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ACLEDA, WU to enable global money transfers

Content image - Phnom Penh Post
ACLEDA president In Channy at a workshop held at the bank’s head office in the capital, in 2020. Heng Chivoan

ACLEDA, WU to enable global money transfers

Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app.

In Channy, president and group managing director of ACLEDA, said the June 22 agreement with WU would facilitate a fast, convenient and reliable way of overseas fund transfer via ACLEDA mobile from anywhere at any given time.

“With this partnership, customers would be able to transfer money [to recipients] who can pick up the cash at retail locations worldwide.

“Customers have multiple options on our digital platform to conduct transactions including the ACLEDA Bank account or e-wallet,” he said.

Channy viewed the cooperation as vital because it aims to connect people with opportunities by providing access to solutions that empower them to move money using their preferred way.

WU head of Philippines, Malaysia, Brunei and Indochina Jeffrey Navarro said ACLEDA’s collaboration with his company would continue to deepen its digital capabilities, to reach more customers and enable them to connect to the digital economy.

WU’s global network spans more than 200 countries and territories.

“We are pleased to provide our service on ACLEDA mobile, offering digital solutions that empower people and communities,” Navarro said.

According to the bank, customers can also receive money via WU which will be deposited into their ACLEDA account or e-wallet by inputting the “money transfer control number” (MTCN) in the app.

Alternatively, customers can also pick up their money transfers at the nearest ACLEDA Bank.

As of March 31, ACLEDA reported $8.16 billion in total assets, $5.79 billion in total credit portfolios and $5.90 billion in total deposits. It has about 3.44 million customers.

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