Almond FinTech Signs Agreement with ABA Bank to Provide Funds Transfer Technology

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Cambodian Financial Institution Will Accept One Way Transfers from US

Almond FinTech, a blockchain-based funds transfer technology company specializing in cross-border payments, announced today a new partnership with ABA Bank, the largest privately held bank in Cambodia. Through Almond, ABA will be able to offer retail and business clients seamless access to real-time, affordable and secure transfers directly to their existing accounts from Almond’s network partners in Southeast Asia and the US.

“ABA Bank is a premier financial institution with world-class banking services,” said Adam Swartzbaugh, CEO of Almond FinTech. Transactions from the US to Cambodia are consistent with Almond’s global strategy of serving financial institutions in Southeast Asia. According to Statista, digital remittance users are projected to double in the next four years to 18 million globally. Cambodia’s total transaction volume will roughly double to $65 million.

“We are excited to offer our customers the convenience and efficiency of Almond’s funds transfer technology,” said Zhiger Atchabarov, Chief International Operations Officer at ABA. “We believe our partnership with Almond will help ABA continue to provide innovative and inclusive financial technology services.”

The opening of this initial money transfer corridor with Cambodia comes on the heels of an earlier announcement that Almond had received $2 Million in a seed round led by Morningside.

About Almond FinTech

Based in Boston and Singapore, Almond FinTech is a blockchain-based funds transfer infrastructure, connecting financial institutions globally. Almond provides the technology and network to enable users worldwide to send money across borders using their existing financial institutions. The platform is an innovative transfer network built for speed, security, and accessibility. Almond offers a suite of APIs enabling peer-to-peer transfers, digital currency-based international settlements, and a white-labeled, web or mobile user interface.

About ABA Bank

ABA Bank is Cambodia's leading private financial institution (not state-owned enterprise) founded in 1996 as the Advanced Bank of Asia Limited. With 81 branches, 410+ ATMs, 390+ self-banking machines across the country, and advanced online banking and mobile banking platforms, ABA Bank reaches out to a large number of customers with an array of modern financial services. ABA is a subsidiary of National Bank of Canada, a financial institution with around US$286 billion as of October 31, 2021.

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Howard Davidson