Ministry​ of​ Commerce​ and​ ABA​ Bank​ sign​ MoU​ on​ digital​ payments​ partnership​ between​ CambodiaTrade​ and​ ABA​ Bank

08/Dec/2021

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Customers​ of​ the​ CambodiaTrade.com​ online​ marketplace​ can​ now​ use​ ABA​ PAY​ on​ the​ platform

The​ Ministry​ of​ Commerce​ and​ ABA​ Bank​ signed​ the​ Memorandum​ of​ Understanding​ (MoU)​ on​ the​ digital​ payments​ and​ knowledge-sharing​ partnership.

Under​ the​ MoU,​ the​ Ministry​ of​ Commerce's​ CambodiaTrade.com​ e-marketplace​ will​ be​ integrated​ with​ PayWay,​ the​ online​ payment​ platform​ of​ ABA​ Bank,​ to​ help​ Cambodian​ small​ and​ medium​ enterprises​ (SMEs)​ bring​ their​ businesses​ online​ and​ accept​ cashless​ payments​ via​ ABA​ PAY​ in​ a​ convenient​ and​ secure​ way.​ The​ MoU​ also​ underlines​ the​ collaboration​ on​ knowledge-sharing​ and​ training​ for​ CambodiaTrade's​ registered​ SMEs.​

The​ MoU​ was​ signed​ this​ morning​ at​ the​ Ministry​ of​ Commerce.​ The​ ceremony​ was​ presided​ by​ H.E.​ TEKRETH​ Kamrang,​ Secretary​ of​ State,​ Ministry​ of​ Commerce​ on​ behalf​ of​ H.E.​ PAN​ Sorasak,​ Minister​ of​ Commerce​ and​ Mr.​ Askhat​ Azhikhanov,​ Chief​ Executive​ Officer​ of​ ABA​ Bank.

"The​ signing​ of​ this​ MoU​ marks​ a​ special​ event​ in​ our​ cooperation​ with​ the​ private​ sector,​ in​ particular​ ABA​ Bank,​ to​ assist​ Cambodian​ SMEs​ to​ increase​ the​ economic​ opportunities​ by​ selling​ products​ to​ consumers​ and​ business​ partners​ with​ a​ highly​ reliable​ digital​ payment​ system,"​ said​ H.E.​ TEKRETH​ Kamrang,​ Secretary​ of​ State​ of​ the​ Ministry​ of​ Commerce.​

"This​ partnership​ allows​ us​ to​ offer​ SMEs​ the​ opportunity​ to​ digitalize​ and​ engage​ with​ their​ customers​ in​ eCommerce,​ accepting​ payments​ from​ their​ customers​ via​ ABA​ PAY​ easily​ and​ securely.​ ABA​ Bank​ will​ also​ work​ with​ the​ Ministry​ to​ extend​ digital​ financial​ literacy​ to​ the​ members​ of​ CambodiaTrade​ through​ training​ and​ capacity-building​ activities.​ We​ believe​ that​ this​ integration​ will​ help​ many​ local​ entrepreneurs​ to​ enhance​ their​ online​ sales​ by​ reaching​ out​ to​ ABA’s​ large​ customer​ base,​ while​ promoting​ financial​ inclusion​ and​ further​ digital​ transformation​ of​ the​ country,"​ said​ Askhat​ Azhikhanov,​ CEO​ of​ ABA​ Bank.

The​ Ministry​ rolled​ out​ CambodiaTrade​ for​ SMEs​ pre-registration​ in​ mid-June​ 2021​ by​ providing​ a​ fully​ integrated​ platform​ that​ allows​ them​ to​ reach​ a​ broader​ market​ in​ Cambodia​ and​ overseas,​ granting​ access​ to​ the​ growing​ global​ digital​ economy.​ Until​ December​ 2021,​ 75​ SMEs​ have​ been​ approved​ with​ 450​ product​ posts​ in​ CambodiaTrade.

CambodiaTrade​ marketplace​ is​ an​ essential​ component​ of​ the​ Go4eCAM​ project​ implemented​ under​ financial​ support​ from​ the​ Enhanced​ Integrated​ Framework​ (EIF).​ The​ marketplace​ becomes​ an​ initiative​ from​ the​ Ministry​ of​ Commerce​ to​ increase​ economic​ opportunities​ for​ local​ SMEs​ from​ participating​ in​ e-commerce​ and​ the​ digital​ economy.

PayWay​ is​ ABA​ Bank's​ award-winning​ eCommerce​ payment​ platform​ for​ collecting​ and​ managing​ online​ payments​ made​ via​ Visa,​ Mastercard,​ UPI​ cards,​ and​ ABA​ PAY.​ Perfectly​ tailored​ to​ the​ local​ business​ needs,​ PayWay​ is​ a​ secure,​ convenient,​ and​ easy-to-integrate​ payment​ platform​ that​ helps​ entrepreneurs​ sell​ their​ products​ or​ services​ online​ or​ in-store​ and​ accept​ payments​ instantly.