Inpay, which claims to be one of Europe’s fastest-growing fintech companies, and Cambodia Post Bank Plc. (CPBank), one of Cambodia’s commercial banks, have “entered into a partnership to introduce international money transfer services in Cambodia.”
Through the partnership, CPBank’s customers in Cambodia and abroad “will benefit from the convenience and extensive network of the postal services that Inpay’s Eurogiro network provides.”
Eurogiro is an Inpay-owned postal network “comprised of 70,000 post office locations worldwide, allowing instant, seamless and hassle-free international cash remittances.”
With the new partnership, Cambodians abroad “can instantly and affordably send money to their friends and family in Cambodia through CPBank’s 60+ nationwide branches.”
It is the first time such cross-border cash remittance services “have been made available to Cambodians, providing a much-needed lifeline between Cambodians abroad and their loved-ones at home.”
CEO of Inpay, Thomas Jul, said:
“We are excited to announce our partnership with Cambodia Postbank, which marks a significant step towards enabling international and easy-to-access financial infrastructure in the region. By granting one of the country’s largest post banks-access to global remittances from overseas diaspora through Inpay’s Eurogiro network, we make it easier, more affordable and faster than ever before for Cambodians to receive cash transfers from friends and family abroad.”
Toch Choacheck, CEO of CPBank, commented:
“Cambodia has a lot of migrant workers who need to send money back home to support their families. With this new service, CPBank will not only provide a wider option for remittances in the country, but also contribute to improve overall economic activity in Cambodia. This is an easy and affordable way for the market to ensure an inclusive financial system.”
The partnership showcases the commitment of CPBank and Inpay “to provide innovative and convenient financial solutions, creating a brighter and more connected future for Cambodians worldwide.”
As noted in the update, the fintech company Inpay “offers affordable, fast and secure cross-border payments.”
Inpay’s Eurogiro network of 70,000 branches and post offices “across the world, including in rural or remote areas that are typically underserved by other financial services.”
As mentioned in the announcement, Cambodia Post Bank Plc. is “one of the fastest growing commercial banks in Cambodia.”
It was established in September 2013 under “the strategic partnership among CANADIA Investment Holding Plc. (CIH), Cambodia Post (CP) of Ministry of Post and Telecommunications and Fullerton Financial Capital Pte. (FFC).”
