JB Financial Phnom Penh Commercial Bank Introduces Electronic Payment Loan Repayment Service

Thailand TrueMoney and Digital Payment Sign MOU

Shin Chang-moo, President of Phnom Penh Commercial Bank (left), is taking a commemorative photo after signing a memorandum of understanding (MOU) on electronic payment loan repayment with the Thai electronic payment company 'TrueMoney'.

[Asia Economy Reporter Kim Hyo-jin] Phnom Penh Commercial Bank, a subsidiary of JB Financial Group, announced on the 21st that it has signed a Memorandum of Understanding (MOU) with Thai electronic payment company TrueMoney for electronic payment loan repayment services.

Accordingly, customers who have taken out loans from Phnom Penh Commercial Bank can repay the principal and interest through TrueMoney's e-wallet service.

TrueMoney is operated by Ascend Money, a digital finance subsidiary of CP Group, the largest conglomerate in Thailand. It currently operates not only in Thailand and Cambodia but also in Myanmar, Indonesia, Vietnam, and the Philippines, partnering with 65,000 companies across Southeast Asia. Last year, its transaction volume reached 8 billion USD (approximately 9.38 trillion KRW).

Shin Chang-moo, President of Phnom Penh Commercial Bank, stated, "Through this agreement, we can provide safer digital services to our loan customers," adding, "We will continuously strengthen digital financial services to accelerate our market penetration in Cambodia."

Phnom Penh Commercial Bank has been focusing on enhancing digital financial services, including independently developing the core banking IT system 'Apsara' for the first time in Cambodia last year.

Meanwhile, Phnom Penh Commercial Bank achieved the highest net profit among Korean banks operating in Cambodia last year. The net profit for last year was 20.7 billion KRW, a 40.5% increase compared to the previous year. As of the end of last year, total assets amounted to 1.0722 trillion KRW, a 21.8% increase from one year earlier. Surpassing 1 trillion KRW in assets is the first among Korean banks operating in Cambodia.