Logo of Phnom Penh Post newspaper Phnom Penh Post - AMK, HK firm to boost SEA cross-border cash transfers

AMK, HK firm to boost SEA cross-border cash transfers

AMK, HK firm to boost SEA cross-border cash transfers

AMK Microfinance Institution Plc and Hong Kong-based global financial settlement network EMQ Ltd on Tuesday announced a partnership agreement to streamline cross-border money transfers across Southeast Asia.

The partnership will enable AMK to integrate with EMQ’s extensive global network for secure, compliant and cost-effective cross-border solutions, making financial services more accessible and inclusive for their customers and families across the region, a joint statement said.

AMK’s customers in Cambodia will be able to transfer money in real-time and benefit from a full range of payout options including instant cash pickup, bank deposits to partner banks, deposit into a mobile wallet and home delivery of cash to support their families back home across Southeast Asia.

This, it said, will cultivate a more inclusive economy for a region, where only 27 per cent of the population have access to financial services.

EMQ co-founder and CEO Max Liu said remittances provide a lifeline for millions of households in developing countries, particularly in Southeast Asia, where EMQ has a long standing commitment in providing affordable, secure and reliable cross-border money transfers to the communities in the region.

“By connecting AMK directly to our global network, we are offering our customers the best possible choices and flexibility to send money home effortlessly within minutes. We are excited to partner with AMK to make a positive impact in Cambodia and beyond,” Liu said.

AMK CEO Kea Borann said the partnership will expand his institution’s coverage on the regional and international levels and provide customers more convenience, security and speed.

“Our partnership with EMQ marks an important milestone in our next phase of growth as we continue to expand our presence across the world’s top recipient-receiving countries to best serve our customers’ needs,” he said.

As of December 31, AMK operates in 90 per cent of the Kingdom’s villages and boasts 149 offices, more than 3,000 staff, 56 ATMs/CDMs and more than 5,500 agents across 25 provinces and cities.

It served nearly 900,000 customers, had a loan portfolio amounting to $315 million, while deposits stood at $180 million.

It also provided health and accident micro-insurance to more than 325,000 clients nationwide.

MOST VIEWED

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia resumes issuance of tourist visas

    The Ministry of Foreign Affairs and International Cooperation has announced the resumption of its tourist visa and visa exemption programme after a long hiatus due to the Covid-19 pandemic. In a letter dated October 20 and addressed to foreign embassies and consulates, foreign minister Prak Sokhonn

  • S’ville set to turn into ‘second Shenzhen’

    The Ministry of Economy and Finance has awarded a master plan consultancy contract to top Chinese institute for the development and transformation of Preah Sihanouk province into a “Model Multi-Purpose Special Economic Zone”, Southeast Asia’s next logistics and resort hub and innovation centre. The