Nasdaq-listed Euronet Worldwide Inc’s Ria Money Transfer has partnered with locally-owned ACLEDA Bank Plc to provide additional options for cross-border money transfer services to and from the Kingdom, amid a growing number of overseas Cambodians and burgeoning demand for remittance solutions.
“There are at least 1.3 million Cambodians living and working abroad and more than two-thirds of them send money home. Last year they sent $1.25 billion home to Cambodia, eight per cent more than in 2021. Remittances to Cambodia come from France, Canada, the United States, Australia, Thailand, Malaysia, South Korea and Japan, among others,” according to a March 9 press release issued in connection with the partnership.
“Partnering with ACLEDA expands Ria’s presence in Cambodia, adding almost 300 cash pickup and payout locations for a total of 4,318 locations in the country.
“Money sent by customers anywhere in the world through Ria’s network to a Cambodian bank account is delivered in real time, arriving just moments after the sender completes the transaction.
“This expansion of Ria’s network includes convenient services such as cash payments, cash collection in both KHR [Cambodian Riel] and USD [United States Dollars] and account deposits,” it said.
Juan Bianchi, CEO of Euronet’s Money Transfer segment, is confident that the tie-up will meaningfully improve Ria’s capacity to serve its customers, while solidifying its regional foothold.
“Remittances continue to be a vital source of income for people in many countries, and at Ria, we are committed to helping people who are living and working far from home have access to the money transfer services they need to build a better everyday life,” he said in the release.
ACLEDA president and group managing director In Channy claimed that Ria Money Transfer as a third-party processor, in delivering the partnership’s objectives, “will ensure sustainability and growth to all ACLEDA stakeholders, its shareholders, its staff and the community at large.
“We are very pleased to partner with Ria Money Transfer to increase coverage and financial inclusion for customers.
“This cooperation will enable all kinds of customers – both Cambodian people and foreigners – who are working, doing business and/or living in Cambodia and the rest of the world to transfer funds from and to Cambodia through Ria Money Transfer, with more than 500,000 retail locations throughout the world,” the release quoted him as saying.
The released added: “Ria is the second largest money transfer company in the world … [and] ACLEDA is the largest bank in Cambodia, offering customers and remittance recipients approximately 300 convenient locations nationwide to access Ria’s global money transfer service.
“The Bank has four subsidiaries, they are ACLEDA Institute of Business, ACLEDA Securities Plc, ACLEDA Bank Lao Ltd, and ACLEDA MFI Myanmar Co Ltd as well as representative offices in [Myanmar].
“By the end of December 2022, ACLEDA Bank had $8.92 billion in total assets, $6.25 billion in total credit balances, and $6.22 billion in total savings deposits with over 3.98 million customers,” it said.