Norihiko Kato, CEO of Sathapana Bank, said the bank has partnered with Pi Pay to offer mobile money transfer capabilities to its customers, a move that will reduce transaction time and cost.
He said customers will be able to use the Pi Pay wallet to make payments from their Sathapana Bank account for various purchases across Cambodia.
“Pi Pay started its operations in Phnom Penh and with the partnership with Sathapana, it will have access to our branches all over the country.
“We have branches in all the provinces in Cambodia. This partnership will now allow our customers to enjoy the facilities offered through Pi Pay, which is quick payment and a cashless, paperless transaction,” said Mr Kato at the launch of the partnership at Aeon Mall 2 yesterday.
Tomas Pokorny, CEO of Pi Pay, said there was a need to push mobile payment solutions across Cambodia in order to bridge the gap with non-banking customers, which he said represented 70 to 80 percent of the population of Cambodia.
“Only 20 percent of Cambodians have bank accounts and to close the gap and reach the other 80 per cent, there is the need for banks to work with tech firm and fintech companies.
“We know this partnership will bring immediate benefits to all stakeholders – but what is most exciting are the long-term benefits that we don’t even know about yet as companies like ours embrace technology and digital transformation and all the exciting possibilities they bring.
“Partnerships like this, and more that we will be announcing in the coming days, allow customers at our partner banks to top up their Pi Pay wallets but they also allow Pi Pay customers to send money to their families in the provinces directly from their mobile phones,” he said.
He said such partnerships encourage unbanked Pi Pay users to open bank accounts that bring them squarely into the formal financial sector – and that benefits everybody.
“Financial inclusion is a key part of our mission at Pi Pay and we have been inspired in our journey by the great legacy of banks like Sathapana which started out as a microfinance institution with a social vision to extend credit, savings and banking services to the furthest reaches of the Kingdom,” he said.
Pi Pay allows payers and payees to make and receive payments seamlessly, securely and efficiently.
Pi Pay also offers a range of value-added services and innovative solutions which covers the full payment processing value chain.