Oriental Bank And Bank Of China Partner To Launch RMB Services In Cambodia
Oriental Bank has announced the introduction of Chinese Renminbi (RMB) accounts and cross border remittance services following in line with its strategic move offering enhanced financial convenience and alternative options for its customers.
The partnership with the Bank of China provides an ongoing commitment to offer innovative and customer-centric solutions and support the growing economic and trade activities between Cambodia, China and other countries that are utilising the RMB.
In Q2 2024, Oriental Bank received approval to become an indirect member of the Cross Border Interbank Payment System (CIPS), which enables the bank to offer RMB accounts and cross-border remittance services in RMB.
Datuk Phan Ying Tong, Managing Director/Chief Executive Officer of Oriental Bank said:
We value the strategic partnership with the Bank of China, who facilitated these services for us to achieve greater objectives. We are glad that Oriental Bank is now in an advantageous position from being one of the first few Cambodian banks offering this service through CIPS (Cross-Border Interbank Payment System).
Oriental Bank was founded in Q1 2022 with the ambition to fast-track the Cambodian financial service-scape into the digital era. Datuk Phan Ying Tong added, “I am very proud of all that Oriental Bank has been able to achieve in such a short span of time since our inception, and this strategic partnership will open up more business opportunities for Bank Of China and Oriental Bank."
New RMB Services Overview - Oriental Bank
The RMB services from Oriental Bank are “designed to provide an alternative settlement option, offering greater convenience for importers and exporters dealing with international businesses as well as businesspeople and individuals who wish to diversify their currency holdings” said the bank.
The services are not limited to cross-border transfers between China and Cambodia but are also available globally wherever CIPS memberships are present.
Individual RMB Savings Accounts
Oriental Bank's Chinese RMB Savings Accounts are designed for individuals aged 18 and above, and apply to both residents and non-residents, with options for personal and joint accounts.
- To open an account, basic identification documents are required.
- Customers can access their RMB Savings account easily through Oriental Mobile and perform transfers to other RMB account holders within the Bank.
Corporates RMB Current Accounts
The Chinese RMB Current Account caters to companies, corporations, organisations, and associations incorporated in Cambodia.
Businesses can easily open an account with the necessary registration and identification documents.
- The Corporate RMB Current Account offers free access to Oriental MCorp & ICorp, mobile and internet banking services for corporates,.
- There are no maintenance fees and complimentary standing instructions to provide a seamless banking experience tailored to corporate needs.
- Customers can also access their RMB Current account easily through Oriental Mobile and perform transfers to other RMB account holders.
This article was adapted from a supplied press release.