Tuesday 26 March 2024
Shinhan Bank (Cambodia) Plc., Signs Long-Term Strategic Bancassurance Partnership with Forte General Insurance and Forte Life Assurance for Compassionate Finance
By Forte Life

Phnom Penh, March 20, 2024, Shinhan Bank (Cambodia) Plc. is pleased to announce the launch of an innovative partnership between Forte Insurance (Cambodia) and Forte Life Assurance (Cambodia) Plc., aiming to transform the finance and insurance landscape in Cambodia. Under the theme "Compassionate Finance to Live with Confidence," this collaboration represents a significant milestone in delivering specialized financial and insurance services tailored to the needs of Cambodian consumers and businesses.



The partnership launching ceremony, held at the prestigious Hyatt Regency Phnom Penh, was graced by the esteemed presence of:


  • His Excellency Bou Chanphirou, Director General of the Insurance Regulator of Cambodia (IRC),
  • Em Kamnan, Deputy Director General of Banking Supervision Directorate General, National Bank of Cambodia (NBC),
  • Lun Samol, Director of Banking Supervision 1, National Bank of Cambodia (NBC)
  • Hor Sovathana, Deputy Director General of the Insurance Regulator of Cambodia (IRC),
  • Huy Vatharo, Chairman of the Insurance Association of Cambodia (IAC),


Also in attendance were the top management representatives from Shinhan Bank (Cambodia) Plc., and Forte Insurance (Cambodia) and Forte Life Assurance (Cambodia) Plc., including:


  • Youk Chamroeunrith, Chairman of Forte Insurance (Cambodia) Plc.
  • Charles Cheo, Chairman of Forte Life Assurance (Cambodia) Plc.
  • Park Hee Jin, CEO of Shinhan Bank (Cambodia) Plc.
  • Prou Sythan, CEO of Forte Life Assurance (Cambodia) Plc., and
  • Suy Channtharong, CEO of Forte Insurance (Cambodia) Plc.



In this partnership, our goals are twofold: to expand banking products and solutions and enhance insurance offerings, including life and general insurance, with innovative products. By combining our expertise and resources, we aim to provide exceptional convenience and value, ensuring customers' financial security and peace of mind. Our collaboration, themed "Compassionate Finance to Live with Confidence," represents a significant step in delivering tailored financial and insurance services to Cambodian consumers and businesses.


Mr. Prou Sythan, CEO of Forte Life Assurance, expressed gratitude to both management teams of Forte Life Assurance (Cambodia) Plc. and Shinhan Bank (Cambodia) Plc., highlighting the importance of guidance from the Insurance Regulator of Cambodia and the National Bank of Cambodia. He emphasized the strategic alignment between the Korean business community and Shinhan Bank (Cambodia) Plc., focusing on futuristic approaches in innovation and digitalization, executed through electronic platforms like the SOL Mobile Banking and Forte Life's App.


Mr. Park Hee Jin, CEO of Shinhan Bank (Cambodia) Plc., stated, "We are proud to partner with the best domestic insurance provider, Forte Insurance and Life Assurance. The Cambodian Insurance market will continue to grow and become more important in the future. This is why Shinhan Bank (Cambodia) Plc., decided to pursue a 'Bancassurance Business' and partner with Forte Insurance and Forte Life Insurance, a leading and most loved insurance company by customers. We firmly believe that we can give our customers happiness and trust by providing 'Forte' and Shinhan Bank' customer-oriented products and services."


Mr. Suy Channtharong, CEO of Forte General Insurance, expressed his excitement and commitment about how the three organizations' strategic partnership will allow them to create more outstanding financial solutions that will safeguard individuals' and companies' financial security while simultaneously promoting the growth of the national economy through possible business opportunities. He added that by combining the deep expertise of each institution, the collaboration will enable customers to live with confidence.



About Forte Insurance  


Forte is leading the growth of the insurance industry in emerging Southeast Asia with its vision to protect and empower everyone in the region for a better future – one person, one business at a time.


Founded in Cambodia in 1999, Forte has remained true to its mission to provide innovative customer-focused products and services, build capacity in people and contribute to the progress of the insurance industry in the markets they operate in. Forte is the oldest and largest insurance group in the country which leads the market in general insurance for the gross premium basis and life insurance in terms of number of lives.


Offering both general and life insurance in Cambodia, and general insurance in Laos, Forte is the preferred partner of multinational insurers and provider of most holistic insurance solutions in Cambodia. 


Forte is also an employer of choice that offers a collaborative workplace which rewards achievement and provides opportunities for employees to grow through professional education and development.


Find out more from their website: www.forteinsurance.com


About Shinhan Bank Cambodia (Cambodia) Plc:


Shinhan Bank (Cambodia) Plc. was established since 2007 and is a subsidiary of Shinhan Bank, the largest and most trusted bank in South Korea.


Shinhan Bank which operates in 20 countries around the world, is a bank that puts customers first and is working hard to become a bank loved by customers in Cambodia. The bank offers a diversified portfolio of tailored corporate and consumer banking products and solutions.


Shinhan Bank is delighted to win the title “Most Innovative Digital Bank Award” in 2022 from Global Business Outlook, which the result is distributed from our customer trust and support.


Find out more from their website: https://www.shinhan.com.kh/en

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