One of Cambodia’s best-known fintech firms, TrueMoney, is joining forces with PPCBank to make loan repayments more convenient for bank customers.
In a ceremony at PPCBank Headquarters on Norodom Boulevard in Phnom Penh, TrueMoney signed a Memorandum of Understanding (MOU) for the use of TrueMoney’s Wallet and agents for loan collection for PPCBank.
Effective from today onward, customers will be able to repay their loans back to PPCBank via TrueMoney agent and wallet. To inaugurate this partnership, customers will enjoy a 3-month free waiving fee promotion on loan repayment starting from September 23 till December 31, 2020. Customers will be able to make repayments through the TrueMoney Wallet or in person at TrueMoney’s more than 10,000 outlets across the country.
Upon signing the agreement, PPCBank president, Mr. Shin Chang Moo said: “Partnership and cooperation are in PPCBank’s DNA – we believe that finding a good partner is priceless. The reputable name of TrueMoney would definitely give peace of mind to our customers when it comes to repaying the loans through the 3rd parties.”
TrueMoney (Cambodia) Chief Strategy Officer, Ms. KHUON Frandara said: “We are proud to team up with PPCBank to provide this service adding convenience and value to PPCBank customers – as well as our own. This is one of a number of tie-ups that we will unveil over the coming months as TrueMoney continues to expand its offerings.”
Regionally TrueMoney already has a number of partnerships in place. Also in Myanmar, TrueMoney announced a partnership with lifestyle APP OnePay enabling customers to cash-in and cash-out from an increased number of locations throughout the country.
Locally incorporated in September 2008 the Republic of Korea-owned PPCBank currently operates throughout 23 branches and over 60 ATMs across Phnom Penh and major provinces of Cambodia. With its vision to make banking easy PPCBank provides a full range of products and services, ranging from conventional ones like deposit and loans to modern digital mobile applications, internet-based corporate service smartBiz, and Mobile Teller for consultation within and outside of branches.
Another passion of PPCBank is giving back to society. The bank actively participates in a financial inclusion campaign, run by the National Bank of Cambodia in cooperation with the Ministry of Education, Youth and Sport. PPCBank is the first bank to initiate the idea that empowers people with hearing disabilities through its partnership with Socials Coffee inside PPCBank branches. Among other initiatives that has been taken is the support of APOPO’s HeroRats – African Giant Pouched Rats that are trained to detect landmines and unexploded war remnants to clear Northern provinces of Cambodia from landmines.
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.