By Rana Maqsood

Copyright finchannel

When BIC Group opened the doors of its fledgling bank in Phnom Penh in August 2018, few would have imagined that within less than a decade it would become one of Cambodia’s most ambitious conglomerates, with activities stretching from high-street banking to luxury yachts.

Founded around B.I.C. (Cambodia) Bank, the group has since evolved into a diversified platform that straddles finance, property, insurance, fiduciary services, and cross-border investments. In a market long dominated by foreign players, BIC has carved out a role as a home-grown champion with regional aspirations.

At the centre of the story is Yim Leak, the group’s chairman and controlling shareholder. He has steered BIC with an eye for niches that could propel the company beyond Cambodia’s relatively small domestic market, aiming to provide local investors with the same breadth of opportunities available in neighbouring financial hubs.

Banking on growth

The group’s flagship remains BIC Bank, licensed by the National Bank of Cambodia in 2018. Starting with basic retail services, the bank has steadily moved into investment banking, wealth management and digital finance, most recently launching a Mastercard credit card to tap the country’s growing middle class and its shift towards cashless transactions.

BIC has not shied away from bold regional moves.

Earlier this year, the bank briefly held almost 10 per cent of Finansia X Public Company Limited, a Thai brokerage, in a bid to link Cambodian investors directly to Bangkok’s capital markets. Although the stake was later sold on, it demonstrated the group’s intent to play across borders.

Beyond the bank

BIC’s ambitions extend well beyond mainstream banking. Through BIC Markets, the group operates one of Cambodia’s first regulated forex and CFD brokers, licensed by the country’s Securities and Exchange Regulator. It has also launched GLX (Global Liquidity Exchange), positioning itself as a regional hub for foreign exchange trading.

Real estate is another pillar. Via Kulen Property Group and BIC Development, the company is developing commercial and residential projects in Phnom Penh, betting on the city’s transformation into a regional business hub.

Then there is BIC Trust, created after Cambodia passed its first law on trusts in 2019. The business provides fiduciary and fund administration services, another frontier sector in a market where wealth management is still nascent.

Perhaps most eye-catching is BIC Marine, which struck a partnership with Australia’s SilverYachts to bring luxury superyachts to Southeast Asia. While far from the bread-and-butter of banking, it underscores the group’s willingness to explore niches that boost its visibility and global cachet.

A Cambodian champion with global ambition

In a region where few Cambodian companies have managed to scale across borders, BIC’s rise is striking. From a standing start seven years ago, the group has built a footprint that spans traditional banking, fintech, property development and luxury lifestyle markets.

The success of BIC seems to lie in a simple formula: leverage Cambodia’s growth story while giving local clients access to regional and global opportunities. If the group can continue to deliver on that promise while navigating scrutiny, it may yet become a model for how Cambodian enterprises can compete — and thrive — on the ASEAN stage.