AMK and EMQ offer cross-border money transfers across SEA


AMK, a microfinance provider in Cambodia, and EMQ, a global financial settlement network, will facilitate cross-border money transfer across Southeast Asia they said this week.

In a statement, the companies said this “partnership enables AMK to integrate with EMQ’s extensive global network for secure, compliant, and cost-effective cross-border solutions, making financial services more accessible and inclusive for their customers and families across the region.”

Max Liu, co-founder and CEO of EMQ said: “Remittances provide a lifeline for millions of households in developing countries especially in Southeast Asia, where EMQ has a long-standing commitment in providing affordable, secure and reliable cross-border money transfers to the communities in the region.”

He added, “By connecting AMK directly to our global network, we are offering our customers the best possible choices and flexibility to send money home effortlessly within minutes. We are excited to partner with AMK to make a positive impact in Cambodia and beyond.”

EMQ has a presence across the Asia Pacific, Africa and North America, with access to over 80 key global markets. The company is currently licensed in Hong Kong, Singapore, Indonesia and registered as a Money Service Business in Canada. EMQ was also accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan.

The partnership means customers in Cambodia can transfer money, in real-time and have access to a range of payout options including:

  • Instant cash pickup
  • Bank deposits to the partnered banks
  • Deposit into a mobile wallet
  • Home delivery of cash to support their families back home across Southeast Asia.

The statement said only 27% of the Cambodian population currently have access to financial services.

AMK Cambodia

Kea Borann, CEO of AMK said of the partnership, “At AMK, we are committed to providing every customer with secure, fast and convenient access to financial services across Asia.”

AMK MFI Plc as of December 31, 2019, operates in 90% of the Cambodian villages with 149 offices, over 3,000 experienced staff, 56 ATM/CDM, and over 5,500 Agents running in 25 provinces and cities across Cambodia. AMK serves nearly 900,000 customers and has a loan portfolio of over USD 315 million, and a deposit with over USD 180 million.

AMK also offers micro-insurance on health and accident, loans, deposit, leasing, local and international money transfers, micro-insurance, bill payment, Payroll Service, Agent Banking, Mobile Banking, ATM/DCM, and other affordable financial services.

In 2018, AMK Microfinance sold 80 per cent of its stake to Shanghai Commercial & Savings Bank (SCSB) for an undisclosed sum.

Growth of fintech adoption in Cambodia

There is an increasingly growing number of digital mobile payment companies in Cambodia, which are also increasing their versatility and means of cashless payments options.

The National Bank of Cambodia (NBC) also is launching a new digital currency under the moniker Project Bakong in 2020 and the NBC has been urging the adoption of fintech and digital payment services in the Kingdom.

Visa also said recently that “encouraging digital payments: deploying easy to adopt touchless payment technology – rapidly, and at scale – is critical to enabling faster, more secure commerce.” The global finance company also said that between March-May 2020, in the Asia Pacific, 41 per cent of consumers made five or more e-Commerce transactions.

Digital payments are expected to grow from $600bn in 2019 to more than $1 trillion by 2025 in SEA.

You can read more about fintech in Cambodia in 2020 here.


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