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).

MOST VIEWED

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • Cambodia to make auto-rickshaws

    Locally-assembled electric auto-rickshaws could hit the Cambodian market as soon as early in May after the Council for the Development of Cambodia (CDC) gave the greenlight to an investment project at the weekend. According to a CDC press release, it will issue a final registration