Ministry of Commerce and ABA Bank sign MoU on digital payments partnership between CambodiaTrade and ABA Bank
Ministry of Commerce and ABA Bank sign MoU on digital payments partnership between CambodiaTrade and ABA Bank
The Ministry of Commerce and ABA Bank on Wednesday signed a memorandum of understanding (MoU) on digital payments and a knowledge-sharing partnership.
Under the MoU, the Ministry of Commerce's CambodiaTrade.com e-marketplace will be integrated with PayWay, ABA Bank's online payment platform, to help Cambodian small and medium-sized enterprises (SMEs) bring their businesses online and accept cashless payments conveniently and securely via ABA PAY.
The MoU also underlines a collaboration on knowledge-sharing and training for CambodiaTrade's registered SMEs.
The MoU was signed at the Ministry of Commerce in Phnom Penh. The ceremony was presided over by HE TekrethKamrang, secretary of state at the Ministry of Commerce on behalf of Minister of Commerce HE Pan Sorasak, and Askhat Azhikhanov, the CEO of ABA Bank.
"The signing of this MoU marks a special event in our cooperation with the private sector, in particular ABA Bank, to assist Cambodian SMEs in increasing economic opportunities by selling products to consumers and business partners with a highly reliable digital payment system," said Tekreth.
Azhikhanov said: "This partnership allows us to offer SMEs the opportunity to digitalise and engage with their customers in e-commerce, accepting payments from their customers via ABA PAY easily and securely.
"ABA Bank will also work with the Ministry of Commerce to extend digital financial literacy to the members of CambodiaTrade through training and capacity-building activities.
"We believe that this integration will help many local entrepreneurs to enhance their online sales by reaching out to ABA’s large customer base, while promoting financial inclusion and the further digital transformation of the country."
The Ministry rolled out CambodiaTrade for pre-registration in mid-June, providing a fully integrated platform that allows SMEs to reach a broader market both in Cambodia and abroad, granting access to the growing global digital economy.
As of December 2021, 75 SMEs have been approved, with 450 product posts on CambodiaTrade.
CambodiaTrade is an essential component of the Go4eCAM project implemented with financial support from the Enhanced Integrated Framework (EIF).
The marketplace is an initiative from the Ministry of Commerce to increase the economic opportunities for local SMEs from participating in e-commerce and the digital economy.
PayWay is ABA Bank's award-winning e-commerce payment platform for collecting and managing online payments made via Visa, Mastercard and UPI cards, and ABA PAY.
Perfectly tailored to local business needs, PayWay is a secure, convenient and easy-to-integrate payment platform that helps entrepreneurs sell their products or services online or in-store and accept payments instantly.
About ABA Bank
ABA Bank is Cambodia's leading private financial institution. As of 30 November 2021, the Bank's total assets amounted to $7.5 billion.
With 80 branches and more than 820 self-banking machines across the country, and advanced online banking and mobile banking platforms, ABA Bank reaches out to many customers with an array of modern financial services.
For more info, visit www.ababank.com.
ABA is a subsidiary of National Bank of Canada, a financial institution with around $286 billion as of October 31, 2021. Headquartered in Montreal, it has branches in almost every Canadian province with 2.7 million personal clients. It is the sixth-largest bank in Canada and the leading bank in Quebec, where it is the partner of choice among SMEs.
