Webcash Group signs an MOU with Cambodia's PPCBank

Kosign CEO Seol Wook-hwan, left, and Lim Jong-won, senior director of PPCBank, pose for a photo during a signing ceremony held in Phnom Penh on Dec. 29. [WEBCASH GROUP]

Webcash Group, a local bookkeeping service operator, signed an agreement with a Cambodian bank in a bid to speed up its digital financing business in the Southeast Asian market.

Kosign, Webcash Group’s Cambodian subsidiary, signed a memorandum of understanding (MOU) with PPCBank on Dec. 29 last year, said the company Thursday.

PPCBank, or Phnom Penh Commercial Bank, is 50 percent owned by Jeonju, North Jeolla-based Jeonbuk Bank. PPCBank currently has 23 branches in Cambodia.

With the signing of the deal, Webcash Group and PPCBank will market Wabooks, a bookkeeping software targeting corporate customers.

Developed by Kosign, Wabooks began its service last year. It enables companies operating in Cambodia and Vietnam to monitor and check their business transactions on overseas bank accounts.

Webcash Group runs a digital bookkeeping service for small and mid-sized enterprises in Korea.

“Webcash Group is helping companies innovate their way of doing financial tasks, with the vision of ‘banking-as-a-service,’” said Webcash Global CEO Lee Sil-kwon.

In 2013, the company established Kosign and HRD Center, an IT education center, in Cambodia. HRD Center has been accepting around 50 to 60 computer engineering students every year from Cambodia’s leading universities to provide software development courses for free.

This year, the center aims to accept some 100 students, backed by sponsorship from KB Kookmin Bank, according to Webcash Group.

As some of the HRD Center students come to work for Kosign after graduation, Wabooks is one of the services developed by HRD graduates, said the company.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]