Thunes, a leading global payments network, today announced a partnership with ABA Bank (“ABA”) that enables Cambodians overseas to send money back home quicker and cheaper from around the world.
Previously, customers making international money transfers to Cambodia had to pay high fees averaging close to 12% on a US$200 transfer1 and wait several days for the funds to reach their recipient. Now, powered by Thunes’ last-mile capabilities and extensive global network, Cambodians living, working and studying overseas can send money back home instantly and at more competitive rates. For instance, a migrant employed in Europe can easily transfer funds to a family member back home in Cambodia using any bank, money transfer operator, or payment service provider within Thunes' network, and the money would reach their beneficiaries instantly.
In a further boost to efficiency and transparency, locals and expats in Cambodia will also be able to receive real time bank account transfers from Thunes’ extensive network of sending partners, in addition to cash payouts already made available through Thunes.
“We are delighted to offer this market-leading real-time payments service, supporting local and overseas Cambodian communities who rely on fast, secure transfers for their day-to-day needs and operations. Our partnership with ABA marks an important milestone as Thunes continues to improve access to Cambodia, one of the world’s fastest-growing economies,” said Andrew Stewart, Global Head of Networks at Thunes.
1 WorldBank Data, 2020.
Zhiger Atchabarov, Chief International Operations Officer at ABA Bank, commented, “At ABA, we are committed to providing every customer with fast and convenient access to funds. Therefore, we praise the opportunity to leverage the speed, efficiency and global reach of Thunes to serve our customers’ needs even better. Accelerating digital innovation and value-added services for the benefit of the Cambodian community is core to the Bank’s vision.”
With proven expertise in emerging economies, this latest partnership with ABA reinforces Thunes’ focus on Cambodia as a key Asian market, with more capabilities to be rolled out in the near future.