Cambodian Financial Institution Will Accept One Way Transfers from US
Almond FinTech, a blockchain-based funds transfer technology company specializing in cross-border payments, announced a new partnership with ABA Bank, the largest privately held bank in Cambodia. Through Almond, ABA will be able to offer retail and business clients seamless access to real-time, affordable and secure transfers directly to their existing accounts from Almond’s network partners in Southeast Asia and the US.
“ABA Bank is a premier financial institution with world-class banking services,” said Adam Swartzbaugh, CEO of Almond FinTech. Transactions from the US to Cambodia are consistent with Almond’s global strategy of serving financial institutions in Southeast Asia. According to Statista, digital remittance users are projected to double in the next four years to 18 million globally. Cambodia’s total transaction volume will roughly double to $65 million.
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“We are excited to offer our customers the convenience and efficiency of Almond’s funds transfer technology,” said Zhiger Atchabarov, Chief International Operations Officer at ABA. “We believe our partnership with Almond will help ABA continue to provide innovative and inclusive financial technology services.”
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The opening of this initial money transfer corridor with Cambodia comes on the heels of an earlier announcement that Almond had received $2 Million in a seed round led by Morningside.
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