Logo of Phnom Penh Post newspaper Phnom Penh Post - Anti-fraud software firm draws major clients

Anti-fraud software firm draws major clients

Anti-fraud software firm draws major clients

A year after a local technology company introduced new software to combat financial crime in Cambodia, four banks have started using the system to fight against money laundering and terrorism financing, the company’s executive said yesterday.

Chhor Sophanak, managing director of IdeaLink Consulting, said that his anti-money-laundering software, which was developed locally to reflect the needs of financial institutions in the Kingdom, is now being used by Sathapana, Canadia, ABA and Vattanac banks.

While Sophanak declined to disclose the value of the software that each bank had purchased, he said sales varied according to scale.

“The software helps financial institutions increase their speed in combating financial crime,” he said. “It supports the central bank’s initiative to combat money laundering and terrorism financing, which is good for building trust and attracting more investors to our country.”

In addition to banks, IdeaLink’s software is attracting attention from microfinance institutions, insurance companies and payment service providers.

According to Sophanak, the majority financial institutions in Cambodia have been using software to combat financial crime, but most of the technology has been developed abroad. Idealink’s software is the only locally-developed software in existence, and therefore is the best at combating financial crimes in Cambodia, he claimed.

Last year, IdeaLink signed a distribution agreement with Tess International, a Malaysia-based provider of software applications, to provide solutions to the financial sector by implementing anti-fraud and anti-money-laundering measures.

MOST VIEWED

  • Kingdom may hire Turkish power ship

    Cambodia is considering negotiating with Turkey to hire a 200MW-capacity power ship to meet electricity demands as the country faces an ongoing electrical shortage, according to the prime minister. Speaking to garment workers in Pursat province on Wednesday, Prime Minister Hun Sen said Electricite du

  • EDC tackles power shortfall

    Electrcite Du Cambodge (EDC) on Monday issued a statement updating the public on its efforts to tackle insufficient electricity supplies during the ongoing dry season. Reductions in electricity prices have resulted in a steady increase in consumers in the Kingdom, while local and international investors

  • Woman who scaled Cambodia’s three highest peaks eyes Everest

    One of the very few Cambodian women to have successfully reached the Kingdom’s three highest peaks is now eyeing Malaysia’s tallest mountain, Mount Kinabalu, and potentially even the world’s tallest straddling Nepal and China, Mount Everest. While in many Western countries it

  • Cheap, clean and efficient: The firm leading Cambodia’s solar revolution

    Sitting in her bright and airy 17th floor office, Rithya Menon, Okra Smart Solar’s lead firmware engineer, checks the frequently updating data telling her everything about how well their community services are operating. “I saw in the data that there was a problem with