Cambodia Post, a state-owned enterprise with plans to list on Cambodia’s bourse, will sign a memorandum of understanding (MoU) today with the Thai Post intended to provide electronic money transfer services between the two ASEAN neighbours. The initiative hopes to tap the growing remittance via brokers from Thailand to Cambodia.
Ork Bora, general director of Camobida Post, said remittance from Thailand sharply increased in recent years with the growing number of Cambodian migrant workers seeking work in the neighbouring country.
“We co-operate with them by providing this service because we noticed that a lot of our people are working there and sending a lot of money home with illegal brokers who charge too much,” said Bora.
“We will provide convenient and fast service for them. At the same time, our service charge is pretty low, even compared to commercial banks, and the service is very secure.” The service will officially commence today.
According to data from local human rights group Adhoc, about 400,000 Cambodian migrant workers were working legally in Thailand in 2012.
According to Bora, Cambodia Post signed a similar memorandum of understanding with Vietnam late last year and hopes to do the same in all ASEAN countries. So far, CP has about 30 offices nationwide.