Logo of Phnom Penh Post newspaper Phnom Penh Post - Electroneum partners up with local mobile operator Cellcard

Electroneum partners up with local mobile operator Cellcard

Content image - Phnom Penh Post
Cellcard users will now be able to top up their accounts with the mobile-based Electroneum cryptocurrency. Photo supplied

Electroneum partners up with local mobile operator Cellcard

UK-based cryptocurrency start-up Electroneum Ltd (ETN) on Friday unveiled its new partnership with the Kingdom’s leading mobile operator Cellcard in its latest move to obtain a foothold in Southeast Asia.

The partnership will allow ETN app users to top up their balances using its native token, which is the world’s first cryptocurrency compliant with Know Your Customer (KYC) and Anti-money Laundering (AML) regulations.

As part of the accord, Cellcard will stock their shops across the Kingdom with one million Electroneum M1 smartphones.

ETN founder and CEO Richard Ells said in an announcement that Cambodia is part of the company’s business expansion strategy in Southeast Asia.

The Kingdom’s young population is the main asset for the firm in bringing the new technology, he said.

“Cellcard currently has more than three million users in Cambodia as they have been around for more than 23 years. They are a Khmer-owned and award-wining company.

“We are very proud to work with them. Cellcard is committed to bringing new opportunities which can improve the lives of the Cambodian people and they are eager to work with us.

“Cambodia is the sixth fast growing in the world and has a very young population which is fascinated with new technology.

“Cambodia is our first foothold in the region and I would like to say that Electroneum is one of the technologies that can change and enhance people’s lives across Southeast Asia, especially in the conjunction with any platforms that we just brought into the market,” Ells said.

Cellcard on Monday said with the ETN App, Cellcard users can earn ETN rewards of up to $3 per month, which they can then convert into ETN tokens and top up their Cellcard accounts.

Last year, Visa Inc’s 2018 Visa Consumer Payment Attitudes Study noted the rapid rate at which Cambodians are embracing digital payments.

In 2017, it said, the number of digital purchases made using Visa cards grew 58 per cent from 2016, with the total value rising 43 per cent.

Of the Cambodians surveyed in the study, 79 per cent said electronic payments are likely to be used in supermarkets within the next seven years, 61 per cent said the same for large shopping malls and 49 per cent for retail chains and convenience stores.

Some 24 per cent expressed their interest in mobile payments, and roughly one third in contactless payments.

The study said health and fitness, retail, entertainment and travel are the top categories that respondents would most likely make transactions via mobile apps.

Data from the Telecommunication Regulator of Cambodia (TRC) shows that 20.8 million Sim cards were registered during the first half of last year, up 9.4 per cent compared to the same period in 2018.

Mobile and fixed internet users increased 31.6 per cent to 15.8 million during last year’s first six months – up from 12 million in the same period in 2018, the data shows.

In May, the TRC said there were 13.94 million mobile internet service subscribers and 181,036 fixed internet service subscribers. The number of fixed phone users was 83,366.

MOST VIEWED

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Hun Sen: Stay where you are, or else

    Prime Minister Hun Sen warned that the two-week lockdown of Phnom Penh and adjacent Kandal provincial town Takmao could be extended if people are not cooperative by staying home. “Now let me make this clear: stay in your home, village, and district and remain where

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Ministry names types of business permitted amid lockdown

    The Ministry of Labour and Vocational Training singled out 11 types of business that are permitted to operate during the lockdown of Phnom Penh and Takmao town, which run through April 28. Those include (1) food-processing enterprises and slaughterhouses; (2) providers of public services such as firefighting, utility and

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting