Singapore, 30 April 2020 – AMK, the provider of microfinance services in Cambodia announced today its partnership with Thunes (formerly known as TransferTo), the leading global cross-border payment provider to facilitate international remittances to Cambodia. This partnership aims at increasing the accessibility and availability of financial services for all Cambodians including populations living in remote areas.
This new partnership brings faster, more accessible and affordable remittances in Cambodia. With 12% of the total population living abroad, mainly in Thailand, Malaysia and South Korea, the coverage of AMK branches even in rural areas, is set to promote financial inclusion in remote areas and enable better access to funds for Cambodians receiving remittances from abroad.
This new partnership enables microfinance institution AMK to become a remittance provider, thus bringing the benefits of such services to 900,000 of its customers. Thunes’ network, including more than 80 markets and 300 partners will allow international transfer to get sent directly to AMK. With a network of more than 5,500 Agents running in 25 provinces and cities across Cambodia and covering 90% of total villages with 149 offices, AMK will now be able to disburse remittances directly into the bank accounts of their customers or at any of their cash pick up centers.
“Our mission is to help large numbers of poor people to improve their livelihood options through the delivery of appropriate and viable microfinance services. With Thunes, we are able to bring Cambodia migration workers closer to their family by allowing them to transfer money to family living in Cambodia.” noted Roattana Chea, Head of Channel and Operations, AMK.
“Working with AMK is another example of the importance of our network. Moving money across borders to enable our partners’ customers to finance their daily lives is key. We have seen the impact it has and we are committed to ensuring our partners get the best cross-border payment services.” commented Peter De Caluwe.
With growing cross-border payment demand, Thunes is rapidly expanding its network in the region as well as internationally. AMK is the latest member of Thunes’ network joining Xcoop Argentina, MTN Uganda, and Vodacom Tanzania.
About AMK
The origins of AMK Microfinance Institution Plc. (AMK) trace back to Concern Worldwide’s microcredit interventions in the 1990s. As operations grew, in 2002 Concern decided to create a separate microfinance company which became known as AMK. By 2003, AMK was functioning independently of Concern and subsequently received its license from the National Bank of Cambodia (NBC) in 2004.
In 2018, AMK reached 15-year milestones and opened a new chapter to welcome a new shareholder and become a member of the Shanghai Commercial & Savings Bank family. In addition, AMK has successfully migrated to the new core banking system, and rolled out “One-Stop Shop” financial services nationwide.
AMK’s continued its efforts and objectives to offer sound and viable One-Stop Shop financial services to the unbanked low-income customers, especially those who live in a rural area.
AMK MFI Plc is one of the leading microfinance in terms of outreach and customer we served. As of December 31, 2019, AMK operates in 90% of total villages with 149 offices, over 3,000 experienced staff, 56 ATM/CDM, and over 5,500 Agents running in 25 provinces and cities across Cambodia. AMK served nearly 900,000 customers, with a loan portfolio of over USD 315 million, and a deposit with over USD 180 million. AMK also offered micro-insurance on health and accident to over 325,000 of its loan clients nationwide to cover them from undue financial stress.
AMK provides a variety of adequate financial services, including loans, deposit, leasing, local and international money transfers, micro-insurance, Bill Payment, Payroll Service, Agent Banking, Mobile Banking, ATM/DCM, and other affordable financial services.
Source: thunes.com