ABA Bank partners with E9Pay to boost remittances between Cambodia and South Korea
29/Aug/2024
ABA Bank, the largest Cambodian commercial bank1, joined hands with E9Pay, a South Korean money transfer operator (MTO) and fintech company, to offer fast remittance services between the two countries.
The MOU signing ceremony was attended by Zhiger Atchabarov, ABA's Chief Operating Officer, Jeon Hyuk-Goo, E9Pay's Chief Executive Officer, and other members of both entities at the ABA Head Office.
The partnership enables inbound remittance services to ABA bank accounts in Cambodia from E9Pay in South Korea, with the currency for the beneficiary account being USD or Khmer Riel. The limit amount per transaction is $5,000, with attractive fees.
"We're excited to partner with E9Pay to expand our financial services abroad. We at ABA Bank aim to promote financial inclusion and provide customers with more efficient, secure, and cost-effective solutions for sending and receiving money across borders. Cambodian nationals in South Korea can now seamlessly send money to ABA accounts back home easily," stated Zhiger Atchabarov during the meeting.
"With a Cambodian community of over 62,000 in Korea, including around 48,000 E9 visa workers, we see a vast potential to make a positive impact," stated Hyuk-Goo Jeon. "E9pay is dedicated to serving this community, and we are excited to partner with ABA Bank, Cambodia's leading financial institution, to deliver various accessible and affordable financial services to meet their needs," he added.
Customers can access the new remittance services through the E9Pay mobile application. Cambodian nationals residing in South Korea can also open an Instant Account on the ABA Mobile app from the comfort of their home with a valid Passport/NID and active South Korean phone number.
1ABA 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.
