Logo of Phnom Penh Post newspaper Phnom Penh Post - PPCBank clients can now repay loans with True Money Wallet

PPCBank clients can now repay loans with True Money Wallet

Content image - Phnom Penh Post
PPCBank president Shin Chang-moo (left) and TrueMoney chief strategic officer Khuon Frandara look forward to their partnership. Heng Chivoan

PPCBank clients can now repay loans with True Money Wallet

Phnom Penh Commercial Bank (PPCBank) – the Cambodian subsidiary of JB Financial Group’s flagship lender – signed a deal with a Thailand-based financial technology firm to provide electronic loan repayment services to customers, the South Korean banking group said on Wednesday.

PPCBank’s latest memorandum of understanding with True Money is to allow customers to repay both the principal and interest back to the lender via the fintech firm’s electronic wallet service known as True Money Wallet.
The size of the deal was unannounced.

True Money was founded in 2003 as part of Thai communications conglomerate True Corp, but is currently under Ascend Group, a spinoff of True Corp and a subsidiary of another Thai conglomerate, Charoen Pokphand Group.

It has offices in Thailand, Vietnam, Cambodia, Myanmar, Indonesia and the Philippines, and has inked partnerships with 65,000 firms across Southeast Asia.

PPCBank has focused on digitalisation – developing a digital core banking system – which has smoothened the process for loan extensions and management in Cambodia.

In 2016, JB Financial acquired Cambodia’s PPCBank via its flagship lender Jeonbuk Bank to offer loan services to local retail customers as well as small and medium-sized enterprises.

THE KOREA HERALD/ASIA NEWS NETWORK

MOST VIEWED

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the

  • S’ville set to turn into ‘second Shenzhen’

    The Ministry of Economy and Finance has awarded a master plan consultancy contract to top Chinese institute for the development and transformation of Preah Sihanouk province into a “Model Multi-Purpose Special Economic Zone”, Southeast Asia’s next logistics and resort hub and innovation centre. The