JB Financial Group's grandson company Phnom Penh Commercial Bank (PPCBank) announced on Oct. 21 that it recently signed a memorandum of understanding (MOU) with Thai electronic payment company Truemoney.
Accordingly, customers who take out loans from PPCBank can repay principal and interest through Truemoney’s electronic wallet service.
Truemoney is run by Ascend Money, a digital financial subsidiary of Thailand's No. 1 business group, the CP Group (Charoen Pokphand Group.) It has entered Myanmar, Indonesia, Vietnam and the Philippines as well as Thailand and Cambodia, and has partnered with 65,000 companies in Southeast Asia. Its trading amounted to $8 billion in 2019.
"This agreement will allow us to provide safer digital services to our loan customers," said Shin Chang-moo, CEO of PPCBank. "We will continue to strengthen our digital financial services to speed up our efforts to tap into the Cambodian market."
PPCBank is focusing its efforts on strengthening digital financial services by developing Cambodia's first core banking IT system "Apsara" on its own last year.
Meanwhile, PPCBank achieved the highest net profit among Korean banks operating in Cambodia last year. Its net profit reached 20.7 billion won ($18 million) last year, up 40.5 percent from a year earlier.
As of the end of last year, total assets stood at 1.72 trillion won, up 21.8 percent from a year earlier. It is the first Korean bank to have assets exceeding 1 trillion won in Cambodia.