Acleda Bank, the largest Cambodian Bank by assets, has signed up to Temenos’ T24 R12 core banking system.

The system is expected to launch in the first quarter of 2013.

In Channy, CEO of Acleda Bank, said: "We are experiencing huge expansion opportunities to connect with the unbanked and this upgrade project is part of our aggressive strategy to do just that."

The new software will allow Temenos to further expand into the untapped Cambodian market, only 4% of which has a formal bank account.

David Arnott, CEO of Temenos, said: "The key to banking the unbanked is cost of provision, rather than problems of access or demand. As Acleda has grown and expanded beyond microfinance to fully-fledged retail banking, T24 has enabled it to extract economies of scale, and as such, lower the cost of providing basic banking services."

Arnott added: "This has been key to Acleda’s ability to grow customer numbers and revenues so quickly."

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Acleda operates 238 branches across Cambodia and has recently reached the one million customer mark.