Thunes enables Cambodia’s Advanced Bank of Asia (ABA) to make instant cross-border transfers to bank accounts
Partnership with one of the from Cambodia the biggest banks see Thunes further expanding its global payment network.
SINGAPORE and PHNOM PENH from Cambodia, July 13, 2021 / PRNewswire / – Money, a leading global payments network, today announced a partnership with ABA Bank (“ABA”) which enables Cambodians overseas to send money home faster and more cheaply since the whole world.
Previously, customers making international transfers to Cambodia had to pay high fees of almost 12% on average over a US $ 200 transfer and wait several days for the funds to reach their recipient. Now, thanks to last mile capabilities and Thunes’ vast global network, Cambodians living, working and studying abroad can send money home instantly and at more competitive rates. For example, a migrant employed in Europe can easily transfer funds to a family member at home by Cambodia using any bank, money transfer operator or payment service provider within Thunes’ network, and the money would instantly reach their beneficiaries.
In a further boost of efficiency and transparency, the locals and expatriates of Cambodia will also be able to receive real-time bank transfers from Thunes’ vast network of sending partners, in addition to the cash payments already available through Thunes.
“We are delighted to offer this market-leading real-time payment service, supporting local and foreign Cambodian communities who rely on fast and secure transfers for their day-to-day needs and operations. Our partnership with ABA marks an important milestone as Thunes continues to improve access to Cambodia, one of the fastest growing economies in the world, ”said Andrew stewart, Global Head of Networks at Thunes.
Zhiger Atchabarov, Director of International Operations at ABA Bank, commented: “At ABA, we are committed to providing every customer with quick and convenient access to funds. Therefore, we commend the opportunity to leverage the speed, efficiency and global reach of Thunes to better meet the needs of our customers. Accelerating digital innovation and value – additional services for the benefit of the Cambodian community are at the heart of the Bank’s vision. “
With proven expertise in emerging economies, this latest partnership with ABA strengthens Thunes’ focus on Cambodia as a key Asian market, with more capabilities to deploy in the near future.
NOTES TO EDITORS
Thunes is a B2B business that powers payments for the world’s fastest growing businesses. Businesses and financial institutions are able to transfer funds transparently, securely and profitably through Thunes’ well-established, reliable and extensive network. Thunes is used by global banks, money transfer operators, platforms, and many other businesses to make payments to bank accounts, mobile wallets, and cash withdrawal providers around the world. Thunes’ platform currently connects over 260 customers and network partners from 110 countries to send and receive money globally. Thunes is headquartered in Singapore with the regional offices of London, Shanghai, new York, Dubai, and Nairobi.
For more information, visit www.thunes.com
About ABA Bank
ABA Bank is from Cambodia leading private financial institution founded in 1996 as Advanced Bank of Asia Limited.
In more than 20 years of development and growth, ABA has considerably strengthened its position in the market and entered the Top 3 commercial banks in the country. Today, ABA offers the full range of services to customer segments covering SMEs, VSEs and individuals.
With 79 branches, more than 650 ATMs across the country and advanced online and mobile banking platforms, ABA Bank caters to a large number of customers with a range of modern financial services.
For more information visit www.ababank.com