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| Choi Chang-su, right, managing director of KB Kookmin Bank's global business, shakes hands with Pi Pay CEO Tomas Pokorny after forging ties in digital banking at KB's office in Phnom Penh, March 15. Courtesy of KB Kookmin Bank |
By Park Hyong-ki
KB Kookmin Bank Cambodia has forged an alliance with Pi Pay in digital banking in Phnom Penh, the bank said, Sunday.
The two sides will seek to connect their respective platforms not only to offer convenient mobile payment services, but also to develop new financial products for local customers, the Seoul-based bank added.
Pi Pay is Cambodia's biggest mobile payment company with over 250,000 users who can settle transactions at 3,500 local retail stores via its application.
The Cambodian fintech startup, which was launched in 2017, handled transactions worth $150 million as of the end of December 2018.
Pi Pay also has ties with Alibaba's Alipay.
KB Kookmin Bank said the bank's Liiv digital platform will be connected to Pi Pay, enabling the Korean bank to join Pi Pay's local retail network.
They will create loan products, which will be offered via the two platforms.
"KB Kookmin Bank's Liiv will seek to forge ties with various Southeast Asian market leaders to further foray into retail banking in the region with success," said Choi Chang-su, managing director of the bank's global business, in a press statement.
The bank will also further promote its Liiv platform with Cambodia-based Express Food Group's (EFG) Krispy Kreme Doughnuts, beginning in April.
EFG operates franchises such as Krispy Kreme, the Pizza Company and Swensen's Ice Cream & Sundaes. Liiv users will be able to settle their payments at Krispy Kreme.
KB's Liiv in Cambodia has 76,000 users. The digital platform handled overseas wire transfers worth $17 million last year. It also extended loans worth $19 million in 2019, according to the bank.
KB Kookmin Bank Cambodia opened in 2009 through the launch of its headquarters in Phnom Penh.
