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