Logo of Phnom Penh Post newspaper Phnom Penh Post - Another player to enter market for cashless pay

Another player to enter market for cashless pay

Content image - Phnom Penh Post
User used QR code to scan for cashless payment. Heng Chivoan

Another player to enter market for cashless pay

Revenue Group Bhd, a Malaysia-based cashless payment solutions provider, has unveiled plans to expand its business in Cambodia and Myanmar, saying it will use some part of the capital it raises from an initial public offering (IPO).

Malaysian daily The Star said that Revenue Group Bhd expects to raise 20.61 million ringgit ($5.17 million) from its IPO at Bursa Malaysia Berhad, the Malaysian stock exchange, and will utilise the proceeds on several different fronts.

Group CEO Eddie Ng Chee Siong said the company has been looking for a strategic partnership with local companies in Cambodia and Myanmar and plans to use 1.5 million ringgit ($376,132) for business expansions in the two countries.

“We believe there is potential for growth in electronic payment solutions in these countries [Cambodian and Myanmar] as their electronic payments systems are still in a growth stage,” Chee Siong said.

He continued that the company planned to use IPO funds for capital expenditures, upgrading and enhancing its revPAY platform, to recruit more information technology staff and to repay bank loans.

Under its proposed listing on the ACE Market of Bursa Securities Bhd, Revenue Group is scheduled to list on July 18.

Plenty of competitors

Mobile payment platforms are quickly gaining traction and providing a new channel to promote financial inclusion in Cambodia. Local firm Pi Pay has taken a lead among mobile payment services as the app has been downloaded over 210,000 times since its launch in July last year.

Other local apps are competing for a share of the growing mobile payment market, including DaraPay, Bongluy, GrabPay and Smartluy.

In addition, several banks have rolled out their own payment platforms, either as standalone apps or as part of their online banking platforms. Acleda Bank last April launched its new cashless e-wallet product, called Acleda Unity ToanChet.

In Channy, president and group managing director of Acleda Bank, said on Monday that mobile phones have transformed the lives of many Cambodians and mobile financial services are providing more convenience in everyday life.

“It is good to have more operators in the market as they will help consumers realise the benefit of new technologies,” he said, adding any player that enters the market and complies with requirements from Cambodian financial regulators will benefit consumers.

MOST VIEWED

  • Would you like fries with that? US burger chain makes Phnom Penh debut

    California-based The Habit Burger Grill restaurant chain is all set to serve up a delicious array of charbroiled burgers and sides at its newest international location in the centre of Phnom Penh. The Habit is “renowned for its award-winning Charburgers grilled over an open flame,

  • Phnom Penh underpass opens to ease traffic

    Prime Minister Hun Sen has announced a temporary opening of the 488m underpass at the Chaom Chao roundabout in Phnom Penh’s Por Sen Chey district, which was recently completed to connect traffic from National Road 4 to Russian Federation Blvd. The move is to reduce

  • Banteay Meanchey flood victims receive aid

    Prime Minister Hun Sen on Wednesday provided aid to more than 10,000 families affected by flooding in Banteay Meanchey province’s Mongkol Borei district and offered his condolences to the 18 victims who drowned in the province over the past week. He said flooding had occured in

  • PM urges caution as Polish man tests positive for Covid

    The Ministry of Health on Wednesday reported that a 47-year-old Polish man tested positive for Covid-19 after arriving in Cambodia on Monday. There are a total of six Covid-19 patients currently in the country, all of whom are being treated at the Khmer-Soviet Friendship Hospital

  • Serving coffee with a side of robots

    The eye-catching glass building surrounded by greenery at the intersection of Streets 371 and 2002 in Phnom Penh’s Sen Sok district is more than just another coffee shop where you can while away a few hours. UrHobby House cafe is filled with robots and characters from

  • Banteay Meanchey floods kill one more as death toll reaches 15

    As floodwaters start to recede in Pursat, Battambang and Pailin provinces and Phnom Penh, Banteay Meanchey continues to bear the brunt as one more person was killed on Monday, bringing the total number of flood-related deaths to 15 in the province this month. Banteay Meanchey provincial