- Thunes, which is a major online money transfer provider and network, has confirmed that it will collaborate with ABA Bank to help customers from Cambodia send money home.
- The new arrangement looks set to cut transfer times and the amount of money involved in paying for the transfer.
- “Our partnership with ABA marks an important milestone as Thunes continues to improve access to Cambodia, one of the world’s fastest-growing economies,” said a senior Thunes spokesperson.
International money transfer provider and network Thunes has announced a new partnership with a bank.
Thunes will work alongside ABA Bank as part of a push to enhance its international payments function.
Cambodians who live abroad will be able to use the new service to get cash transferred back to their home country.
In a press statement, Thunes explained more about the context of the decision – and how, in their view, the development would help end-users.
It cost around 12% to transfer just $200 US dollars in the past, and the transfer time was often long.
But the firm says that it will now cost less thanks to the new partnership – and will require less wait time, too.
It will also be possible for local residents in Cambodia to get instant bank transfers from the sending partners in the Thunes network.
Cash payouts will also be an option.
In a statement, a senior figure at Thunes said that the new service would be “market-leading” and that it would help international communities in many ways.
Andrew Stewart, the Global Head of Networks there, said that the pairing with ABA Bank reflected an “important milestone” in the push to gain access to the market in Cambodia.
“We are delighted to offer this market-leading real-time payments service, supporting local and overseas Cambodian communities who rely on fast, secure transfers for their day-to-day needs and operations,” he said.
“Our partnership with ABA marks an important milestone as Thunes continues to improve access to Cambodia, one of the world’s fastest-growing economies,” he added.
For ABA Bank, Chief International Operations Officer Zhiger Atchabarov said that the firm was looking forward to working alongside Thunes.
“At ABA, we are committed to providing every customer with fast and convenient access to funds,” he said.
“Therefore, we praise the opportunity to leverage the speed, efficiency and global reach of Thunes to serve our customers’ needs even better.”
He added that the bank was committed to helping the Cambodian public access the benefits of digital innovation.
“Accelerating digital innovation and value-added services for the benefit of the Cambodian community is core to the Bank’s vision,” he said.
ABA is one of the largest banks in Cambodia, Thunes said. The bank was set up in 1996 and is now considered one of the South East Asian economy’s three major commercial banks.
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