3 Companies revolutionising Cambodia’s FinTech landscape

By Leandra Monteiro

The FinTech industry in Cambodia is still in the nascent phase. However, the country’s sector is growing steadily on the back of the rapid adoption of digital payments and a large population of unbanked. According to Statista, the country’s largest segment will be Digital Payments with a total transaction value of $4,734.00m in 2023.

Armed with a huge untapped potential, the progression Cambodia has made over the last decade in terms of infrastructure, GDP growth and foreign direct investment make the Kingdom a prime destination for FinTech start-ups to thrive.

Here’s a look at the top FinTech start-ups in Cambodia that have helped shape the financial technology sector:

• AMK Microfinance

AMK MFI is a microfinance institution in terms of operation network and customer numbers. AMK had 151 operating branches and nearly 7,000 agents nationwide. AMK provides a wide variety of products and services including Loans, Deposit, Money Transfer, Bills Payment Services, Leasing, Micro Insurance, Payroll, ATMs, and CDMS, especially the Mobile Banking App which can do self-banking, pay for water, electricity, garbage, top-up phone cards, and pay bills by scanning KHQR, transferring money between other local banks with Bakong and many other services.

• Pi Pay

Launched in 2016, Pi Pay is a Cambodian cashless payments provider focusing on alternative payments. It is the largest digital wallet in Cambodia’s nascent FinTech space. Pi Pay stands out among other Cambodian FinTechs because of its strategic partnerships with key financial institutions and internet financiers such as Alipay, WeChat Pay and Korea’s KB Kookmin Bank.

Partnering with these key institutions enables Pi Pay to tap into the large tourist market in Cambodia. Furthermore, Pi Pay is positioning itself as a one-stop shop for FinTech in Cambodia, backing strong support for government initiatives such as financial inclusion and boosting cashless payments.

• TrueMoney

TrueMoney is an international FinTech brand and part of Ascend Money, a digital financial services venture of The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba), two of the largest companies in Asia.

TrueMoney has grown its presence from just 1 market to 6 markets in a short space of time. TrueMoney currently has significant operations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam, and the Philippines. TrueMoney currently claims to have the largest regional agent network in SEA with 65,000 agents, as well as the largest payment volume with USD8 billion in 2019.