Prince Bank and Ria Money Transfer partner up to enhance international fund transfers in Cambodia

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Business 2022

Prince Bank Plc, one of the fastest-growing banks in Cambodia, and Ria Money Transfer, a business segment of Euronet Worldwide, Inc. (NASDAQ: EEFT) and a global leader in the cross-border money transfer industry, today announced a business partnership to enable customers to do international remittance through Prince Bank’s channels.

Customers now can send and receive money internationally through any of its thirty-two Prince Bank branches nationwide via the Ria Money Transfer and have access to Ria’s extensive global network of more than 490k locations. At the same time, by the end of May, customers will be able to use their PRINCE Mobile app to make money transfers through Ria seamlessly in a secured and convenient platform. This brings significant benefits to international funds transfer as customers can send money anywhere, anytime through the app conveniently and securely. Prince Bank has invested heavily in digital enhancements and transformation to be at the forefront of the current digital age, all aimed at better serving our customers in Cambodia.

“At Prince Bank, we have a long-term vision of providing the best banking service to serve our customers locally and globally, and international remittance is one of the crucial services that pivots towards the vision & business objectives. At Prince Bank, we constantly try harder to not only meet but exceed our customers’ needs and wants. Ultimately, we want to be the bank of choice for Cambodians” said Mr. Honn Sorachna, Managing Director and CEO of Prince Bank.

“It is an honor & great opportunity for Prince Bank to partner with Ria Money Transfer to enhance our international remittance services. We have always strived to use innovation to provide the best solution and services, and we work harder to fulfill the needs of our customers with a more cost-effective method of financial services.” He added.
Ria is the second-largest cross-border money transfer in the world with a network of almost 500,000 locations in more than 160 countries including the USA, South Korea, Thailand, Philippines, China, Malaysia, India, Australia, Vietnam, among others, and it continues to make the world a smaller place by closing distances between families and their loved ones through unparalleled services.

“This partnership with Prince Bank is another step forward in providing more convenience and access to unparalleled money transfer services to customers in Cambodia, bringing added benefits to both senders and beneficiaries in the country,” said Espen Kristensen, Managing Director APAC. “By providing access to such vast cash pickup locations we aim to offer a new level of convenience, and by enabling real-time bank deposit transfers, we make it possible for beneficiaries to collect funds within minutes, offering a new level of ease and peace of mind to our customers, while contributing to financial inclusion in the region.”

H.E. Rath Sovannorak, Deputy Governor and Director General of Banking Supervision of the National Bank of Cambodia said, “Congratulations to all the management and staff of Prince Bank and RIA Financial Services for this partnership. The signing ceremony is a testament to the continued growth of the banking and financial sector in the age of financial technology (FinTech) and the public’s trust in the sector. The partnership between Prince Bank and RIA Financial Services to operate as a third party operator is part of the development of the financial technology sector by providing payment and remittance services as well as enhancing the financial environment.”

With this launch, we have a special offer to all customers by waiving the fee for the first 100 outbound transactions. Customers can make the transfer at any Prince Bank branch across the country. For more information about Prince Bank’s products & services, kindly visit us at www.princebank.com.kh or contact our Contact Center at 1800 20 8888.

About Prince Bank Plc.

Prince Bank Plc. started its business operations in 2015 as a private microfinance institution under the former name “Prince Finance Plc.” and was transformed into a commercial bank with license No. B 46 granted by the National Bank of Cambodia on 18 July 2018. With a strong capital base, robust technological capabilities, solid expertise, and extensive knowledge of the local market, the bank aspires to become the industry leader by offering differentiated financial solutions through a mix of channels with great convenience to our customers. We are keen on contributing to the development of small and medium enterprises that constitute a key segment of our target customers. Currently, Prince Bank Plc. has 32 branches and 79 ATM locations nationwide.

About Ria Money Transfer

Ria Money Transfer, a business segment of Euronet Worldwide, Inc. (NASDAQ: EEFT), delivers innovative financial services including fast, secure, and affordable global money transfers. With the second most extensive cash settlement network and the largest direct bank deposit network in the world, Ria gets money to where it matters.
Ria’s connection to Euronet Worldwide’s REN payments platform and Dandelion network, a global payments infrastructure that delivers real-time transactions, enables the company to provide access to state-of-the-art fintech products and services at the forefront of its industry. Bridging the gap between digital and physical transactions, Ria’s omnichannel products and services, together with the company’s rapidly expanding alternative global pay-out capabilities, provide unprecedented consumer choice, including agents and partners, real-time payments, home delivery, mobile wallets, and cardless ATM payouts (exclusively with Ria). Ria’s global infrastructure facilitates financial access to customers and partners alike, promoting economic growth around the world by opening new market opportunities. Ria opens ways for a better everyday life.