Sathapana Bank Plc and Singapore-based fintech start-up Fincy on Saturday announced a partnership agreement to provide a quick and safe digital money transfer service to customers of both institutions.
Through the agreement, money can be instantly transferred between Sathapana accounts and Fincy digital wallets using either the Sathapana Mobile or Fincy app.
Fincy customers can deposit funds to their Fincy Wallet at any Sathapana Bank branches in Phnom Penh, Siem Reap and Sihanoukville.
Sathapana Bank CEO Lim Aun said his institution’s latest alliance underscores its commitment to exploring new ways in which technology can improve customer service and operations.
He said: “Through the partnership, we are also able to encourage unbanked Cambodians to open bank accounts that bring them directly to the formal financial sector – it benefits everyone.
“We are fully committed to continuing to offer effective digital platforms for customers to move money to support any personal or business needs wherever they are in the country.”
Zwan Ross Lee, CEO of Fincy’s operations in Cambodia, said the digital money transfer service places more financial control in the hands of Fincy users and Sathapana customers, and enables more possibilities.
It gives them better command over tasks such as processing funds for routine daily financial transaction made through Fincy Wallet, allocating funds for purchases or other investment decisions, or ensuring that the Fincy Wallet is topped up, he said.
“With this launch, we have reached another milestone in our quest to serve the diverse money transfer and deposit needs of our customers.
“This partnership between Fincy and Sathapana is grounded in our mutual commitment to financial inclusion and to expanding the number of people in the banking system, which ultimately creates more financial security and opportunity for Cambodians.
“How we serve our users and customers is to develop tools and ecosystems that help them build financial futures.
“We at Fincy want to serve the financial needs of customers and ensure they have the tools to facilitate immediate and long-term financial decisions they need to make. Fincy is here to ensure families and businesses succeed. We are proud to be here and to be a part of Cambodia’s exciting economic story,” Lee said.
On September 9, Fincy announced the expansion of its cashless payment system to Sihanoukville to tap into the southwestern coastal city’s ever-widening business and investment landscape.
On June 12, it said it had received $11 million from its parent company GBCI Ventures Pte Ltd for its expansion in Southeast Asia.
The National Bank of Cambodia (NBC) on October 27 launched an inter-bank mobile payment platform, known as the “Bakong System”, aiming to give a powerful impetus to rural financial sector development and nurturing financial inclusivity in the country.
The system enables payments between banks and financial institutions, improving the efficiency and safety of the payment system, boosting financial inclusion and promoting cashless payments in the local currency.
The number of active e-wallet accounts in the Kingdom hit 5.22 million last year, a marked 64 per cent surge from 2018, the NBC reported in June.
It also noted that the number of deposit accounts at financial institutions reached 7.62 million last year.
The volume of money transfers via banks and Payment Service Institutions (PSIs) constituted $57.99 billion last year, or 213 per cent of the gross domestic product (GDP), data compiled by the NBC show.
Meanwhile, mobile payments via banks and PSIs equalled 22.9 per cent of 2019 GDP.
Source: phnom penh post