Deal makes mid-sized lender the global firm's third Cambodia agent
Advanced Bank of Asia launched global money transfer services Monday through a tie-up with New York-listed MoneyGram International, the mid-sized lender's chief marketing officer said Tuesday.
Adel Legarta said the service would be available at all of the bank's seven branches - five in Phnom Penh and one each in Battambang and Siem Reap. An eighth branch will open in Phnom Penh this month.
She declined to predict demand for the service, but said MoneyGram had given the bank the "go-ahead signal" because there was "huge demand" in Cambodia.
"We will try our best to promote the service and we'll see from there, she said. "Nothing is impossible if you advertise."
In an email from Hong Kong Tuesday, MoneyGram Regional Marketing Manager Sabrina Chan also declined to release remittances figures.
The bank,which is majority owned by Kazakhstan-based private equity firm Visor Group, also has a long-standing tie-up with Philippine bank DBP allowing the Filipino community in Cambodia to send money home via bank remittances.
The deal gives MoneyGram three Cambodian agents, having already tied up with Canadia Bank and Cambodia Commercial Bank. Rival global money transfer firm Western Union also operates in Cambodia through ACLEDA Bank, Singapore Banking Corporation and Cambodia Asia Bank.
ACLEDA Executive Vice President So Phonnary said $41.2 million was transferred into Cambodia last year through ACLEDA-linked Western Union branches and $10.2 million out. In the first seven months of this year, $26.8 million was transferred in and $6.3 million out.
Legarta said the partnership was part of the bank's efforts to diversify and provide a full range of services.