Cambodia Post, the agency responsible for providing postal services in the Kingdom, increased its revenue by more than 50 percent last year, surpassing $13 million, according to the agency’s latest report.
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CP earned $13.1 million in 2018, an increase of 55 percent from 2017’s $8.5 million, the report revealed.
CP, Canadia Bank, and Fullerton Bank created the Cambodia Post Bank, which last year increased its working capital to about $75 million.
Canadia Bank holds 50 percent of stakes ($37.5 million) in Cambodia Post Bank, Fullerton Bank holds 45 percent ($33.7 million), and CP has the rest of the shares ($3.7 million).
Last year, in a bid to modernise its offer, CP unveiled a new application that enables electronic payments for a range of services as well as money transfers.
Called ‘posTTransfer’, the new application allows users to perform domestic and international money transactions and pay online for a wide range of services, including utilities and school fees, according to Ork Bora, the director of CP.
“With state-of-the-art security, the app ensures smooth monetary transactions. It a matter of seconds, the money sent will reach the receiver,” Mr Bora said.
The app also supports Cambodia Post’s existing services by, for example, allowing customers to pay parcel shipping fees online.