SBI LY HOUR Bank receives licence from National Bank of Cambodia for cross border money transfers utilising DLT.
SBI LY HOUR Bank, one of the fastest growing commercial banks in the Kingdom, received a licence from the National Bank of Cambodia for cross border money transfers utilising distributed ledger technologies (RippleNet), to provide safe, fast and convenient services.
SBI LY HOUR Bank is the first commercial bank to get approval to utilise block-chain technology for international fund transfers.
Customers have traditionally needed to wait two or three days to send or receive funds outside the country.
With the new DLT technology, customers are able to send or receive funds in real-time safely and conveniently.
Currently, customers are able to send money via SBI LY HOUR Bank to Vietnam, and the receiver can receive the money within an hour. SBI LY HOUR Bank will explore new markets to serve customer demand.
DLT allows clients to securely verify, execute and record their own transactions without relying on an intermediary. Transactions are executed faster while ensuring safety and transparency.
SBI LY HOUR Bank CEO Soeurng Uth said: “To have such real-time and low-cost money transfers, the new service absolutely benefits the Cambodian people. Customers will be able to quickly transfer out via our bank partnerships. This connection allows customers who have a Bakong account – the mobile payment system initiated by National Bank of Cambodia – to instantly make fund transfers into their account.”
SBI LY HOUR Bank strives to introduce new banking technologies into the Kingdom to serve Cambodians and build human resources capacity by absorbing new technological platforms and transformations.
About SBI LY HOUR Bank: www.sbilhbank.com.kh.
SBI LY HOUR Bank Plc. is a subsidiary of SBI Holdings (http://www.sbigroup.co.jp) which was established in July 8, 1999 and is a listed company in the Tokyo Stock Exchange (the “Group”). The Group which headquarters in Tokyo, Japan currently has more than 300 companies over 22 countries and regions in the globe. The Group globally operates business in particular segments such as financial services, asset management, biotechnology, healthcare and medical informatics and others.
As of the end of March 2021, the Group has consolidated total assets of USD65.1 billion, total paid-in capitals of USD891.70 million, and total revenues of USD4.89 billion. The Group is building a stronger corporate organisation by pursuing and exercising “synergies” through effective utilisation of management resources and organic coordination of business know-how within the Group.
For further information, please contact: SBI LY HOUR Bank Plc on 855-12 862 821.
