JB Financial Group’s Phnom Penh Commercial Bank (PPCBank) announced on October 21 that it recently signed a memorandum of understanding with Thai electronic payment company Truemoney.
As a result, customers who take out loans from PPCBank can repay principal and interest through Truemoney’s electronic wallet service.
Truemoney is managed by Ascend Money, a digital financial subsidiary of Thailand’s No.1 business group, CP Group (Charoen Pokphand Group). It has entered Myanmar, Indonesia, Vietnam and the Philippines as well as Thailand and Cambodia, and has partnered with 65,000 companies in Southeast Asia. Its trade amounted to $ 8 billion in 2019.
“This agreement will allow us to provide more secure digital services to our lending customers,” said Shin Chang-moo, CEO of PPCBank. “We will continue to strengthen our digital financial services to accelerate our efforts to tap the Cambodian market.”
PPCBank is focusing its efforts on strengthening digital financial services by developing Cambodia’s first central banking IT system, “Apsara” last year.
Meanwhile, PPCBank achieved the highest net profit among Korean banks operating in Cambodia last year. Its net profit reached 20.7 billion won ($ 18 million) last year, up 40.5 percent from the previous year.
At the end of last year, total assets stood at 1.72 trillion won, up 21.8% from the previous year. It is the first Korean bank to hold assets exceeding 1,000 billion won in Cambodia.
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