Euronet Worldwide, Inc.’s Ria Money Transfer business segment has partnered with ACLEDA Bank Plc, a leading retail bank in Cambodia, to expand its network and improve cross-border money transfer services in the country. Through the partnership, Ria’s global money transfer services will now be available at over 4,300 locations in Cambodia, including ACLEDA’s 300 cash pickup and payout locations. This move will undoubtedly strengthen Euronet’s foothold in Cambodia’s remittance market, which saw $1.25 billion in remittances sent to the country in 2022.
The partnership with ACLEDA Bank Plc will also offer Cambodians and foreigners the benefits of cash payments, account deposits, and cash collection in both KHR and USD. Additionally, individuals from around the world can transfer funds to a Cambodian bank account in real-time using Ria’s network of over 500,000 worldwide retail locations.
Euronet’s Money Transfer segment contributed the most to the company’s top line in 2022, with the number of transactions processed on its money transfer network increasing at a CAGR of around 8.3% from 2018 to 2022. The continuous addition of locations to its network is expected to generate more transactions and higher revenues for the company’s Money Transfer segment.
The tie-up between Ria and ACLEDA Bank Plc is a strategic move by Euronet to capture a significant share of Cambodia’s remittance market, which continues to grow as more Cambodians work abroad and send money back home. With this partnership, Ria is well-positioned to provide reliable and efficient money transfer services to individuals and businesses in Cambodia and around the world.