PPC Bank President Shin Chang-moo (left) poses for a photo with a True Money official in a memorandum-signing ceremony. (JB Financial Group)
Phnom Penh Commercial Bank -- the Cambodian subsidiary of JB Financial Group’s flagship lender -- signed a deal with a Thailand-based financial technology firm to provide electronic loan repayment services to customers, the South Korean banking group said Wednesday.
PPC Bank’s latest memorandum of understanding with True Money is to allow customers to repay both the principal and interest back to the lender via the fintech firm’s electronic wallet service known as True Money Wallet.
The size of the deal was unannounced.
True Money was founded in 2003 as part of Thai communications conglomerate True Corp., but is currently under Ascend Group, a spinoff of True Corp. and a subsidiary of another Thai conglomerate, Charoen Pokphand Group. It has offices in Thailand, Vietnam, Cambodia, Myanmar, Indonesia and the Philippines, and has inked partnerships with 65,000 firms across Southeast Asia.
PPC Bank has focused on digitalization -- developing a digital core banking system -- which has smoothed the process for loan extensions and management there.
In 2016, JB Financial acquired Cambodia’s PPC Bank via its flagship lender Jeonbuk Bank to offer loan services to local retail customers as well as small and medium-sized enterprises.
By Jung Min-kyung (email@example.com