Feb 23, 2024
FTB Cambodia Licensed to Work with Amret to Introduce International Remittance
Phnom Penh15 June 2018
Foreign Trade Bank of Cambodia (FTB) has obtained approval from the National Bank of Cambodia (numbered ធ៧.០១៨ . ២៩៣ ឆត) to partner with Amret Microfinance on international remittance service for Amret customers. The service will enable consumers to send and receive money around the world or transfer funds to relatives abroad.
This international remittance partnership will benefit the community. Those who regularly receive or send money will be able to do so faster, more affordably, more simply and more securely.
Access to the new service will be available at Amret branches nationwide, and with the support of Amret’s professional staff.
General Manager and Board Member of FTB, H.E. GUI Anvanith, said: “We are excited about the opportunity to work with Amret to offer outstanding financial services as one of the top MDIs in terms of assets, networks, and customer numbers. Through Amret’s largest branch networks, its customers will enjoy access to the most efficient money transfers.”
Mr Chea Phalarin, Amret’s Chief Executive Officer, remarked: “We are grateful to the National Bank of Cambodia for the approval. Now we can further enhance financial services to the public. It will add value to our remittance market by extending the international remittance reach of our customers across the country. Our client’s children working overseas, particularly in Korea, can now send money home to their parents in the rural areas faster and cheaper. We believe this financial inclusiveness will improve many lives.”
About FTB Cambodia
FTB is Cambodia's foremost bank. It is a private commercial bank and has been providing customers with safe and reliable banking services for almost 40 years. The bank was created following sub-decree No. 1213 dated October 10, 1979 under the former regime of the State of Cambodia. In 2000, the bank was separated from the direct management of the National Bank of Cambodia ("the Central Bank") to Ministry of Economy and Finance (MEF). It was privatized in 2015 with 90% share of private entities and the remaining 10% belonging to the MEF.
Amret Co. is a leading microfinance institution in Cambodia serving micro-, small- and medium-sized enterprises and low- to middle‐income populations with a focus on rural areas. Amret offers a wide range of loan and deposit services including solidarity credits, individual credits, SME loans, savings accounts, term deposits, mobile saving collection, inter-branch transfer, bill payment, fast service and Cambodia Share Switch. Amret currently has over 3,981 staff and serves over 400,296 clients from 156 branches across Cambodia, with more than US$350 million in outstanding deposits and more than US$699 million in outstanding loans and total assets of US$815 million.
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