Phnom Penh, Cambodia, 21 June 2018 – Sathapana Bank announced today an agreement to offer Western Union’s global money-transfer services to its branches nationwide. The service will enable customers to send and receive money quickly across Cambodia.
“We are delighted to be collaborating with Western Union which allows our customers to connect to or from nearly every country in the world, including domestically,” said Mr. Norihiko Kato, Chief Executive Officer of Sathapana Bank.
“Providing customers with access to the speed, convenience and reliability of Western Union is important to us and we are proud to be expanding our portfolio of services,” added Mr. Kato.
There are now more than one million Cambodians working abroad and mostly are based in Thailand. The Cambodian workers are also found in South Korea, Malaysia and Japan.
According to the World Bank’s 2016 Migration and Remittances Factbook, Cambodia was the 8th biggest remittance recipient in the East Asia and Pacific region with US$ 0.9 billion.
“Money sent by Cambodians living overseas play a significant role in boosting economic support within the household as well as across the economy. As more Cambodians seek work abroad to support their families back home, our commitment is to continually advance access to send money in whatever country they are in as well as back home,” said Mr. Atish Shrestha, Western Union Regional Director for Indochina.
“We welcome Sathapana Bank to our global family of Agents and believe their expansive network will provide a convenient channel for international and domestic money transfers,” said Mr. Shrestha.
The partnership reinforces Sathapana’s mandate not only to meet the financial needs of customers but also to help in the economic and social development of the country.
About Sathapana Bank
Sathapana Bank is one of the leading commercial banks in Cambodia with total assets of over US$ 1 Billion. The bank has the second-largest branch network in the country with 168 branches and more than 4,000 employees. The bank provides full banking products and services such as loans, deposits, domestic and foreign remittances, guarantees, and export and import settlement, among others.