Phnom Penh, May 9th 2022 - Sathapana Bank, a leading commercial bank in Cambodia, enters a partnership with one of the country’s leading fintech firms, TrueMoney.
Mr. Jean Pierre Gagnon , Deputy Chief Executive Officer of Sathapana Bank and Mr. EAP Bonaro, Head of Commercial of TrueMoney (Cambodia) signed a Memorandum of Understanding (MOU) at a ceremony at Sathapana Tower, Phnom Penh.
The MOU will cover a nationwide Cash Pick Up service whereby TrueMoney and Sathapana customers will be able to transfer the money from their respective mobile apps to their relatives so as to withdraw cash from either TrueMoney Agent or Sathapana’s ATM nationwide.
Sathapana’s customers using the service will be able to withdraw cash at a TrueMoney agent using Sathapana Mobile. Similarly, TrueMoney customers will be able to withdraw money from Sathapana ATMs.
Mr. Jean Pierre Gagnon, Deputy Chief Executive Officer of Sathapana Bank said: “We are delighted to work with TrueMoney to provide our customers with greater everyday banking convenience. With this partnership, our customers will have better ease and broader access to cash withdrawal service leveraging on the extensive presence of TrueMoney in the country.”
Mr. EAP Bonaro, TrueMoney (Cambodia) Head of Commercial said: “We are always looking for ways to offer convenience and additional value-added services to Cambodians. We believe our partnership with Sathapana Bank will definitely provide that financial and payment convenience to both of our customers.”
The new offering, which is expected to be available in June, will allow both Sathapana and True Money customers to perform payment settlement in real-time by using the National Bank of Cambodia’s Bakong platform. In addition, customers using the service can also perform cash out from the same sender and receiver number.
About Sathapana Bank
Sathapana Bank is a leading commercial bank in Cambodia, with total assets of over US$ 2.4 billion and more than 4,000 employees. We have an extensive branch network nationwide with more than 170 branches, 3 Sathapana Premier Banking halls, and more than 250 ATMs. We provide complete banking services such as loans, deposits, iBanking, Mobile Banking, debit & credit cards, domestic and foreign remittances, cross-border fund transfers with SWIFT and Visa B2B Connect, Western Union, trade finance, and other financial services. We offer tax collection services and public service payments with the Ministry of Public Works and Transportation and the Ministry of Labour and Vocational Training. We cooperate with mobile payment providers such as WING, Pi Pay, TrueMoney, Ly Hour Veluy, eMoney, and Bakong to further our customers' convenience.
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.