Logo of Phnom Penh Post newspaper Phnom Penh Post - Microfinance group calls fraud on Payeer

Microfinance group calls fraud on Payeer

Content image - Phnom Penh Post
The Cambodia Microfinance Association (CMA) has called on people to refrain from investing with the Payeer app or service. FB

Microfinance group calls fraud on Payeer

The Cambodia Microfinance Association’s (CMA) warned that people who bought digital coins or invested in PAYEER wallets should cease immediately as it is “fraudulent”.

Kaing Tongngy, head of the CMA’s communications department, said he had seen the company offering investment in coins to the public using the names and logos of legitimate banking and financial establishments in Cambodia to attract them. The company had no formal relationship with these institutions and was using their logos without permission.

“PAYEER is a fraudster. If people are unaware of this, they may invest money and will not get a return. We want to make people aware of this in advance so they will not be fooled,” he said.

Tongngy said that there had been several recent attempts by scammers to take advantage of the public, citing ABC and OL Football as examples.

Sok Chan, head of financial inclusion and public relations at the Association of Banks in Cambodia (ABC), said PAYEER had announced its cooperation with several banking establishments to attract investors via its Telegram channel.

“It affects the reputation of legitimate establishments when their relationships are falsified like this. I urge the public to stop investing in this company to protect the good reputation of the banking industry,” he added.

Three associations – Cambodian Association of Finance & Technology (CAFT), CMA and ABC – issued a joint statement on November 12 warning that none of their members is involved with PAYEER.

“We are aware of a platform relating to digital currencies in some social media groups. In particular, PAYEER has used the names of banking and financial establishments who are our members without permission. The company announced their cooperation with some banking and financial establishments in Cambodia to accept payments, withdraw money, and invest and deal in crypto currencies, including Bitcoin, Ethereum and Crypto,” it said.


  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of