BIC Bank Taps TranzAxis from Compass Plus Technologies to Fuel Business Expansion
- 30.11.2022 10:50 am
BIC Bank, one of the fastest-growing commercial banks in Cambodia, has successfully migrated its in-house processing centre to Compass Plus Technologies’ award-winning payments platform, TranzAxis. The migration to the new system enables BIC Bank to significantly expand its digital offering, starting with the addition of Mastercard debit cards to its portfolio.
After BIC Bank received its commercial banking license from the National Bank of Cambodia (NBC) in 2018, the bank set its eyes on expanding its business, aiming to build upon the 1,000 debit cards it had at the time to issue 100,000 debit cards within five years. To fuel this growth, BIC Bank needed a reliable and proven solution to meet its current and future requirements.
After scoping out various payments platforms, the bank selected TranzAxis, as the platform had the flexibility and scalability it required and embarked on the project with Compass Plus Technologies to migrate its in-house processing centre. Since then, BIC Bank has established a connection with Mastercard - one of the most popular payment schemes in Cambodia – to enable it to issue Mastercard-branded debit cards, accept them at its ATM and POS terminal networks, and ensure safer online transactions using 3DS authentication. It has also integrated with the local Cambodian Shared Switch (CSS). To ensure the migration went smoothly, Compass Plus Technologies drafted in its regional partner, eCam Solution.
Vithou Pen, Managing Director of eCam Solution Co., Ltd., commented: “It was great to be a part of BIC Bank’s journey and to be able to provide support on such a large migration project, ensuring the project went without any issues and was delivered on time.”
In the future, BIC Bank plans to use TranzAxis to aid its mission to become a Third-Party Processor (TPP) and support smaller banks and financial institutions in the region. The bank is also planning to offer credit cards, which it is currently piloting.
Eat Chetrasorivong, Group Chief Technology Officer at BIC Bank, said: “Our migration to TranzAxis was strategic for us. We needed a system that could not only meet our requirements today, but aid our long-term business expansion plans. We are sure we made the right choice, and are looking forward to working with our partners at Compass Plus Technologies and eCam Solution in the future.”
Igor Simonov, AVP, Business Development and Sales Manager at Compass Plus Technologies, said: “BIC Bank is an ambitious and innovative FI with some great projects in the pipeline. We are delighted to partner with the bank and help them on this vital journey of business expansion in Cambodia.”