One of Cambodia’s leading banks, ABA, has signed an agreement with Almond Fintech which specialises in cross-border payments – and they hope to offer ABA business clients seamless access to secure financial payments with their network partners in Southeast Asia and the United States.
Almond FinTech, is a blockchain-based funds transfer technology company based in Boston and Singapore, and they recently received USD $2 million in a seed round led by Morningside.
“ABA Bank is a premier financial institution with world-class banking services,” said Adam Swartzbaugh, CEO of Almond FinTech.
A press release added that transactions from the US to Cambodia are consistent with Almond’s global strategy of serving financial institutions in Southeast Asia. international bank payments from and to Cambodia have often been cited to B2B Cambodia as expensive by business leaders but this has improved over recent years.
Cambodia’s total transaction volume will roughly double to $65 million over the next four years.
“We are excited to offer our customers the convenience and efficiency of Almond’s fund’s transfer technology. We believe our partnership with Almond will help ABA continue to provide innovative and inclusive financial technology services” added Zhiger Atchabarov, Chief International Operations Officer at ABA.
ABA Bank is Cambodia’s leading private financial institution and had 81 branches, 410+ ATMs, 390+ self-banking machines across the country, and advanced online banking and mobile banking platforms.