3 FinTechs in Cambodia making waves in the nation’s financial sector
By Leandra Monteiro
The FinTech industry in Cambodia is still in the nascent phase and lags behind its ASEAN neighbours like Singapore and Vietnam. However, the country’s sector is growing steadily on the back of the rapid adoption of digital payments and a large population of unbanked.
Armed with 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 startups to thrive.
In fact the presence of a number of FinTech start-ups has pushed Cambodia’s banking and financial sector to expand their existing services. Here’s a look at the top FinTech start-ups in Cambodia that have helped shape the financial technology sector:
Clik: Founded in 2016, Clik Payment is developing a payment processing application designed to cater to Cambodia’s fragmented payment industry. The FinTech is a Phnom Penh-based payment aggregator that allows offline merchants and their consumers to carry out cashless payments using mobile wallets, as well as debit and credit cards.
The Cambodian company’s platform will aggregate all payment methods and networks under its platform, in addition to collecting transaction data, providing valuable insight on consumers to the merchants. The platform will also come with loyalty plans and marketing tools for merchants.
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.
Wing: Wing Limited Specialised Bank (Wing) is a Cambodian mobile banking service provider. The company provides a range of specialized services varying from local and international money transfers, bill payments, phone top-ups and online shopping, to QR code payments, and payroll and disbursement services to merchants.
Since its launch in 2009, the company has been driven by a mission to a mission to provide a bank for the unbanked. The company has partnered with key global financial players like Mastercard, AliPay, and Visa in order to develop payroll services that can help small and medium enterprises (SME’s) as well as large established companies.
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