Digital lender Chip Mong Bank has opted for the TranzWare solution from payments software provider Compass Plus to support operations in Cambodia.

The bank is part of local conglomerate Chip Mong Group.

With Compass Plus’ technology, the bank aims to facilitate cash-by-code transactions.

The goal is to be a leading player in Cambodia’s retail banking space.

Using the cash-by-code service, the bank’s customers can make money transfers to those without cards.

Recipients are provided a security code that they can use to withdraw money at the bank’s ATMs.

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Compass Plus regional sales and account manager for Asia Pacific Igor Simonov said: “We are delighted to partner with Chip Mong Bank and support them in their first steps towards becoming a leader in retail banking in Cambodia.

“The Chip Mong Bank team is dedicated to expanding its offering digitally and we look forward to the next phase of the project and what the future might bring.”

The launch of the new digital bank aligns with the local government’s vision of creating a predominantly digital economy by 2023.

Chip Mong Bank president Wankup Yew said: “Compass Plus is a great choice for us to help deliver our promise “Create more possibilities for you” to our users by launching ATM cash-by-code service.”