THE Bank for Investment and Development of Cambodia has partnered with Cambopay to launch an SMS banking service in the Kingdom.

The two Vietnamese-owned companies would not disclose the financial details of the deal, but BIDC officials did say the service would be free for customers through September 30.

“The new service will provide convenient financial solutions for customers, using mobile phones,” said BIDC Vice Chairwoman Nguyen Thi Ngoc Ha.

SMS banking allows customers to conduct transactions such as account balance inquiries amd fund transfers via their handsets.

Cambopay, which aims to works with banks and other service providers to deliver non-cash payment products, will handle the technology behind the BIDC’s new offering.

The firm’s chairman Tran Tri Manh said high growth rates in the Kingdom’s telecommunications market demanded this type of banking service. “Introducing banking utilities to customers via mobile phones is a move in the right direction,” he said.