Bank’s customers can now send and receive money through 32 branches in the country via Ria Money Transfer And on Prince Mobile App at the end of the month.
The customers of Prince Bank Plc, one of the fastest-growing banks in Cambodia, can now send and receive money internationally through any of its 32 Prince Bank branches in the country via Ria Money Transfer.
Prince Bank and Ria Money Transfer, a business segment of the Nasdaq-listed Euronet Worldwide and a global leader in the cross-border money transfer industry, yesterday announced a business partnership to enable customers to do international remittances through Prince Bank’s channels.
The organisations announced the launch of the partnership at a glittering ceremony at the Sofitel Phnom Penh Phokeethra yesterday.
The bank’s customers will now get access to Ria’s extensive global network of more than 490k locations. Similarly, by the end of May, customers will be able to use their Prince Mobile app to make money transfers through Ria seamlessly on a secure and convenient platform, the bank officials said.
Honn Sorachna, Managing Director and CEO of Prince Bank, speaks during the partnership signing ceremony between Prince Bank and Ria Money at the Sofitel Phnom Penh Phokeethra in Phnom Penh yesterday. Supplied
It brings significant benefits to international funds transfer as customers can send money anywhere, anytime through the app conveniently and securely. Prince Bank officials said the bank had invested heavily in digital enhancements and transformation to be at the forefront of the current digital age, aiming to serve its customers in the Kingdom better.
While explaining the significance of the partnership, Honn Sorachna, Managing Director and CEO of Prince Bank, said, “At Prince Bank, we have a long-term vision of providing the best banking service to serve our customers locally and globally, and international remittance is one of the crucial services that pivots towards the vision and business objectives. At Prince Bank, we constantly try harder to not only meet but exceed our customers’ needs and wants. Ultimately, we want to be the bank of choice for Cambodians.”
“It is an honour and great opportunity for Prince Bank to partner with Ria Money Transfer to enhance our international remittance services. We have always strived to use innovation to provide the best solution and services, and we work harder to fulfil the needs of our customers with a more cost-effective method of financial services,” he said.
Ria is the second-largest cross-border money transfer globally, with almost 500,000 locations in more than 160 countries, including the USA, South Korea, Thailand, Philippines, China, Malaysia, India, Australia, and Vietnam.
“This partnership with Prince Bank is another step forward in providing more convenience and access to unparalleled money transfer services to customers in Cambodia, bringing added benefits to both senders and beneficiaries in the country,” said Espen Kristensen, Managing Director, APAC.
Espen Kristensen, Managing Director, RIA APAC, delivering his speech during the partnership signing ceremony between Prince Bank and Ria Money yesterday. Supplied
“By providing access to such vast cash pickup locations we aim to offer a new level of convenience, and by enabling real-time bank deposit transfers, we make it possible for beneficiaries to collect funds within minutes, offering a new level of ease and peace of mind to our customers, while contributing to financial inclusion in the region,” he pointed out.
Rath Sovannorak, Deputy Governor and Director General of Banking Supervision of the National Bank of Cambodia, said, “Congratulations to all the management and staff of Prince Bank and RIA Financial Services for this partnership. The signing ceremony is a testament to the continued growth of the banking and financial sector in the age of financial technology (FinTech) and the public’s trust in the sector. The partnership between Prince Bank and RIA Financial Services to operate as a third-party operator is part of the development of the financial technology sector by providing payment and remittance services as well as enhancing the financial environment.”
The bank also announced a special introductory offer to its customers. Prince Bank officials said that the bank would waive the fee for the first 100 outbound transactions. The customers can make the transfer at any of the Prince Bank branches across the country.
Prince Bank started its business operations in 2015 as a private microfinance institution. It was transformed into a commercial bank on 18 July 2018. With a strong capital base, robust technological capabilities, solid expertise, and extensive knowledge of the local market, the bank aspires to become the industry leader by offering differentiated financial solutions through a mix of channels with great convenience to its customers. The bank said it is keen on contributing to the development of small and medium enterprises that constitute a key segment of its target customers. Currently, Prince Bank has 32 branches and 79 ATM locations nationwide.
Ria Money Transfer delivers innovative financial services, including fast, secure, and affordable global money transfers. It has the second most extensive cash settlement network and the largest direct bank deposit network globally.
Ria’s connection to Euronet Worldwide’s REN payments platform and Dandelion network, a global payments infrastructure that delivers real-time transactions, enables the company to provide access to state-of-the-art fintech products and services at the forefront of its industry. Bridging the gap between digital and physical transactions, Ria’s omnichannel products and services, together with the company’s rapidly expanding alternative global pay-out capabilities, provide consumer choice, including agents and partners, real-time payments, home delivery, mobile wallets, and cardless ATM payouts (exclusively with Ria).
Ria’s global infrastructure facilitates financial access to customers and partners alike, promoting economic growth around the world by opening new market opportunities.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.