Acleda Bank, Cambodia’s largest financial institution, has launched a special loan package offering up to $5,000 in unsecured loans to workers and trainees heading abroad for employment. The initiative targets individuals who have been recognized by the Ministry of Labour and Vocational Training but lack the financial resources to cover travel, accommodation, and other necessary expenses for their overseas work assignments.
Under this program, qualified workers and trainees can receive loans with a low interest rate of just 0.7% per month, without the need for collateral. The scheme aims to provide much-needed financial support, particularly for those struggling to fund their transition to working abroad.
Collaboration with the Ministry of Labour
This special loan package follows a Memorandum of Understanding (MoU) between the Ministry of Labour and Vocational Training and Acleda Bank. The agreement was established to offer low-interest credit options for Cambodian workers and trainees bound for overseas employment. By providing access to affordable loans, this partnership seeks to reduce the reliance on informal lending sources, which often come with high-interest rates and significant risks.
This initiative also ensures that Cambodian workers headed abroad are legally recognized and protected, particularly in key destination countries where the demand for migrant labor is high.
Money Transfer Services for Overseas Workers
In addition to providing loans, Acleda Bank offers secure and low-cost international money transfer services for overseas workers. These services allow workers to easily repay their loans or send money back home to their families. The bank has partnered with a number of international money transfer companies to ensure safe and efficient transactions, including:
- Japan: Queen Bee Capital, SBI Remit, and Thunes
- South Korea: E9PAY, GmoneyTrans, Kookmin Bank, Thunes, and Tranglo
- Singapore, Malaysia, and Thailand: Thunes and Tranglo
- Other countries: Thunes, MoneyGram, Ria, Western Union, and Swift
These partnerships enable workers to transfer funds across borders securely and conveniently, with Acleda Bank ensuring competitive rates and robust safety measures.
Accessing the Loan Program
Cambodian workers and trainees interested in applying for this loan can visit any Acleda Bank branch nationwide or contact the bank’s customer service hotline at 015 999 233 or 023 994 444 for more information. The program is designed to support the financial needs of those embarking on overseas work, helping them achieve their goals without the financial burden of high-interest informal loans.
This initiative underscores Acleda Bank’s commitment to supporting Cambodia’s workforce by providing accessible financial services tailored to the needs of overseas workers and their families.
