Customers of Sacombank Cambodia will soon have access to Ly Hour Pay Pro’s mobile payment services to withdraw, transfer funds and pay loans.
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Ly Hour Pay Pro, a subsidiary of local conglomerate Ly Hour Group, on Tuesday signed a partnership agreement with Vietnam-owned Sacombank Cambodia to allow bank customers to withdraw and transfer funds, as well as pay loans, using Ly Hour Pay Pro’s network of 4,500 agents and branches nationwide.
Ly Sopheap, member of the board of directors of Ly Hour Pay Pro, hailed the agreement as a success for the company.
“This is yet another success for our institution. It gives us the opportunity to provide a better, faster service to all bank customers,” he said.
With a registered capital of $8 million, Ly Hour Pay Pro obtained its license to carry out operations as third-party processor from the National Bank of Cambodia (NBC) in 2016, backed by the Foreign Trade Bank of Cambodia (FTB).
In March last year, the company received a new license for payment services provider, which replaced its existing license, in compliance with NBC regulation.
The total assets of Sacombank, which entered the Cambodian market in 2009, equal $171 million, with total deposits at $132 million.