The bustling Boeung Keng Kang 1 (BKK1) district in Phnom Penh, Cambodia, witnessed the grand opening of the first Emart24 store on June 21, marking a significant milestone in the collaboration between KB Prasac Bank and Saihan Partners. This event signifies the entry of KB Prasac Bank into the local payment market, supporting the financial infrastructure for Emart24’s operations in Cambodia.
The opening ceremony was attended by notable figures, including David Sambo, CEO of Sae Son Group, Park Jin-soon, Chairman of Hanlim Architecture Group, Kang In-seok, Executive Director of Emart24, Om Sam Eun, President of KB Prasac Bank, and Kim Hyun-jong, Vice President of KB Prasac Bank, along with approximately 200 other related personnel. This gathering underscored the importance of the event and the collaborative efforts behind it.
KB Prasac Bank, a subsidiary of South Korea’s KB Kookmin Bank, has been making strategic moves in the Cambodian market. The bank first entered Cambodia in 2009 by establishing KB Cambodia Bank. In 2021, it acquired 100% of the shares of Prasac Microfinance, making it a wholly-owned subsidiary. By July last year, KB Kookmin Bank had obtained approval from the National Bank of Cambodia to merge Prasac Microfinance and KB Cambodia Bank, leading to the launch of KB Prasac Bank in August.
In February, KB Prasac Bank signed a business agreement with Saihan Partners, a joint venture between Hanlim Architecture Group and Sae Son Group, to facilitate smooth financial service connections for Emart24’s entry into Cambodia. This partnership aims to leverage KB Prasac Bank’s advanced financial services to support Emart24’s operations.
The first Emart24 store in Cambodia is strategically located in BKK1, an area known for its vibrant Korean culture, including Korean marts, K-food, and Korean franchises. Saihan Partners plans to open 10 Emart24 stores within this year and 100 stores within five years. As more stores open, KB Prasac Bank plans to expand its payment service support accordingly.
Om Sam Eun, President of KB Prasac Bank, highlighted the bank’s future plans: “Starting with this first Emart24 store, we plan to sequentially apply advanced K-financial services such as QR payment systems, virtual account services, and firm banking to Emart24, thereby expanding our coverage in the Cambodian payment market.”
Kang Nam-chae, Vice President of KB Kookmin Bank’s Global Business Group, emphasized the strategic importance of this initiative: “Securing low-cost deposits through the expansion of QR…
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