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