ABA​ Bank​ and​ Mizuho​ Bank​ to​ boost​ cross-border​ financial​ services

09/Feb/2024

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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.