2C2P, a Thailand-based payments platform, has announced a partnership with Cambodian financial solutions provider AMK Microfinance Institution (AMK), to expand the easy2send international remittance service between Thailand and Cambodia.
This partnership will enable customers to send and receive money to and from Cambodia more easily and comprehensively, both parties said in a statement on Wednesday.
Easy2send by 2C2P was launched in 2019, supporting real-time money transfers from Thailand to Myanmar, Singapore, Vietnam, Cambodia, and UnionPay cardholders in China and worldwide at a starting fee of 99 baht ($2.89).
Through this new partnership, customers can transfer funds through easyWallet, 2C2P’s proprietary mobile wallet, at over 10,000 payment points in Thailand to AMK users in Cambodia.
Cited statistics released by the Ministry of Labor in 2022, 2C2P Thailand Chief Executive Officer Piyachart Ratanaprasatporn said that 1.2 million Cambodian nationals work in the production or distribution of agricultural clothing, agriculture, and aquaculture processing in nine major provinces in Thailand, and these include Bangkok, Samut Sakhon, Samut Prakan, Samut Songkhram, Nakhon Pathom, and Ratchaburi.
According to him, the Cambodian labor force has been steadily expanding in the past three years, and during this period, easy2send has provided migrant workers with safe, secure, and reliable money transfers from Thailand to Cambodia
“2C2P partnered with AMK Microfinance Institution (AMK) to further expand its coverage capabilities,
“This collaboration between 2C2P and AMK expands the coverage of Cambodia’s money-receiving network.” he said.
He also said Cambodian migrant workers and import businesses in Thailand can now send money using digital payment methods such as e-wallets instantly.
They can also receive money via convenient channels set up by AMK’s 36 partner banks and financial institutions, he added.
Kea Borann, Chief Executive Officer of AMK Microfinance Institution, said the money that 1.3 million Cambodian migrant workers send home amounts to around $2.6 billion, and most of this comes from workers in Thailand.
According to him, most Cambodians prefer to transfer money with unregistered brokers.
“Through this partnership with 2C2P, AMK is pleased to provide another legitimate method for Cambodians to transfer money home, allowing them to make transactions easily, conveniently, and with reasonable fees – all without the need for a broker,
“AMK has always been committed to delivering the best solutions for our customers’ needs,” he added.
2C2P is a full-suite payments platform helping businesses securely accept payments across online, mobile and offline channels, as well as providing issuing, payout, remittance and digital goods services.
The company has dual headquarters in Singapore and Bangkok, operating across Asia, Europe and the United States.
Launched in August 2019, easy2send is a remittance service from 2C2P that allows users to perform cross-border money transfers or cross-border payments easily.
AMK is one of Cambodia’s leading microfinance institutions (MFIs) in terms of outreach. AMK has 150 branches and nearly 7,000 agents nationwide.
The firm provides a wide variety of products and services, including loans, deposits, money transfers, micro insurance (focus on health and accident), bill payment services, payroll, leasing, automated teller machines (ATMs), and cash deposit machines (CDMs).
Its mobile banking app enables users to pay bills for water, electricity, refuse collection, and top-up phone cards by scanning KHQR, and make money transfers between other local banks with Bakong and many other services.
2C2P and Pine Labs to expand BNPL acceptance in Southeast Asia