Effective from yesterday, customers will be able to repay loans to Phnom Penh Commercial Bank (PPCBank) via TrueMoney agents and TrueMoney’s e-wallet.
The announcement was made at the signing of a memorandum of understanding (MoU) between PPCBank and TrueMoney, one of Cambodia’s best-known financial technology (fintech) companies, to make loan repayments more convenient for bank customers.
To witness this partnership, customers will enjoy a three-month free fee-waiving promotion on loan repayments starting from Sept 23 until Dec 31. Customers will be able to make repayments through the TrueMoney wallet or in person at TrueMoney’s more than 10,000 outlets across the country.
TrueMoney (Cambodia) Chief Strategy Officer Khuon Frandara said that TrueMoney is one of the strongest regional fintech companies across six countries, namely Cambodia, Myanmar, Thailand, Indonesia, Vietnam and the Philippines.
TrueMoney has a network of 65,000 agents across the six countries. The MoU with PPCBank is a strategic partnership, Frandara said. “I think in the future we will try to serve our Cambodian customer better. We will bring convenience into digital adoption,” she added.
“With this momentum, we are looking at enhancing further services and partnerships together to develop and make thrive financial inclusion in Cambodia and have a social impact to improve their lives that is the whole idea that PSI [payment service institution] partners with the bank. We do not want to compete with each other. We want to build an eco-system and added value to Cambodians’ daily lives,” she added.
PPCBank Chief Executive Officer Shin Chang Moo said that partnership and cooperation are in PPCBank’s DNA because PPCBank always looks for the best way to provide a differentiated experience to its customers in terms of physical and virtual services.
He said that now the number of e-wallets in Cambodia exceeds 5 million accounts, which is twice as many as bank credit cards. PSIs achieved that in less than three years.
“This partnership with TrueMoney is special and has so much potential and there is room for it to grow because TrueMoney has the strongest presence in the region,” he said. “We believe that finding a good partner is priceless. The reputable name of TrueMoney would definitely give peace of mind to our customers when it comes to repaying loans through third parties.” Regionally, TrueMoney already has a number of partnerships in place. In Myanmar, TrueMoney announced a partnership with lifestyle app OnePay, enabling customers to cash-in and cash-out from an increased number of locations throughout the country.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.