Thunes enables Cambodia's Advanced Bank of Asia (ABA) to make instant cross-border transfers to bank accounts

USA - English

Partnership with one of Cambodia's biggest banks sees Thunes further extend its global payout network.

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Jul 12, 2021, 22:00 ET

SINGAPORE and PHNOM PENH, Cambodia, July 12, 2021 /PRNewswire/ -- Thunes, a leading global payments network, today announced a partnership with ABA Bank ("ABA") that enables Cambodians overseas to send money back home quicker and cheaper from around the world.

Previously, customers making international money transfers to Cambodia had to pay high fees averaging close to 12% on a US$200 transfer^[1] and wait several days for the funds to reach their recipient. Now, powered by Thunes' last-mile capabilities and extensive global network, Cambodians living, working and studying overseas can send money back home instantly and at more competitive rates. For instance, a migrant employed in Europe can easily transfer funds to a family member back home in Cambodia using any bank, money transfer operator, or payment service provider within Thunes' network, and the money would reach their beneficiaries instantly.

In a further boost to efficiency and transparency, locals and expats in Cambodia will also be able to receive real time bank account transfers from Thunes' extensive network of sending partners, in addition to cash payouts already made available through Thunes.

"We are delighted to offer this market-leading real-time payments service, supporting local and overseas Cambodian communities who rely on fast, secure transfers for their day-to-day needs and operations. Our partnership with ABA marks an important milestone as Thunes continues to improve access to Cambodia, one of the world's fastest-growing economies," said Andrew Stewart, Global Head of Networks at Thunes.

Zhiger Atchabarov, Chief International Operations Officer at ABA Bank, commented, "At ABA, we are committed to providing every customer with fast and convenient access to funds. Therefore, we praise the opportunity to leverage the speed, efficiency and global reach of Thunes to serve our customers' needs even better. Accelerating digital innovation and value-added services for the benefit of the Cambodian community is core to the Bank's vision."

With proven expertise in emerging economies, this latest partnership with ABA reinforces Thunes' focus on Cambodia as a key Asian market, with more capabilities to be rolled out in the near future.

[1] WorldBank Data, 2020.

NOTES TO EDITORS

About Thunes

Thunes is a B2B company that powers payments for the world's fastest-growing businesses. Corporates and financial institutions are able to move funds seamlessly, securely and cost-effectively with Thunes' well-established, reliable and far-reaching network. Thunes is used by global banks, money transfer operators, platforms and many other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world. Thunes' platform currently connects more than 260 customers and network partners from across 110 countries to send and receive money globally. Thunes is headquartered in Singapore with regional offices in London, Shanghai, New York, Dubai, and Nairobi.

For more information, visit www.thunes.com

About ABA Bank

ABA Bank is Cambodia's leading private financial institution founded in 1996 as the Advanced Bank of Asia Limited.

In more than 20 years of development and growth, ABA has significantly strengthened its position in the market and broke into the Top 3 commercial banks of the country. Today, ABA offers the entire spectrum of services to customer segments covering SMEs, micro-businesses, and individuals.

With 79 branches, 650+ self-banking machines across the country, and advanced online banking and mobile banking platforms, ABA Bank reaches out to a large number of customers with an array of modern financial services.

For more information, visit www.ababank.com

SOURCE Thunes