Two Thai-owned companies ‒ GL Finance (GLF), a leasing firm and True Money, a mobile-payment firm ‒ signed a partnership agreement to jointly expand their services in Cambodia.
 
Group Lease Finance Plc., the parent company of GLF Cambodia which has been operating in the Kingdom since 2012, signed a memorandum of understanding (MoU) with True Money (Cambodia) Ltd. owned by Thai conglomerate Charoen Pokphand on Friday.
 
According to the MoU, the new partnership will become effective next month.
 
“GLF’s target customers are grassroots people who are mostly un-banked and in fact (they are) also True Money’s target customers. This mutually beneficial cooperation will create strong and unique synergies for GLF, True Money and its agents and thus, deliver robust business growth,” said the MoU seen by Khmer Times.
 
Tatsuya Konoshita, chairman of GLF’s executive committee, said in a statement that the agreement will significantly increase the sales of GLF’s financial services via True Money’s extensive network of about 5,000 agents spread out nationwide in Cambodia.
 
“As a result of the new partnership, 5,000 or so True Money small shops will become our sales agents. This will immensely improve our marketing and sales capability ‒ without increasing our fixed costs,” said Mr. Konoshita.
 
Mr. Konoshita expects that the number of applications for loans will increase by about 50 percent in the fourth quarter this year as a result of the stepped-up sales drive through the new partnership with True Money.