Vietnamese companies expand reach in Cambodia

June 25, 2011 | 09:36

(0) user say

The Vietnamese-invested Bank for Investment and Development of Cambodia (BIDC) and Cambo Pay Company on June 24 officially launched a new service venture – SMS Banking – in Cambodia .

Vu Thinh Cuong, commercial counsellor at the Vietnamese Embassy in Cambodia , BIDC Director General Nguyen Van Hien and Cambo Pay Chairman Tran Tri Manh attended the launch ceremony.

The opening of SMS Banking services tapped into a business trend compatible with the Cambodian market, home to some 6.5 million mobile subscribers out of a 14-million population, Manh said, noting that most subscribers also had bank accounts.

Through the BIDC system, customers can gain access to bank services such as checking trade balances, transaction history and forex rates and transferring money at anytime and anywhere by sending messages to fixed numbers, he said.

BIDC, a branch of the Bank for Investment and Development of Vietnam (BIDV), was formed in September, 2009, is the second-largest bank in term of charter capital in Cambodia and was among top five banks in the country with the largest asset and credit loans.