Oriental Bank partners with Bank of China to launch RMB services
Oriental Bank partners with Bank of China to launch RMB services
Oriental Bank has announced the introduction of Chinese Renminbi (RMB) accounts and cross-border remittance services. This strategic move aims to offer enhanced financial convenience and alternative options for our customers, which is aligned with the bank’s ongoing commitment to providing innovative and customer-centric solutions.
On April 2, 2024, Oriental Bank received approval to become an indirect member of the Cross Border Interbank Payment System (CIPS), after a strategic partnership with the Bank of China (Hong Kong) Limited Phnom Penh Branch. This approval enables the bank to offer RMB accounts and cross-border remittance services in RMB, further supporting the growing economic and trade activities between Cambodia, China and other countries that are utilizing the RMB.
New RMB Services
The new RMB services are designed to provide an alternative settlement option, offering greater convenience for importers and exporters dealing with international businesses as well as businesspeople and individuals who wish to diversify their currency holdings. These services are not limited to cross-border transfers between China and Cambodia but are also available globally wherever CIPS memberships are present.
Savings Account for Individuals
The Chinese RMB Savings Accounts are designed for individuals aged 18 and above, including both residents and non-residents, with options for personal and joint accounts. Opening an account is straightforward, requiring only basic identification documents. Customers can access their RMB Savings account easily through Oriental Mobile and perform transfers to other RMB account holders within the Bank.
Current Account for Corporates
The Chinese RMB Current Account caters to companies, corporations, organizations and associations incorporated in Cambodia. Businesses can easily open an account with the necessary registration and identification documents. This account offers free access to Oriental MCorp & ICorp, a state-of-the-art mobile and internet banking service for corporates, with no maintenance fees and complimentary standing instructions, providing a seamless banking experience tailored to corporate needs. Customers can also access their RMB Current account easily through Oriental Mobile and perform transfers to other RMB account holders.
Datuk Phan Ying Tong, Managing Director/Chief Executive Officer of Oriental Bank said, “We value the strategic partnership with the Bank of China, who facilitated these services for us to achieve greater objectives. We are glad that Oriental Bank is now in an advantageous position from being one of the first few Cambodian banks offering this service through CIPS.”
“I am very proud that Oriental Bank has been able to achieve in such a short span of time since our inception, and this strategic partnership will open up more business opportunities for Bank Of China and Oriental Bank,” continued Datuk Phan Ying Tong.
