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

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Cambodia at ‘most critical moment’, Hun Sen warns

    Prime Minister Hun Sen said the first community transmission of Covid-19 in Cambodia has led the country to the “most critical moment” that warranted urgent, large-scale operations to contain the pandemic. Hun Sen, who confirmed the first local transmission on November 28, said the source of

  • PM confirms community transmission, calls for unity

    Prime Minister Hun Sen has called on the public to stay calm, unite and follow the Ministry of Health guidelines after the wife of a senior official tested positive for Covid-19 in the Kingdom’s first case of community transmission. The case has drawn criticism

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there