ABA Bank and Grab Cambodia announce strategic partnership to enhance payment facilities
13/Nov/2024
ABA Bank, the largest commercial bank in Cambodia, and Grab, a leading superapp in Southeast Asia, today announced a strategic partnership to integrate their digital payment facilities via ABA's PayWay payment platform.
Through this collaboration, ABA and Grab will offer their customers the country's popular and secure payment methods for enhanced convenience in cashless transactions.
The partnership introduces an Account-on-File (AoF) feature, allowing Grab users to securely link their ABA accounts within the Grab app for hassle-free, automatic payments. Once the ABA account is linked, users can pay seamlessly for rides and food deliveries without any extra steps. This integration enhances the convenience and security of cashless transactions, benefiting millions of customers across Cambodia.
Additionally, the ABA PayWay Plus platform, powered by Visa's CyberSource solution, was chosen as Grab's new local payment gateway for processing all card payments within Cambodia. This shift to a local gateway improves Grab's transaction management and reliability while supporting various payment methods, including Visa, Mastercard, and UPI cards.
"Grab's mission has always been to drive Southeast Asia forward. By partnering with ABA Bank, we are taking a significant step towards providing our users with a seamless and secure digital payment experience," said Kang Sovannarot, Cambodia Country Head of Grab. "This partnership is a testament to our commitment to bring more value to our users."
ABA Bank, recognized for its leadership in digital banking, continues to innovate to meet the evolving needs of its customers. "We are thrilled to partner with Grab to bring seamless, secure, and accessible digital payment solutions to the people of Cambodia. This collaboration highlights our commitment to expanding cashless payment options, enhancing customer convenience, and promoting a digitally empowered economy," commented Zokhir Rasulov, Chief Digital Officer at ABA Bank.
"By directly integrating ABA PayWay's Account-on-File functionality into the Grab app, we are making everyday transactions faster and simpler for millions of users. We look forward to continuing to innovate alongside Grab to meet the evolving needs of our customers and support Cambodia's digital transformation journey," he concluded.
ABA PayWay enables businesses in Cambodia to accept online and in-store payments from any banking app and local or international cards. Customers can pay seamlessly in USD and KHR via ABA PAY, KHQR, Visa, Mastercard, UPI, JCB, Alipay, and WeChat. With ABA PayWay, businesses can monitor transactions in real time and benefit from the secure PCI DSS-compliant integration. For more info, visit www.payway.com.kh.
About Grab
Grab is a leading superapp in Southeast Asia, operating across the delivery, mobility, and digital financial services sectors. Serving over 700 cities in eight Southeast Asian countries – Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – Grab enables millions of people every day to order food or groceries, send packages, hail a ride or taxi, pay for online purchases or access services such as lending and insurance, all through a single app. For more information about Grab's expansion plans and the firm's ongoing commitment to Cambodia, please visit www.grab.com/kh or www.facebook.com/GrabKH
About ABA
ABA is Cambodia's largest commercial bank in terms of assets, deposits, loans, and profitability, according to the Annual Supervision Report 2021-2023 of the National Bank of Cambodia. The Bank's wide-reaching footprint covers 99 branches, 46 self-banking spots, 1,700+ self-banking machines, and advanced online and mobile banking platforms, providing more than 4 million customers with the convenience of modern financial services.
ABA Bank is a subsidiary of National Bank of Canada, a financial institution with assets of around $321 billion as of 30 April 2024 and a massive network of correspondent banks worldwide.
