PPCBank Becomes First Cambodian Bank to Expand Bakong Internationally
Phnom Penh – One of South Korea’s leading banks, Jeonbuk Bank, is joining forces with PPCBank to make fund transfers via the National Bank of Cambodia’s ‘Bakong’ payment platform more convenient for Cambodian migrant workers and people living in South Korea.
PPCBank becomes the first bank in the country to help Bakong to operate and expand beyond the kingdom, with the launch of the new ‘Jeonbuk Bank Direct Transfer’. The transfer enables Cambodian migrant workers in South Korea, as well as Koreans themselves, to send money to Cambodia through Jeonbuk Bank to PPCBank or any bank in Cambodia that is a member of the Bakong platform.
PPCBank has been able to initiate this development through its partnership with the Jeonbuk Financial Group, which is one of PPCBank’s major shareholders. It is being seen as a major step forward for the relationship between the Cambodian and South Korean financial sectors, with PPCBank also preparing to enable direct transfers to South Korea from Cambodia in the near future.
PPCBank President, Mr. Baek Jongil, said “We understand how important it is to send money back home for Cambodian workers in South Korea. We are constantly working hard to make sending money simpler and more cost effective. We are delighted to be teaming up with Jeonbuk Bank and Bakong to make this happen.”
“PPCBank aims at enabling its money transfer from Cambodia to South Korea in the near future.” he added.
It is PPCBank’s mission to make banking as easy as possible and the new Jeonbuk Bank Direct Transfer opens up a whole new level of convenience for those living and working in South Korea who need to send money to Cambodia. Not only does it expand the beneficiary network from South Korea, but also provides a safe and seamless way for Cambodian migrant workers to get cash to their families back home, without the need to pay hefty commissions to brokers.
Fees are as low as $3 when a Cambodian migrant worker transfers up to $10,000 from a Jeonbuk Bank account to a PPCBank account or any other Cambodian bank that is a member of the Bakong system.
With the recent upgrade of its digital banking system, PPCBank remains committed to making life easier for its growing customer base. Its new payment solutions have all been aligned with the latest developments in Cambodia’s banking system, most notably the KHQR code. PPCBank believes that digitalization is the future of banking and will continue to introduce new payment and transfer solutions that take advantage of technological advancements for the benefit of its customers and the kingdom.