ABA Bank and Ministry of Commerce launch online payments for Secured Transaction Filing Office
03/Feb/2025
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.