Ria expands remittance services in Cambodia by partnering with ACLEDA Bank
- Ria, the second largest money transfer firm globally has partnered with ACLEDA Bank, a leading retail bank in Cambodia.
- The partnership will have Ria add close to 300 cash payout and pickup locations in the country.
Ria Money Transfer has partnered with ACLEDA Bank with the intent of expanding its remittance services in Cambodia. The company, which is one of Euronet’s business segments, will add close to 300 cash payout and pickup points in the country through the partnership. In total, it will have 4,318 locations within Cambodia.
Ria and ACLEDA Bank’s Partnership
Ria is one of the leading firms in the cross-border money transfer sector. By collaborating with Cambodia’s leading retail bank, Ria seeks to avail affordable and secure cross-border money transfer services to and from the Asian country. The expansion entails cash collection both in US dollars and Cambodian Riel, account deposits, and cash payments.
Notably, the partnership targets the over 1.3 million Cambodians residing and working overseas. For instance, in 2022, about two-thirds of the aforementioned populace sent home about $1.25 billion. The figure represented an 8% increase from the remittances reported in the previous year. Notably, the funds came from an array of countries including France, the US, Japan, South Korea, Canada, Australia, and Thailand.
Regarding the partnership, the CEO of Euronet’s Money Transfer sector, Juan Bianchi noted, “Remittances continue to be a vital source of income for people in many countries, and at Ria, we are committed to helping people who are living and working far from home have access to the money transfer services they need to build a better everyday life. ”
At the same time, ACLEDA Bank’s President, Dr. In Channy stated, “This cooperation will enable all kinds of customers (both Cambodian people and foreigners), who are working, doing business and/or living in Cambodia and the rest of the world to transfer funds from and to Cambodia through Ria Money Transfer with more than 500,000 retail locations throughout the world”.
With over 500,000 retail locations globally, Ria is ranked the 2nd largest money transfer firm. At the same time, ALCEDA bank is the largest in Cambodia. It has about 300 branches conveniently located throughout the country; making it easy for customers to enjoy Ria’s cross-border money transfer product.
About Ria Money Transfer
Ria Money Transfer is one of Euronet (NASDAQ:EEFT) business sectors. Its products and services are geared towards its main goal of facilitating secure, affordable, and fast money transfers globally. Notably, it has the largest direct bank deposit network globally. Besides, it is ranked 2nd in the list of the most extensive cash settlement networks.
In recent years, it has expanded its pay-out options including mobile wallets, real-time payments, cardless ATM payouts, and partners and agents.