Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom’s fintech adoption soars, digital payments rise

Kingdom’s fintech adoption soars, digital payments rise

Content image - Phnom Penh Post
National Bank of Cambodia (NBC) Director-General Chea Serey (left), NBC Deputy Governor Neav Chanthana (centre) and Australian Embassy in Cambodia Second Secretary Anthony Samson at Cambodia Fintech Day 2019 on Wednesday. CAMBODIA FINTECH DAY VIA FACEBOOK

Kingdom’s fintech adoption soars, digital payments rise

Cambodia's adoption of financial technology (fintech) has been showing rapid growth recently, despite the current low rate, Mekong Strategic Partners Co Ltd (MSP) said on Wednesday.

MSP estimates that the Kingdom’s digital payment market is set to be worth $2.215 billion this year – a 37 per cent increase on last year – and will be worth $3.469 billion next year.

Speaking at Cambodia Fintech Day 2019 on Wednesday, MSP partner Kem Bora said: “Currently, payments through agents such as Wing . . . and TrueMoney are all the rage in Cambodia, but digital payments through mobile apps account for less than 10 per cent.”

Technological knowledge and awareness among the public is limited, Bora said, and adoption of fintech is currently mostly confined to Phnom Penh.

“However, I think that the use of fintech in Cambodia will show high growth in the future,” he added.

National Bank of Cambodia (NBC) deputy governor Neav Chanthana, who attended the event, said fintech has contributed significantly to the development of the financial and economic sectors in Cambodia, has made payments faster and has also reduced fees.

“Fintech plays an important role as an innovation driver that contributes to enhancing the efficiency of the payment system in Cambodia,” she said.

She credited the Asian Development Bank with providing significant assistance to the NBC in promoting fintech in the Kingdom.

Kim Tol Am, CEO of Milvik (Cambodia) Micro Insurance Plc, a mobile-based firm which offers health and insurance products to customers in Cambodia, said fintech has contributed a great deal to her company’s performance.

Payments to the firm – which operates under the brand name Bima – are all made via digital platforms, including Pi Pay, TrueMoney, DaraPay and Wing, she said.

With its five year presence in the Kingdom, she said, Bima currently has about 500,000 customers who use its services.

MOST VIEWED

  • PM to vet NY holiday dates

    The Ministry of Economy and Finance submitted a letter to Prime Minister Hun Sen asking him to formally set a five-day national holiday from August 17-21 to make up for the Khmer New Year holiday in April that was postponed. Finance minister Aun Pornmoniroth sent

  • Cambodia rejects UN rights claim

    Cambodia's Permanent Mission to the UN Office in Geneva on Friday hit back at David Kaye, the UN special rapporteur on the Promotion and Protection of the Right to Freedom of Opinion and Expression after he raised concerns over the repression of free speech and

  • Snaring may spawn diseases

    The World Wildlife Fund (WWF) has warned that snaring of animals has become a crisis that poses a serious risk to wildlife in Southeast Asia and could spawn the transmission of zoonotic diseases to humans. Its July 9 report entitled Silence of the Snares: Southeast Asia’

  • Ex-party leader, gov’t critic named as secretary of state

    A former political party leader known for being critical of the government has been appointed secretary of state at the Ministry of Rural Development, a royal decree dated July 9 said. Sourn Serey Ratha, the former president of the Khmer Power Party (KPP), told The Post

  • Residence cards set for over 80,000 immigrants

    The Ministry of Interior plans to grant residence cards to more than 80,000 immigrants to better keep track of them. The ministry announced the plan on July 10, following the results of an immigration census. “An inter-ministerial committee and many operational working groups have been set up

  • Kingdom produces PPE gear

    Medical supplies from Cambodia have been donated to member countries of the Asian Development Bank (ADB) to assist in the fight against Covid-19, said an ADB report published on July 9. The report stated that the supplies were donated as a response to global efforts to

  • Kingdom, US vow stronger ties

    At an academic forum on Saturday to celebrate 70 years of Cambodia-US diplomatic ties, Cambodian researchers and officials expressed hope of encouraging US investments and for that country to deepen and improve its bilateral relations. Held at the Royal Academy of Cambodia, it reviewed the past 70

  • ‘Single Portal’ integrated registration system welcomes nearly 50 firms

    Forty-seven companies have successfully registered via a newly-launched information technology e-business registration platform as of the end of the second week of this month, Ministry of Economy and Finance secretary of state Phan Phalla said. Six ministries and state-run institutions have been integrated into a

  • Battambang artist brings giant animals to life

    The giant reptile’s gaping mouth appears ready to consume its latest victim. It stands taller than a person and is incredibly life-like with authentic colours, a long spiky tail and detailed scales adorning its entire body. If it wasn’t 13m long, you may

  • Fifteen Cambodians from Saudi get Covid-19

    The Ministry of Health on Sunday confirmed 15 more imported cases of Covid. The 15 men ‒ all Cambodian aged 21 to 33 ‒ arrived from Saudi Arabia on Friday via a connecting flight in Malaysia. They were travelling with 79 other passengers, three of them women. The ministry said 80 of the