Logo of Phnom Penh Post newspaper Phnom Penh Post - Banks unite with tech firm to ease transfers

Banks unite with tech firm to ease transfers

Banks unite with tech firm to ease transfers

Acleda Bank Plc and Kess Innovation Plc are partnering to launch a fund transfer and cardless cash service to streamline digital payments.

The partnership between Cambodia’s largest bank and the locally-owned digital fund transfer platform was announced last week as a way for customers to save time and reduce the cost of fund transfers and cardless cash deposits and withdrawals.

It is the second deal Kess has inked with a large bank in Cambodia, signing a similar partnership with Advanced Bank of Asia Ltd (ABA Bank) on July 24.

Acleda president and managing director In Channy said: “The purpose of the cooperation is to ease customers into doing transactions such as fund transfers between banking accounts and a Kess e-wallet account.

“This agreement will enable both parties to broadly expand fund transfer and cardless cash services throughout the country and enhance the development and use of FinTech to be even more convenient, effective, efficient, and safe.”

Kess chairman Pes Kimsrean said Acleda’s customers will experience a new technology that is fast, reliable and secure. “We are delighted to be strategic partners with Acleda Bank.

“After three years of hard work, we believe the market is now mature enough to use our flagship product Kess Chat, which connects local farmers to consumers and vendors to suppliers and accepts Wechat, Alipay, Visa, MasterCard, and Acleda ATM Card,” Kimsrean said.

Acleda Bank Plc said in May it had total assets of 25.01 trillion riel ($6.15 billion), total outstanding loans of 16.22 trillion riel ($3.99 billion) and total deposits of 17.69 trillion riel ($4.35 billion).

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