SBC Bank Signs JCB Card Issuance MOU and Starts Merchant Acquiring for JCB Card in Cambodia
SBC Bank will phase in JCB card acceptance at all SBC Bank merchants in Cambodia by the end of 2013 and plans to issue JCB card in the near future.
Tokyo, Sept 9, 2013 - (JCN Newswire) - Singapore Banking Corporation Ltd. (SBC Bank), a leading commercial bank in the Kingdom of Cambodia, and JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB, the only global payment brand based in Japan, today announce that SBC has started JCB merchant acquiring operations in the Cambodia market and has signed a memorandum of understanding for JCB card issuing. SBC Bank will phase in JCB card acceptance at all SBC Bank merchants in Cambodia by the end of 2013 and plans to issue JCB card in the near future.
Mr. Andy Kun, Executive Chairman of SBC Bank, said, “The collaboration with JCBl marks another milestone for SBC Bank in expanding its card business and this joyous occasion coincides with our bank’s 20th anniversary of establishment. The acceptance of JCB cards will open up a world of financial freedom to JCB cardmembers visiting Cambodia for business or pleasure whereby JCB cardmembers can use their cards at over 500 SBC Bank merchants as well as access over 100 SBC Bank ATMs by the end of 2013. SBC Bank is also proud to be the first JCB eCommerce acquirer in Cambodia to provide online payment gateway service which would benefit Cambodia’s growing business and tourism sectors. Such payment channel will enable merchants to accept online payments in fulfilling various need-based services such as reservations, booking, ticketing, shipping and bill payments in a secured manner.”
Mr. Kimihisa Imada, Deputy President of JCBI, said, “We are positioning Cambodia as a strategically important market for JCB global business expansion. Cambodia has beautiful and valuable world heritages, and I’m sure the country will be one of the most popular destinations for tourist.” The number of tourists to Cambodia was about 3.6 mil in 2012, which is increase 24% over the prior year, and is expected to be 7.5 mil by 2020. “Tourists from Asian region such as Japan, China, Korea, Thailand, and Vietnam, where we are agressively expanding JCB cardmember base, are expected to increase because of its geographic closeness. I believe this partnership will further increase the level of cardmember convenience, and contribute to the tourism in the market,” Imada added.
The strong economic growth of the Cambodia market is creating more potential for card issuing business. SBC Bank and JCBI are preparing to launch JCB card issuance in the next few years.
A ceremony was held in Phnom Penh today, attended by H.E. Mdm. Neav Chanthana, Deputy Governor of the National Bank of Cambodia, H.E. Mr. Yuji Kumamaru, Japan Ambassador to Cambodia, and other prominent guests, commemorating SBC Bank and JCB’s new step toward success in the Cambodia market.
About SBC Bank
Incorporated in 1993, SBC Bank has quickly become one of the leading consumer and commercial banks in Cambodia. SBC Bank offers a wide range of commercial banking products, as well as services for corporate customers. For more information about SBC Bank, visit the company’s Web site at www.sbc-bank.com.
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes over 24 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 16 countries and territories, with more than 80 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english