Singapore-based digital cross-border payments platform Nium Pte Ltd and Cambodia’s Phillip Bank Plc on Thursday announced a partnership agreement to provide cross-border payments to the bank’s customers.

Nium co-founder and CEO Prajit Nanu said: “We are delighted to be working together with Phillip Bank to power their outward remittances. This relationship further cements Nium’s position as a leading provider for cross-border transactions in Southeast Asia.

“With Nium, Phillip Bank clients will be able to realise faster turnarounds, while being more confident about delivery times and payout amounts.”

Phillip Bank CEO Ong Teong Hoon said the partnership is significant and comes at an exciting stage of its evolution.

“With Cambodian businesses and institutions increasingly engaging with their global counterparts and exploring new possibilities for collaboration, we must expand our cross-border payment capabilities into key markets across the world.

“We are already witnessing increasing demand from our customers for cross-border payment services. We are confident that Nium’s services will complement our offering and further strengthen our capabilities in serving our clients,” Ong said.

Nium – formerly known as Instarem Pte Ltd – already powers payments at four of the top 10 Southeast Asian banks and leading financial institutions across the globe.

Phillip Bank commenced business in the Kingdom in 2009 as Hwang-DBS Commercial Bank Plc.

In February 2014, the bank changed to its current name after Singapore-based Phillip Capital Group received approval from the National Bank of Cambodia (NBC) to acquire 100 per cent of its shares.

The bank recently received approval from the NBC to merge with Kredit Microfinance Institution Plc, which is wholly owned by Phillip Capital Group member Phillip Microfinance Institute Pte Ltd.

Following the merger, Ong said, there would be between 80 and 90 Phillip Bank branches throughout Cambodia, with it among the largest banks in terms of branch network.

Phillip Capital Group has a value of nearly $2 billion in shareholder’s equity and its membership spans more than 16 countries.