PHNOM PENH, Cambodia, Dec. 13, 2023 /PRNewswire/ -- Cathay United Bank (Cambodia) Corporation Limited (CUBC), a subsidiary of Taiwan's largest financial group, Cathay Financial Holding, is expanding its local consumer financing services by partnering with Southeast Asia's leading fintech company TrueMoney. The partnership greatly enlarges the access of CUBC customers to cash service points in Cambodia, enabling them to make deposits and withdrawals at more than 10,000 TrueMoney points nationwide, effective immediately.
To find the nearest TrueMoney location or CUBC branch, please visit the CUBC official website or TrueMoney App.
This latest move follows the successful launch of the CUBC mBanking app for online banking at the beginning of 2023. As the app is connected to Cambodia's official Bakong payment system, CUBC became the first Taiwanese bank to provide KHQR payment capabilities. CUBC is also actively encouraging merchants to use KHQR payments to meet customers' payment needs and enhance digital financial experiences.
For a decade, Cathay United Bank Corporation Limited (CUBC) has had a strong presence in Cambodia, where, in addition to serving local and overseas enterprises, it also directly serves consumers with financial services such as savings, credit cards, and mortgage loans. In recent years, CUBC has embraced digital finance as the key to advancing its consumer financial services, as laid out in its strategic development goals. Aligned with this, the bank is actively exploring collaborations with local businesses such as TrueMoney to continuously enhance its digital finance offerings.
"We are honored and thrilled to partner with TrueMoney to greatly expand our customers' access to cash flow points along with the fintech company's vast agent network," stated Yeh Zhan-Hao, President of Cathay United Bank (Cambodia) Corporation Limited. "We have embraced digital finance as a key means to empowering consumers, and through combining digital and physical channels, we are making progress towards our vision of providing 'contextual banking' experiences."
"In addition, our focus on top-tier corporate financial services is crucial in Cambodia, where numerous companies take the responsibility of providing employees with cash withdrawal needs as part of payroll," continued Yeh. "Integrating with TrueMoney's vast network enables us to also expand cash access for these corporate clients as well."
Adding to this, TrueMoney (Cambodia) Acting Chief Executive Officer, Ms. KHUON Frandara said: "TrueMoney Cambodia has a vision to become a Bank Hub Solution by extending our +10,000 agent network to serve bank customers at a nationwide level. Our promotional partnership with CUBC will bring free & convenient service to CUBC customers, and growth to both businesses. It will be a quick win and fastest banking network expansion for CUBC."
This collaboration further enhances customer experience by only requiring the CUBC account number, account name and phone number to make a deposit. And customers can also withdraw money by using the App at one of these service points. To find the nearest TrueMoney location or CUBC branch, please visit the CUBC official website or TrueMoney App.
To further encourage users, CUBC will offer a promotion from October 2nd, 2023 to January 1st, 2024 deposits from USD 100 to 2,500, or its equivalent amount in Cambodian riel, will be entitled to a fee waiver, until the limit is reached. In addition, when customers open a USD fixed deposit account through the CUBC mBanking app with a minimum deposit of $100, they can enjoy an interest rate of up to 5.25% and a number of flexible terms.
About Cathay United Bank Cambodia (CUBC) Corporation Limited
Wholly owned by Cathay United Bank, the largest financial holding company in Taiwan under the Cathay Financial Holding Co., Ltd. Umbrella, CUBC is financial service provider offering corporate and personal financial products to meet the diverse needs of consumers. With an extensive network across major cities and provinces in Cambodia of 15 branches and 68 ATMs, CUBC continues to expand its business locally to enable better accessibility and further develop digital financing. For further information about CUBC, please visit: https://www.cathaybk.com.kh/zh-hant/
About TrueMoney
TrueMoney, a subsidiary of Ascend Money Group, founded jointly by CP Group and Ant Group (Alibaba), is a leading financial technology company in Southeast Asia. TrueMoney currently provides financial payment services in Thailand, Cambodia, Myanmar, Vietnam, the Philippines, Indonesia, and Malaysia, operated through a network of 65,000 agents in the region. For more information, visit https://truemoney.com.kh/ or https://www.facebook.com/TrueMoneyCambodia/
