TrueMoney – one of Cambodia’s largest fintech companies – is joining forces with union Commercial Bank Plc (UCB), one of the leading foreign banks in the Kingdom.

The signing of the memorandum of understanding (Mou) took place late last month.

The partnership allows UCB’s corporate customers to access one of Cambodia’s largest salary withdrawal (cash-out) networks.

This means the some 10,000 TrueMoney Agents will become “human ATMs”, allowing employees of UCB’s corporate customers to withdraw their salary with ease and free of charge.

TrueMoney (Cambodia) Acting Ceo Khuon Frandara said: “our partnership with UCB is a win-win strategy for both parties and our shared corporate customers.

“We focus on providing convenience to users, particularly those using TrueMoney and UCB’s Payroll Service.

“The employees of our corporate customers can withdraw their salary with ease at any of the more than 10,000 TrueMoney Agents nationwide. “At TrueMoney, we see ourselves fitting well into the current financial ecosystem in Cambodia and welcome partners to exploit our agent network with us.

“We believe in our vision of being the financial service of choice in Southeast Asia, changing the way people transact in their daily lives.”

UCB’s Ceo Chiang yuan Jen said: “The fintech ecosystem in Cambodia has expanded remarkably in recent years, particularly with regard to money transfers and digital payments.

“As well as focusing on professional financial services, UCB also focuses on our employees, social responsibility and our customers. “UCB always listens to our customers’ needs and strives for a variety of ways to provide them with total solutions in their business operations. UCB fully understands that our customers face challenges in dealing with payroll.

“So with this cooperation with TrueMoney, I believe that UCB is further assisting our customers in managing their monthly payroll even more conveniently, smoothly and safely, while our simple and fast processing reduces customer operating manpower and costs. And our 24/7 call centre is always there to take care of our customers’ inquiries.”

The signing of the memorandum of understanding took place late last month. SUPPLIED

About TrueMoney

TrueMoney is a leading international fintech brand and part of Ascend Money, a digital financial services venture of the Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba), two of the largest companies in Asia. The TrueMoney group is now one of the largest financial life platforms in Southeast Asia, and operates in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines

About Union Commercial Bank

Union Commercial Bank Plc (UCB) is a subsidiary of Taiwan’s e.Sun Bank, which has expanded into 10 countries across a total of 30 locations. UCB became 100 per cent owned by e.Sun Bank in 2017, and the following year built its modern selfowned headquarters on Monivong Boulevard – the e.Sun Tower. With currently 14 branches in Cambodia, UCB offers a range of products and professional banking services, and provide full support to its valued customers with Chinese, English and Khmer counters.