Phnom Penh: Amret Microfinance Institution Plc signed a memorandum of understanding (MoU) on Monday with Vivo Mobile Communications Co Ltd and Metfone to accelerate mobile banking technology among Amret’s clients.

“With digital technology developing rapidly over the past few years, Amret is looking to increase the customer penetration of the Amret Mobile App by offering a free Vivo smartphone for every loan approved between August 1 and October 31 this year.,

“For loans between $4,000 and $9,999, borrowers will receive the latest model smartphone Vivo Y1s worth $109, while for loans greater than $10,000, borrowers will be entitled to a premium Vivo Y11 worth $139,” Amret’s chief sales officer Tan Youhay said at the signing ceremony.

To sweeten the deal even further, Metfone – which is owned by Viettel Cambodia Pte Ltd – is offering a free SIM card with 1GB and 100 minutes of on-net calls

The partnership comes as Amret strives to explore new ways of promoting digitalisation among its customers to enhance cashless transactions through mobile banking.

The offer is available to both new and existing customers who have loans approved during the three-month promotion period.

“Teaming up with two big brands like Amret and Vivo for a tripartite collaboration is a fantastic opportunity. As the leading telecommunications carrier in Cambodia, Metfone has expanded its network coverage deep into rural communities.

“This will definitely be of value to Amret’s clients as they will be able to conduct mobile banking transactions without having any worries about network connectivity,” said Metfone vice general-director Bui Minh Binh.

Amret’s chief commercial officer Alan Wee hailed the continuing use of innovation.

“Our target segment for this offer is predominantly small to medium-scale farmers and agri-business owners in rural areas.

“We believe this is an innovative way of helping empower our clients through the adoption of mobile banking technology for quicker and safer banking transactions in the current environment.

“This is also in line with the National Bank of Cambodia’s push to promote cashless transactions in the Kingdom,” said Alan.

Vivo Cambodia’s chief marketing officer Zhang Tao said the Vivo Y1s is being offered ahead of the model’s official launch.

“Vivo is known for its premium innovative smartphones and is a popular brand in Cambodia. The Vivo Y1s model is scheduled for launch in the Kingdom in the middle of this month.

“However, we are delighted to offer this latest model to Amret ahead of its official launch. This is our commitment to a successful promotion for Amret,” said Tao.

About Amret

Amret MFI is one of the leading financial institutions in Cambodia. A full subsidiary of the Advans Group, its reputable international shareholders include the FMO Entrepreneurial Development Bank, La Fayette Participations and the International Financial Corporation, which is a member of the World Bank.

As well as catering to the Kingdom’s micro, small and medium-sized enterprises (MSMEs), Amret also offers a wide range of financial products and services to Cambodia’s unbanked and underbanked population. Amret provides both lending and deposit products to more than 500,000 clients ranging from low-income farmers to MSMEs. With 158 branches nationwide, it employs more than 4,500 staff. Amret has assets of more than $1 billion and deposits exceeding $500 million.