ABA Bank and Mizuho Bank to boost cross-border financial services
09/Feb/2024
In a move set to strengthen cross-border financial flows and expand regional opportunities, ABA Bank of Cambodia and Mizuho Bank of Japan announced the signing of a Memorandum of Understanding (MoU).
The MoU signing ceremony was held at the Head Office of ABA Bank in Phnom Penh on 9 February 2024 and saw the participation of both banks' executives. This strategic partnership aims to unlock a range of benefits for clients of ABA Bank and Mizuho Bank, including Japanese entities and multinational corporations. The key areas of collaboration include:
- Providing excellent global services: The MoU paves the way for easier, more efficient, and cost-effective cross-border transactions. It will significantly benefit Japanese businesses looking to conduct cross-border trade or manage financial obligations overseas.
- Expanding investment opportunities: The agreement enables the exploration of joint investment products and services tailored to the specific needs of businesses from Japan and multinational corporations, potentially offering access to new markets and diversified portfolios.
- Boosting trade finance: By simplifying trade finance processes, the partnership between the banks seeks to enhance bilateral trade between the countries, safeguarding transactions and reducing risks for exporters and importers of any size.
- Promoting knowledge exchange: The MoU encourages both institutions to regularly cooperate in exchanging information about market analysis and new business opportunities for the benefit of their valued clients.
Askhat Azhikhanov, Chief Executive Officer of ABA Bank, stated, “The partnership with Mizuho Bank, a leading global bank, marks a significant milestone in ABA Bank's journey to connect Cambodia with the world. We are confident that our collaboration will unlock new opportunities for our clients, contributing to increased trade, investment, and economic growth of Cambodia.”
Koichi Zaiki, Managing Executive Officer and CEO for Asia-Pacific of Mizuho Bank, commented on the partnership launch, “We are excited to partner with ABA Bank, Cambodia largest commercial bank with a deep understanding of its local market. Mizuho Bank is committed to providing global services, expanding investment opportunities, and enhancing trade finance solutions, while sharing expertise and insights with ABA. We strive to provide solution that exceeds our customers’ expectations in Cambodia. And through this effort, we can achieve win–win outcomes for both banks.”
Through this MoU, Japanese and multinational businesses gain access to new opportunities for collaboration and cross-border financial activities. By joining forces, ABA Bank and Mizuho Bank are ready to empower businesses to seize these prospects and contribute to a more vibrant and interconnected economic landscape within the region.
