VN Bank Signs Agreement With Metfone

By Staff Reporter

Linking their telecom and banking operations is expected to expand their presence across Combodia.

Metfone and VN bank have signed a cooperation agreement in Phnom Penh to link their telecom and banking operations – reported Phnompenhpost.

According to the deal, Metfone is expected to provide communications infrastructure to Bank for Investment and Development of Cambodia (BIDC). Reportedly, Metfone will help BIDC to expand its presence in Cambodia by covering needs such as leased-line Internet services to connect the bank's branches.

In return, BIDC, which is owned by Hanoi-based Bank for Investment and Development of Vietnam (BIDV), would offer the company $40 million credit line for expanding GSM mobile phone networks and a 3G upgrade, reported the newspaper.

It has been reported that BIDC will also fullfil Metfone's other banking needs such as bank guarantees, insurance and letters of credit and loans. In a media release issued at the signing ceremony, the bank has mentioned that it would disburse the loan in stages and the first installment is already made available.

Metfone is a mobile network, wireless fixed phone network and Internet services provider and a brand name for Viettel (Cambodia).