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.