ABA​ Bank​ and​ Ministry​ of​ Commerce​ launch​ online​ payments​ for​ Secured​ Transaction​ Filing​ Office

03/Feb/2025

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On​ 3​ February​ 2025,​ ABA​ Bank,​ Cambodia's​ largest​ commercial​ bank1​ and​ a​ leader​ in​ modern​ finances,​ and​ the​ Ministry​ of​ Commerce​ (MOC)​ announced​ a​ strategic​ partnership​ to​ enhance​ accessibility​ and​ efficiency​ for​ businesses,​ investors,​ and​ financial​ institutions​ by​ launching​ ABA’s​ online​ payments​ for​ the​ Secured​ Transaction​ Filing​ Office​ (SETFO).

The​ signing​ ceremony​ of​ a​ Memorandum​ of​ Understanding​ was​ presided​ over​ by​ H.E.​ Buon​ Sarakmony,​ Secretary​ of​ State​ of​ the​ Ministry​ of​ Commerce,​ H.E.​ Ho​ Sivyong,​ Director​ General​ of​ Trade​ Support​ Services​ of​ the​ Ministry​ of​ Commerce,​ and​ Askhat​ Azhikhanov,​ Chief​ Executive​ Officer​ at​ ABA​ Bank.

This​ collaboration​ integrates​ ABA's​ award-winning​ PayWay​ online​ payment​ gateway​ into​ the​ SETFO​ platform,​ facilitating​ payments​ for​ registration​ and​ filing​ notices​ of​ security​ interest​ in​ movable​ property​ that​ can​ serve​ as​ a​ collateral.

SETFO​ is​ a​ crucial​ resource​ for​ businesses,​ allowing​ them​ to​ file​ and​ search​ for​ such​ notices,​ ensuring​ priority​ over​ other​ interests​ in​ collateral​ and​ protecting​ their​ investments.​ By​ filing​ a​ notice,​ businesses​ establish​ priority​ against​ other​ claimants,​ buyers,​ including​ in​ insolvency​ proceedings.

"This​ collaboration​ with​ the​ Ministry​ of​ Commerce​ marks​ a​ significant​ step​ in​ modernizing​ Cambodia's​ business​ environment,"​ said​ Askhat​ Azhikhanov.​ "With​ ABA's​ robust​ expertise​ and​ extensive​ digital​ banking​ solutions,​ we​ are​ making​ the​ SETFO​ process​ more​ accessible​ and​ efficient​ for​ all​ stakeholders.​ It​ will​ promote​ greater​ transparency​ and​ confidence​ in​ secured​ transactions,​ ultimately​ contributing​ to​ country's​ growing​ digital​ economy,"​ Azhikhanov​ added.

The​ launch​ of​ online​ payments​ for​ SETFO​ through​ ABA​ PayWay​ will​ reduce​ processing​ time,​ eliminate​ the​ need​ for​ physical​ visits​ to​ government​ offices,​ and​ provide​ businesses​ with​ a​ convenient​ and​ secure​ way​ to​ manage​ their​ transactions.​ This​ partnership​ underscores​ ABA​ Bank's​ and​ the​ Ministry​ of​ Commerce's​ commitment​ to​ driving​ digital​ innovation​ and​ supporting​ the​ growth​ of​ Cambodia's​ economy.

As​ part​ of​ MOU,​ ABA​ will​ also​ share​ with​ MOC​ insights​ on​ financial​ technology​ trends​ and​ assist​ in​ trade​ finance​ coordination,​ contributing​ to​ boosting​ local​ produce​ exports.

ABA​ Bank​ remains​ dedicated​ to​ working​ closely​ with​ government​ institutions​ to​ support​ national​ development​ policies.​ As​ Cambodia​ embraces​ digital​ transformation,​ ABA​ is​ proud​ to​ be​ at​ the​ forefront,​ offering​ cutting-edge​ financial​ solutions​ that​ align​ with​ the​ nation's​ broader​ digital​ ambitions.

In​ December​ 2021,​ ABA​ Bank​ partnered​ with​ MoC​ to​ integrate​ ABA​ PAY​ solution​ into​ the​ CambodiaTrade.com​ platform,​ enabling​ local​ SMEs​ to​ accept​ cashless​ payments​ and​ improve​ their​ digital​ presence.​ The​ marketplace​ became​ an​ initiative​ from​ MOC​ to​ increase​ economic​ opportunities​ for​ local​ SMEs​ from​ participating​ in​ e-commerce​ and​ the​ digital​ economy.

1​ ABA​ Bank​ is​ the​ largest​ commercial​ bank​ in​ Cambodia​ in​ terms​ of​ total​ assets,​ gross​ loans,​ customer​ deposits,​ and​ profitability​ based​ on​ the​ National​ Bank​ of​ Cambodia's​ Annual​ Supervision​ Report​ 2021-2023.