Phnom Penh, May 11th 2022 – Canadia Bank is joining forces with one of Cambodia’s largest fintech brands, TrueMoney, to offer expanded cash withdrawal and ‘cash out’ services to customers nationwide.
This new tie-up is intended to make withdrawing money and cashing out money transfers and remittances easier for Canadia Bank customers. Now Canadia Bank customers will be able to remit transfers and payments directly from their mobile banking app to their relatives who will then be able to withdraw cash from a TrueMoney Agent nationwide. To cash out at a TrueMoney agent, customers will need to use a Cash Pickup Code.
This latest agreement between Canadia Bank and TrueMoney comes into force on May 11th 2022 on the signature of a Memorandum of Understanding between the two parties at Canadia Bank’s Head Office.
Canadia Bank Chief Executive Officer, Mr. Raymond Sia Say Guan, said, “We are delighted to have expanded our reach and services with a leading international Fintech brand as TrueMoney. This agreement will benefit both Canadia Bank and TrueMoney customers tremendously by further enhancing customers’ accessibility. This is also in-line with Canadia Bank’s Financial Inclusion priorities.''
Chief Strategy Officer of TrueMoney Ms. KHUON Frandara said: “We are always looking for ways to build a tight bond with such a leading trustworthy bank to offer additional value-added services to TrueMoney. This agreement is yet another example of how banks and financial institutions can get benefits from tie-ups with innovative fintech firms.
The new service is expected to be available soon. The partnership will allow users to perform a settlement in real-time by using the National Bank of Cambodia’s Bakong system.
On top of that, TrueMoney Agents who are existing or new Canadia Bank’s customers can benefit from the Cash Management (Fund In/ Fund Out) Service. They can do the fund in/out and manage the cash flow easily and conveniently.
TrueMoney is a leading international Fintech brand and part of Ascend Money, a digital financial services venture of The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba), two of the largest companies in Asia. The TrueMoney group is now one of the largest financial life platforms in Southeast Asia. TrueMoney has grown its presence from just 1 market to 6 markets in a short space of time. TrueMoney currently has significant operations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam, and the Philippines. TrueMoney currently has the largest regional agent network in SEA with 65,000 agents, as well as the largest payment volume with USD8 billion in 2019. In addition, the TrueMoney wallet is the number 1 E-wallet in Thailand.
About Canadia Bank Plc.
Canadia Bank is a leading local and full-service commercial bank in Cambodia since 1991. We have been recognized and awarded by The Asian Banker as “The Strongest Bank by Balance Sheet in Cambodia” for the last 3 consecutive years and as “The Best Retail Bank in Cambodia” in 2021. As of 31 March 2022, the Bank has 63 branches, 372 ATMs and CRMs across the country and a modern Mobile Banking app that reaches out to a large number of customers. For more info, please visit our website: https://www.canadiabank.com.kh/ or Facebook account: https://web.facebook.com/CanadiaBankCambodia