Phillip Bank and PillTech ink MoU for digitalised pharmaceutical payment

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The strategic partnership will enable a new norm in the pharmaceutical sector and provide a new level of convenience for Cambodian consumers

Phillip Bank Plc., one of the largest networks of branches across the nation, signed an MoU to partner with PillTech, a fast-growing Southeast Asia pharmaceutical marketplace and winner of ‘Best Startup of the Year’ at the 2021 Cambodian and ASEAN ICT Awards. Through this strategic partnership, Phillip Bank intends to solidify its goal of becoming one of Cambodia’s leading digital financial services innovators, providing an expanding ecosystem of digital products to its rapidly growing customer base.

In turn, PillTech aims to increase benefits for its pharmacy members by offering a convenient payment platform and win-win cashback rewards from Phillip Bank to its pharmacy partners for purchasing pharmaceutical products.

Through Phillip Bank’s smooth and convenient payment platform, PillTech’s pharmacy partners will gain access to a variety of digital services including QR payment, KHQR, and mobile and internet banking.

In addition, both enterprises join hands to provide e-commerce payment, allowing pharmacy customers to pay for medicine directly on PillTech’s online purchasing website (store.tovpet.com) through their Phillip Bank account.

This strategic partnership ensures that PillTech’s pharmacy partners will be able to manage their cash flow easier through a safe digital platform, while Phillip Bank customers will be able to conveniently pay for their pharmacy expenses, and at the same time enjoy special offers.

Joining the MoU signing ceremony held at Phillip Bank Head Office, Phillip Bank’s Chief Executive Officer, Mr. Chan Mach said the partnership has shown clearly the intention of the bank to be a leading digital-focused financial institution in Cambodia.

“With the user-friendly platform that PillTech is offering, together with Phillip Bank’s safe and secure digital payment environment, we believe that we will be bringing a new norm in the pharmaceutical sector and provide a new level of convenience for Cambodian consumers,” he said.

Co-Founder and CEO, Dr. Chea Vireak started PillTech to address some of the biggest healthcare challenges in the industry faced by pharmacists namely digitalisation, efficient medication sourcing and quality supply chain management. The online pharma-ordering platform is built by a multidisciplinary team of pharmacists, software developers and business experts to free more time for pharmacists to consult their patients, addressing both healthcare and business concerns with one simple solution.

Dr. Chea Vireak said both companies are also partnering to provide financing for business expansion to all PillTech’s pharmaceutical members across the nation.

“This financing will help small business pharmacy owners grow their pharmacies by utilizing big data and technology provided by the PillTech Pharmacy Point of Sale (POS) system,” he said.