On February 3, ABA Bank, Cambodia’s largest commercial bank and a leader in modern finances, announced a strategic partnership with the Ministry of Commerce to enhance accessibility and efficiency for businesses, investors and financial institutions by launching ABA’s online payments for the Secured Transaction Filing Office (SETFO).
The signing ceremony of a memorandum of understanding (MoU) was presided over by H.E. Buon Sarakmony, Secretary of State of the Ministry of Commerce, H.E. Ho Sivyong, Director-General of Trade Support Services of the Ministry of Commerce, and Askhat Azhikhanov, Chief Executive Officer at ABA Bank.
This collaboration integrates ABA's award-winning PayWay online payment gateway into the SETFO platform, facilitating payments for registration and filing notices of security interest in movable property that can serve as collateral.
SETFO is a crucial resource for businesses, allowing them to file and search for such notices, ensuring priority over other interests in collateral and protecting their investments. By filing a notice, businesses establish priority against other claimants and buyers, including in insolvency proceedings.
”This collaboration with the Ministry of Commerce marks a significant step in modernising Cambodia's business environment,” Azhikhanov.
”With ABA's robust expertise and extensive digital banking solutions, we are making the SETFO process more accessible and efficient for all stakeholders. It will promote greater transparency and confidence in secured transactions, ultimately contributing to country's growing digital economy,” he added.
The launch of online payments for SETFO through ABA PayWay will reduce processing time, eliminate the need for physical visits to government offices and provide businesses with a convenient and secure way to manage their transactions.
The partnership underscores ABA Bank's and the Ministry of Commerce's commitment to driving digital innovation and supporting the growth of Cambodia's economy.
As part of the MoU, ABA will also share its insights on financial technology trends with the ministry and assist in trade finance coordination, contributing to boosting local produce exports.
ABA Bank remains dedicated to working closely with government institutions to support national development policies. As Cambodia embraces digital transformation, ABA is proud to be at the forefront, offering cutting-edge financial solutions that align with the nation's broader digital ambitions.
In December 2021, ABA Bank partnered with the ministry to integrate ABA PAY solutions into the CambodiaTrade.com platform, enabling local SMEs to accept cashless payments and improve their digital presence. The marketplace became an initiative from MOC to increase economic opportunities for local SMEs from participating in e-commerce and the digital economy.
