Cambodia Investment Review
To provide more convenience for the customers, Phillip Bank Plc today entered into an agreement with Karanak KOI Café Pte Ltd.
The signing ceremony was held at KOI Thé flagship outlet near Kampuchea Krom Blvd under the presence of management of both entities.
Through this partnership, Phillip Bank will provide a seamless digital payment solution to all the 30 KOI outlets in Cambodia through the KHQR, allowing customers of almost 20 banks to purchase KOI’s beverages by scanning and paying through their mobile app.
KHQR is a universal quick response (QR) code system created for retail payments in Cambodia and cross-border payments within the ASEAN bloc.
In addition, all Phillip Bank and KOI customers can also top-up their balance in the KOI membership card using their Phillip Bank account.
Phillip Bank Chief Executive Officer, Mr. Chan Mach, says the partnership will be convenient for all the companies of Karanak KOI Café Pte Ltd through a payment solution that is smooth, secure, and instant.
“Instead of connecting with many banks through different platforms and having to process various reconciliation, the companies of Karanak KOI Café Pte Ltd can rely on Phillip Bank’s KHQR so they can accept payment from various banks,” said Mr. Mach.
KOI Chief Executive Officer, Oknha Khorn Chhundara, says, “The new digital solution is contactless, fast, human-error free, and easy to use which will make the customer experience at KOI Thé even more seamless and enjoyable.”
Shortly after the partnership launch, there will be a few promotions for the customers of both KOI and Phillip Bank, including discounts on beverages, prize offers, and many others. It is noted that Phillip Bank is among participating bank members of the National Bank of Cambodia’s KHQR.
This centralized QR payment process allows mobile apps of almost 20 bank members to scan and pay.
Phillip Bank and KOI
Phillip Bank Plc offers a wide range of financial services and products catering to Corporate, SME, and retail customers.
The Bank is a member of Phillip Capital Group, headquartered in Singapore and established in 1975. Phillip Bank Plc is one of the largest commercial banks in Cambodia in terms of branch network, with more than 80 branches throughout the country.
KOI Thé came to Phnom Penh in 2014 and has since evolved to become one of the most well-known brands in a highly competitive sector. KOI is a brand name inspired by the Chinese character Dóu (“豆”) that translates to beans.
KOI Thé delivers excellent service through continuous innovation to impress customers with KOI’s joy-filled handcrafted beverages using freshly brewed natural teas and delicious ingredients combined with a welcoming and friendly atmosphere.
The company’s expansion has been spurred by Cambodia’s fast urbanization, a burgeoning middle class, and a growing number of local consumers who appreciate tea as a daily beverage.