The Phnom Penh Post | March 1, 2011 | Jeremy Mullins
Mobitel is in talks with Union Commercial Bank to process its customers’ mobile phone money transactions in order to meet legal requirements from the National Bank of Cambodia.
Mobitel controversially launched its Cellcard Cash money transfer scheme last September without applying for oversight or linking with a bank for payment processing, as stipulated in an NBC edict.
It has since held discussions with the central bank working towards obtaining the licence. Officials today confirmed that progress is being made.
“We [Mobitel and UCB] have already approved each other in principle for the deal.
“Now we are just waiting to receive approval from the NBC,” said UCB senior manager Chear Ratana today.
Meanwhile, NBC has pushed back its deadline for Mobitel to submit to its oversight by two months.
According the central bank’s director general and spokeswoman Nguon Sokha, the company has until April to complete the required paperwork and partner with a bank or financial institution.
It had previously set a February deadline for Mobitel to meet its requirements.
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Mobitel set to partner UCB
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