Amret Microfinance, a well-known local microcredit institution, has entered into a partnership with AIA AIA Cambodia, who specialises in life insurance, granting its customers access to a broad range of life insurance products.
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Amret’s 400,000 customers across the country can now take advantage of AIA’s products, including a unique insurance solution that provides financial support against major illnesses, such as cancer, heart attack and stroke.
The microfinance institution recently obtained approval from the National Bank of Cambodia and the Ministry of Economy and Finance to collaborate with insurance companies and act as a referral agent for the purpose of introducing insurance solutions to customers.
Chea Phalarin, Amret’s CEO, said, “We are grateful to the National Bank of Cambodia for the approval and the Ministry of Economy and Finance for the license.”
“Now we can further enhance financial security for our customers through AIA Cambodia’s life insurance solutions.”
Serving micro, small and medium enterprises and low to middle-income populations with a focus on rural areas, as well as district and provincial cities, Amret has over 3,981 employees and 156 branches across Cambodia.
The company has $350 million in outstanding deposits and more than $699 million in loans, according to representatives. Its assets equal $815 million.
The CEO of AIA Cambodia, Richard Bates, said, “We are excited about the opportunity to work with Amret. The company has a track record of offering outstanding financial services that have improved the lives of many Cambodians.
“Through this partnership, we will help protect the health and financial security of Amret customers and their families,” Mr Bates said.
AIA Cambodia is part of the AIA Group, the second largest life insurer in the world by market capitalisation. The firm is present in 18 markets in the Asia Pacific region.