New App to Help Cambodians in Korea Send Money Home
by Hang Sokunthea and Aisha Down | October 1, 2016

A leading South Korean lender has opened a digital bank in Cambodia and created an application that will enable customers—especially Cambodians living and work­ing in South Korea—to more cheaply send and receive money from abroad.

The digital bank, Liiv KB Cambodia, will operate its mobile app Liiv through Apple and Google interfaces, allowing customers to transfer cash from their existing bank accounts through the digital platform.

“Our target is the Cambodian people—we’d like to develop this business in the Cambodian market,” Park Yong-jin, CEO of KB Kookmin Bank Cambodia, a subsidiary of Seoul-based KB Kookmin, said on Wednesday. “We pay attention to workers in Korea and tried to make a product for them.”

Ninety percent of the bank’s Cambodian clients are migrant laborers sending money back home, Mr. Park said. Initially, as the bank builds the business, it will not charge transfer fees, he said, and will keep them low in years to come...
https://www.cambodiadaily.com/business/ ... me-118730/