August 29, 2008
This is the press release by Visa
Visa works with four major Cambodian banks to launch “Easy Cash”, a new domestic ATM network
Visa, along with Cambodia Mekong Bank, Canadia Bank, Singapore Banking Corporation (SBC Bank), and Union Commercial Bank (UCB), have announced the setting up of a unified domestic payments infrastructure in Cambodia. The move will connect the ATM networks of the four banks.
The network, called “Easy Cash”, will make it easier for Cambodians to perform basic banking services, such as balance enquiries and cash withdrawals at any Easy Cash network ATM around the country.
Ms. Truong Minh Ha, Visa’s country manager, Vietnam, Cambodia and Laos said, “Visa and our partner banks have worked in close cooperation with the Government of Cambodia to develop and implement a system that will efficiently deliver electronic banking services to the fast growing banked population in Cambodia.
“The banks investigated various means to connect their systems and they concluded that the most resilient and cost-effective solution for their needs was to connect the ATMs through VisaNet. This decision was made based on the technology and scale of the VisaNet system, coupled with the expertise of Visa's team.”
The deployment of the domestic switch aims to help drive electronic payment transactions in Cambodia. Electronic payment systems can help bring more people into the banking system because they help create safer, more efficient and convenient payment services.
“This service is the only network in the country to connect four locally incorporated banks electronically to give customers the flexibility of accessing their accounts from any of the four banks’ ATMs. Bank customers are no longer limited to using ATMs from a single bank,” said Mr. Thet Vannara, Card Center Manager of Cambodia Mekong Bank.
Mr. Luis Chen, Vice President, Canadia Bank said: “The VisaNet system will increase the number of ATMs available to our customers. Indeed, our customers will now find convenient access to 86 ATMs around the nation from which they can draw upon their funds and manage their personal finances. As a group, we are looking to have up to 126 ATMs connected under VisaNet before the end of 2008.”
The VisaNet system makes full use of the banks' existing ATM infrastructure. By unifying under the Easy Cash brand, banks benefit by being able to provide more customers with ATM services leading to an increased footprint in the market.
Diaz Kun, Executive Vice President of SBC Bank said, “ATMs have gained prominence as a delivery channel for banking transactions in Cambodia and banks have been deploying ATMs to increase their reach. The advantages of working on the shared ATM network with the other three participating banks include a bigger ATM network and optimal use of the ATMs with more transactions per machine per day. Importantly, the Easy Cash ATM network will make life easier for bank customers since it will bring more convenience to them through a larger number of ATMs across the country.”
Mr. Yong Kah Wah, Card Center Manager of UCB is particularly enthusiastic about the increase in services of the Easy Cash network rollout in Cambodia. “Customers today are continually seeking more convenient ways to manage and access their funds. Launching the Easy Cash network is by far the most cost-effective solution in providing UCB with the capability of providing services for each and every customer”.
Visa, along with Cambodia Mekong Bank, Canadia Bank, Singapore Banking Corporation (SBC Bank), and Union Commercial Bank (UCB), have announced the setting up of a unified domestic payments infrastructure in Cambodia. The move will connect the ATM networks of the four banks.
The network, called “Easy Cash”, will make it easier for Cambodians to perform basic banking services, such as balance enquiries and cash withdrawals at any Easy Cash network ATM around the country.
Ms. Truong Minh Ha, Visa’s country manager, Vietnam, Cambodia and Laos said, “Visa and our partner banks have worked in close cooperation with the Government of Cambodia to develop and implement a system that will efficiently deliver electronic banking services to the fast growing banked population in Cambodia.
“The banks investigated various means to connect their systems and they concluded that the most resilient and cost-effective solution for their needs was to connect the ATMs through VisaNet. This decision was made based on the technology and scale of the VisaNet system, coupled with the expertise of Visa's team.”
The deployment of the domestic switch aims to help drive electronic payment transactions in Cambodia. Electronic payment systems can help bring more people into the banking system because they help create safer, more efficient and convenient payment services.
“This service is the only network in the country to connect four locally incorporated banks electronically to give customers the flexibility of accessing their accounts from any of the four banks’ ATMs. Bank customers are no longer limited to using ATMs from a single bank,” said Mr. Thet Vannara, Card Center Manager of Cambodia Mekong Bank.
Mr. Luis Chen, Vice President, Canadia Bank said: “The VisaNet system will increase the number of ATMs available to our customers. Indeed, our customers will now find convenient access to 86 ATMs around the nation from which they can draw upon their funds and manage their personal finances. As a group, we are looking to have up to 126 ATMs connected under VisaNet before the end of 2008.”
The VisaNet system makes full use of the banks' existing ATM infrastructure. By unifying under the Easy Cash brand, banks benefit by being able to provide more customers with ATM services leading to an increased footprint in the market.
Diaz Kun, Executive Vice President of SBC Bank said, “ATMs have gained prominence as a delivery channel for banking transactions in Cambodia and banks have been deploying ATMs to increase their reach. The advantages of working on the shared ATM network with the other three participating banks include a bigger ATM network and optimal use of the ATMs with more transactions per machine per day. Importantly, the Easy Cash ATM network will make life easier for bank customers since it will bring more convenience to them through a larger number of ATMs across the country.”
Mr. Yong Kah Wah, Card Center Manager of UCB is particularly enthusiastic about the increase in services of the Easy Cash network rollout in Cambodia. “Customers today are continually seeking more convenient ways to manage and access their funds. Launching the Easy Cash network is by far the most cost-effective solution in providing UCB with the capability of providing services for each and every customer”.
4 comments:
Will there be a fee charge for transaction? Congrats!!!
this is one of cambodia's successful stories of entreprenurialship. god bless cambodia. who says it is impossible to do a successful big businesses in cambodia? let this be a prime example! god bless cambodia.
initially, it was one or two atm machines with international access. now, it is over 600 atms? i'm very impress! let there be more well-known big international franchises in cambodia. good business. thanks for given cambodia the golden opportunity to grow and be a part of the global successful economy. god bless cambodia.
I would like to thank Cambodia Mekong Bank, Canadia Bank, Singapore Banking Corporation (SBC Bank), and Union Commercial Bank (UCB) that cooperate with each other to increase ATM access to Cambodian people.
Cash-Out ATM can save a lot of time to Cambodian; however, Cash-In ATM is even more important to save Cambodian lives as people can put in money or cheque at ATMs after working hours which is not so new to other countries such as Canada with 30 million population.
Cash-in ATM is not only save life but also can bring happiness to thousand business people who worry about the increasing robberies in city.
Recently, some foreign exchange shop lock their doors leaving s small room for operating their businesses.
Whoever can bring Cash-In ATM first to Cambodia, they will be the hero in Cambodian ATM history.
Ana Nov
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