Oriental Bank and TrueMoney announced the signing of a Memorandum of Understanding (MoU) for exploring and collaborating on the digitalisation of financial services.This strategic partnership brings together Oriental Bank’s approach in providing contemporary banking solutions and True Money’s established reputation as a leading payment service provider, a press release said.  

Digitalisation of financial services has revolutionised the financial landscape, enabling banks to offer enhanced customer experiences and cutting-edge financial solutions to their customers. Oriental Bank has been at the forefront of this digital transformation, focusing on providing modern and inclusive banking products and services to meet the evolving needs of its customers.  

TrueMoney, a reputable payment service brand and a part of Ascend Money, brings its expertise to digital payments and its extensive network of agents across Cambodia. With its advanced technology, TrueMoney has emerged as a trusted payment provider, offering various services such as local money transfers, digital lending, bill payments, phone top-ups, and peer-to-peer money transfers.  

Digital transformation enables financial institutions to reduce manual processes, paper-based transactions, and physical infrastructure costs. It leads to cost savings that can be passed on to customers. On the demand side, digital technology allows access to more variety and choices of services at lower costs to consumers. It also provides convenience as well as customized or personalised services and they may further benefit by getting services quicker due to fewer intermediaries.  

This partnership comes at a pivotal moment when the Royal Government of Cambodia is actively promoting digitalisation efforts in the country under the leadership of Prime Minister Hun Sen and the successful implementation of the National Bank of Cambodia’s (NBC) Bakong Project.  Inspired by the government’s vision to create a digitally empowered society and with NBC’s encouragement, Oriental Bank and TrueMoney are committed to supporting the national agenda on their digitalisation efforts with the shared commitment to innovation, customer-centric solutions that will help contribute to the goal of financial inclusion for all.  

“We are thrilled to enter into this strategic partnership with TrueMoney,” said Datuk Phan Ying Tong, Managing Director/Chief Executive Officer of Oriental Bank.  

“By combining our expertise and resources, we can accelerate the digital transformation of financial services and provide our customers with creative and innovative solutions that meet their evolving needs.”  

He also highlighted that while technological innovation in finance is not new, investment in new technologies has substantially increased in recent years and the pace of innovation is exponential. He added that  
all these technologies can benefit both consumers and companies by enabling greater access to financial services, offering  wider choice and increasing efficiency of operations.  “The remarkable synergy between TrueMoney Cambodia and Oriental Bank, underscores the strength of TrueMoney’s extensive agent network, which effectively functions as human ATMs throughout the country,” said Khuon Frandara, acting CEO of TrueMoney Cambodia.  

“This partnership leverages TrueMoney’s robust infrastructure, comprising over 10,000 agents nationwide, to provide customers with convenient access to a wide range of financial services, eliminating the necessity for traditional brick-and-mortar bank branches,” she said.  She also mentioned that capitalizing on each party’s complementary strengths, this collaboration aims to revolutionise banking services in Cambodia, resulting in a win-win-win situation for TrueMoney, Oriental Bank, and the customers they serve.