fintech facades.
Competitive Context: ACLEDA vs. Wing vs. Bakong Tourists
| Feature | ACLEDA Mobile | Wing Bank | Bakong Tourists App |
|---|---|---|---|
| USD + KHR Support | ✅ Full | ✅ Full | ✅ Dual, but biased to KHR |
| Debit/Credit Cards | ✅ Yes | ✅ Yes | ❌ None |
| QR Pay | ✅ KHQR + Mastercard | ✅ KHQR + Visa | ✅ KHQR (KHR by default) |
| Cash-Out Access | ✅ Branches + ATMs | ✅ 12,000+ agents | ⚠️ Indirect via agents/banks |
| Cross-Border Acceptance | ✅ Merchants via KHQR | ✅ Remittance partners | ❌ None |
| Remote Account Setup | ✅ Wallet (SIM required) | ✅ Full account (remote possible) | ✅ Basic wallet |
What’s the Catch?
- ACLEDA = Real bank, high limits, full banking infrastructure
- Wing = Now a full commercial bank with national reach, modern UX, and agent-based cash network
- Bakong Tourists = Government PR tool with limited real-world use, forced KHR conversion, and poor funding options
Bakong Tourists presents USD and KHR wallets, but forces tourists to convert to KHR when topping up with a credit card. Funding flows are inefficient, exchange rates are punitive, and merchant acceptance is shaky at best.
Lending Quality & Portfolio Risk
Despite institutional strength, ACLEDA’s lending portfolio raises questions:
- NPLs (non-performing loans) above 5%
- Portfolio restructuring frequency is high
- Investigated by the IFC Compliance Ombudsman
- Allegations of forced collections and ethical breaches
- Criticism from opposition parties and international watchdogs
Cambodia’s credit culture is inherently unstable. Borrowers often fabricate loan purposes, spend proceeds on non-productive items, and expect restructuring or forgiveness.
"In Cambodia, loan applications are a work of fiction. Everyone knows it—from the borrower to the banker."
ACLEDA operates in this environment not as an outlier—but as its flagship.
Final Word: Solid Anchor, But Not Without Cracks
For serious investors and operators in Cambodia, ACLEDA is a necessary institution. It provides:
- Regulated banking
- USD liquidity
- Functional digital infrastructure
- Massive rural reach
- Trusted government relationships
But it’s not an innovation leader. Its future depends on navigating:
- Rising competition from ABA and Wing
- Persistent microfinance backlash
- A digital economy that’s moving faster than legacy institutions
ACLEDA isn’t glamorous—but it works, and it opens doors no other bank in Cambodia can.
⚠️ SIM Recovery Risk attributed to Metfone
Your wallet is tied to your phone number—your number is your financial identity. If your phone is stolen and the thief answers it, Metfone may refuse to reissue your SIM, even if you're the registered owner with full ID and a police report. Their actual response? “The number is in use.” Criminals know this. They exploit it to hijack your wallet, intercept transfers, and empty your funds before you reach a bank. Smart and Cellcard, to their credit, usually handle this better. Metfone, on the other hand, enables theft by design—as we have encountered as recently as April 2025. eSIMs can help in some cases, but thieves often know how to block wipes and preserve access. Until telecoms like Metfone are held accountable, your number is your weakest link.
Disclaimer
All information is accurate at the time of writing. Cambodia’s banking landscape is evolving. Always verify account requirements and service conditions directly with the bank. Banking Nerd assumes no liability for institutional changes, policy shifts, or unexpected regulatory behavior.
