SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT.

Phnom Penh, 7^th May 2021: SBI LY HOUR Bank Plc., (Head office: Phnom Penh, hereafter “SBI LY HOUR Bank”) and Tien Phong Commercial Joint Stock Bank (Head office: Hanoi, hereafter “TPBank”) have started the first Cambodia-Vietnam money transfer service in real currency by utilizing RippleNet, provided by SBI Ripple Asia Co., Ltd (Head office: Tokyo, hereafter “SBI Ripple Asia”), to provide a safe, fast and convenient services.

SBI LY HOUR Bank is one of the local fast moving commercial banks in Cambodia, initially operating financial services to customers after obtaining a microfinance license in 2012. Seeing its organization potential growth, SBI LY HOUR Bank applied for the commercial bank license from the National Bank of Cambodia and obtained the license in March 2020. Even though there is a recent global impact from Covid-19, SBI LY HOUR Bank is still moving forward to fill the demand of urban and rural people with low and middle income. As of the end of April 2021, SBI LY HOUR Bank has 45 branches within 25 provinces nationwide.

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