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Logo of Phnom Penh Post newspaper Phnom Penh Post - Mobile banking services on a rise

Mobile banking services on a rise

F1soft Company, a software service provider that makes banking transactions available via phone, had commenced operations in Cambodia, company officials said yesterday during a workshop.

Pin Pili Meas, F1soft’s chief executive officer, said the company is in its early stage in Cambodia, adding that he is currently negotiating with bank partners that are interested in the software service.

“We have seen a big amount of people who still can’t be reached by banking services, so that mobile banking could help them to easier access formal financial services,” he told the Post.

According to Pin Pili, mobile banking is already successfully operating in many nations in Asia, especially in developing countries with emerging economies like Cambodia.

Sean Thorninn, a lecturer in economics at the Limkokwing University and expert in Cambodia’s landscape of microfinance institutions (MFI), told the Post a growing number of financial institutions in the Kingdom were begining to provide mobile financial services. To maintain their existing clients and to aggressively compete in the market, banks and MFIs strategically have been “emerging to a new era of branchless banking”, he added.

“About a decade ago, it was the era of branch banking,” Thorninn said. “Now, more and more vendors of mobile phone banking solutions and ATMs are coming.”

F1soft is not the first player in the Cambodian financial services industry to try and lure customers through the flexibility and conveniece of mobile banking and Web based financial services. Acleda bank already offers Acleda Unity to access financial services across all mobile phone networks. It allows a wide range of banking transactions without having to visit a branch.

Also, Angkor Mikroheranhvatho Kampuchea is offering mobile banking services, which allow customers to deposit money, make payments and transfer money via phone.

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