Logo of Phnom Penh Post newspaper Phnom Penh Post - Singapore Fintech start-up enters Sihanoukville

Singapore Fintech start-up enters Sihanoukville

Content image - Phnom Penh Post
Preah Sihanouk province has seen 1,355 construction projects approved between January 2017 and May this year. YOUSOS APDOULRASHIM

Singapore Fintech start-up enters Sihanoukville

Singapore-based fintech start-up Fincy on Wednesday announced the expansion of its cashless payment system to Sihanoukville to tap into the southwestern coastal city’s ever-widening business and investment landscape.

The move is in line with the National Bank of Cambodia’s (NBC’s) recommendations to shift to digital payments and avoid contracting Covid-19, Fincy said.

In March, the NBC urged government ministries, financial institutions and the public to conduct cashless payments via electronic systems where possible to combat the spread of Covid-19.

Fincy said it entered the Kingdom on January 30 after receiving a Payment Services Institution licence from the government.

Exceeding its expectations, it now boasts 600 merchants in Phnom Penh alone and a rapidly growing app user base, cementing a foundation of trust with locals, it said.

Fincy offers a “highly-functional” digital wallet that provides payments, transfers and payroll functions, powered by secure and transparent blockchain technology, it added.

“To better serve this growing demand, Fincy is launching in Sihanoukville with a local agent system. Local Fincy merchants have the opportunity to convert to Fincy agents if they pass certain requirements set by the Fincy board.

“This network of agents will stimulate growth in the local city and help existing merchants scale their businesses by leveraging the power of the Fincy app, which will strengthen momentum and sustain growth and development,” Fincy said.

Zwan Ross Lee, a top management executive of Fincy in the Kingdom, noted that the business and investment climate in Sihanoukville remains vibrant in the face of the lingering Covid-19 pandemic and continues to bear a lot of opportunities for growing enterprises.

Lee said: “After a brief period of economic stall brought on by the Covid-19 crisis, Sihanoukville’s economy is coming back strong, and we believe growth will accelerate over the next two to three years.

“While our expansion plans have always had Sihanoukville prominently featured as a priority, we needed to expand and open our office earlier than we expected.

“We are fully prepared to provide support to our merchant network and help ensure their businesses succeed, and for our user base to entrust more of their transactions to us.

“Fincy is here to ensure businesses succeed. We are proud to be here and to be a part of Cambodia’s exciting economic story,” he said.

Fincy on June 12 said it had received $11 million from its parent company GBCI Ventures Pte Ltd for its expansion in Southeast Asia.

The number of active e-wallet accounts in the Kingdom hit 5.22 million last year, a marked 64 per cent surge from 2018, the NBC reported on June 17.

The volume of money transfers via banks and Payment Service Institutions (PSIs) constituted $57.99 billion last year, or 213 per cent of the gross domestic product (GDP), data compiled by the NBC showed.

Meanwhile, mobile payments via banks and PSIs equalled 22.9 per cent of 2019 GDP.

Sihanoukville is the provincial capital of Preah Sihanouk, which has seen 1,355 construction projects approved between January 2017 and May this year, valued at $7,099,417,277 and covering 13,107,209sqm, provincial data show.

MOST VIEWED

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Covid jab drive for 6-11 age group to begin Sept 17

    Prime Minister Hun Sen has permitted Covid-19 vaccinations for over 1.8 million children aged 6-11 across the country from September 17 in order for them to return to school after a long hiatus. Hun Sen also hinted that vaccinations for the 3-6 age group will follow in

  • No ‘Crown Prince’ exists to buy France football club: ministry

    The Ministry of the Royal Palace has denied media reports that a Cambodian “Crown Prince” had purchased the AS Saint Etienne football club of France’s top-flight LIGUE 1 at the cost of €100 million ($117 million). In a press statement on September 19, the ministry stressed that Cambodia