KB Kookmin Bank announced on March 17 that it has signed a memorandum of understanding (MOU) with Pi Pay, a leading mobile payment platform in Cambodia, at KB Bank Cambodia’s office in Phnom Penh, Cambodia,.
Pi Pay, launched in 2017, is Cambodia’s largest mobile payment fintech company with 250,000 users and 3,500 franchisees. Its transactions at the end of last year totaled US$150 million, and it has been leading mobile payment in the Cambodian financial market through various activities, such as partnering with China's Alipay.
Under the contract, KB Kookmin Bank’s digital banking platform in Cambodia, Liiv KB Cambodia, is allowed to use Pi Pay’s franchise network, which will make the platform more convenient to use.
Choi Chang-su, head of KB Kookmin Bank’s global business, said, "We will push for cooperation between Liiv KB Cambodia and local market leaders in Southeast Asian countries for successful penetration of local retail markets through digital banking."