NMB Bank has won the prestigious “Bank of the Year 2021 Asia” awards recently. This is for the first time in the banking history of Nepal. It is a glorious achievement for the financial market of Nepal that, it has outnumbered all other top international banks in the regional levels and won this award.
NMB Bank is the first bank of Nepal to receive “Bank of the Year Asia” award. It has stood out among other prominent international banks like DBS Bank, Singapore; Woori Bank, Korea; Agricultural Bank of China and others. The Banker Magazine announced this title to NMB Bank on the 1st of December from London.
The bank held a press meet at Everest Hotel yesterday and unveiled the award. The award was handed over to the bank by Rt. Honorable Prime Minister Sher Bahadur Deuba.
Regarding this achievement, PM Deuba congratulated the bank’s entire family and said,
” NMB Bank has made a history by winning this world-renowned title. This achievement by the bank is exemplary for the overall financial sector of Nepal.”
Not only that but also the bank has won “The Bank of the Year 2021” this year. This is the award for the national level. This is the fourth time in these last 5 years that the bank has made it to the top in National level. Last year too, it was NMB Bank who won this title in the country.
NMB Bank has already won “The Bank of the Year” award in 2017, 2018, 2020 and 2021. Hence, it has made history this year by becoming the outstanding bank both in the national and regional level.
What is “Bank of the Year Asia” award?
Bank of the Year Asia award is a flagship award event by the popular British financial magazine “The Banker” by Financial Times. It started back in 2008 where each year, outstanding banks of various countries in the 6 regional levels are selected. The individual banks that stand out in their respective regions among Western Europe, Mid-Eastern Europe, Asia, America, the Middle East, and Africa receive the award.
The Banker magazine nominates the eligible banks for this award under the following criteria:
- Growth and operations style
- Strategic Efforts of the bank
- Digital adaptation in banking services
- Efforts for the Sustainable Development
- Bank’s ability to combat unfavorable situations like systematic and unsystematic risks
Nepal Rastra Bank too approves the standards set by this award for the banks in Nepal. Such a prestigious award, being received by the Nepalese Bank for the first time, is itself a great achievement for all the Nepalese.
Why did NMB Bank win “Bank of the Year Asia 2021” award?
After becoming the “A” class financial institution from the finance company in Nepal in 2008, NMB Bank has made great efforts in becoming the most valued bank of Nepal. Its growth prospects, financial indicators, digital transformation, and corporate culture are the main reasons behind this selection. It has aJoint Venture Agreement with the Dutch Development Bank- Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO).
Unlike other banks, it has focused mainly on sustainable banking in Nepal. It is the first bank to invest in hydropower projects, giving the credit for capital accumulation in the most prospective sector of the Nepalese economy. Similarly, the growth trajectory of this bank has risen much after introducing various digital banking services.
Some of the major standalone efforts by NMB to provide digital banking services to the customers are:
- Introduction of account opening through video call for the first time in Nepal
- Formation of Omnichannel banking such that you can directly chat with the bank’s staffs through Facebook and Viber
- First bank to issue energy bond in Nepal
- First Nepalese Bank as the member of Global Alliance for Banking on Values
What does this award mean for Nepal? What are the future plans of NMB Bank?
Nepalese financial sector has not very long history. Moreover, the practice of digital banking is a very new concept. Yet again, we are pretty quick in adapting the practices like digital banking, digital payments, digital governance, and so on. Furthermore, many banks, payment systems, and even governmental authorities are competing to disrupt the customer’s experiences through digital transformation.
In this regard, NMB Bank is supporting the goal of #digitalnepal by reaching out to the grassroots level as well for digital banking. It has introduced the “NMB Saapati” campaign where you could get a loan within 24 hours of processing, without any paperwork. Similarly, its focus on sustainable development through banking services and investments shows signs that this is going to stay and rule in the financial market of Nepal.
While the Nepalese banking system still lacks credit scoring and other financial instruments, winning this prestigious award among other big international banks has made history for Nepal. This gives a message that Nepal also can lead in the financial system. After winning the “The Bank of the Year Asia 2021” award, NMB Bank’s CEO Mr. Sunil KC shared on behalf of the entire team that they would put more effort to become the most sustainable and convenient bank of Nepal. They are also focusing on supporting SMEs by easing credit lending processes. Moreover, it is noteworthy that NMB Bank is the first bank in Nepal to provide prepaid dollar card approved by NRB for international payment gateway. This card is available virtually as well.