Logo of Phnom Penh Post newspaper Phnom Penh Post - The growth of BanhJi, Cambodia’s first fintech company

The growth of BanhJi, Cambodia’s first fintech company

Sim Chankiriorth, the CEO of BanhJi. Photo supplied
Sim Chankiriorth, the CEO of BanhJi. Photo supplied

The growth of BanhJi, Cambodia’s first fintech company

Last weekend, Moeun Nhean, special reports editor of The Phnom Penh Post, had a discussion with Sim Chankiriorth, the CEO of BanhJi. Mr Sim has over 14 years of experience in the finance industry as an executive, adviser and entrepreneur.

Tell us about BanhJi!
BanhJi is a financial technology (fintech) company seeking to be the financial operating engine for MSMEs by helping them with:
1. Ensuring compliance by getting their accounting & taxes done
2. Improving performance by getting important insights for informed decisions
3. Improving cash flow with better access to cash and financing.

What is fintech? What about BanhJi makes it fintech?
Financial technology (fintech) is the evolving intersection of financial services and technology. The lines are blurring, and it’s getting harder to know where technology ends and financial services begin. BanhJi focuses on two of fintech’s verticals, which are credit digitisation based on alternative data points and billings aggregation.

Since you established Banhji, how has the platform developed? Tell us about one of the most successful services that Banhji offers to its clients?
We have more than 900 MSMEs (Cambodia & Lao PDR) on our platform using our free online accounting software.

Who is your target audience? Does Banhji have any specific target clients or services?

Our main customer segment is Micro, Small & Medium Enterprises. However, working in strategic collaborative partnership with MFIs and banks is part of our core strategy. We have already secured our partnership MFIs, banks, and alternative financing startups. We will be able to announce the name of our partners next year.

What are your plans for 2018? And what is your vision of the future for Cambodia’s financial industry?
For 2018, we will focus on (a) enabling MSMEs’ invoice payment, (b) launching our targeted industry specific applications, (c) and strengthening our partnership with financial institutions.

Digital financing will play a significant role in our economic development. With the emergence of fintech in the Kingdom, we are witnessing significant transformations of the fundamental underpinnings of financial systems and processes. In addition, its emergence also has enabled growth in other sectors, particularly e-commerce and other tech startups.

Banhji mostly targets clients in the private sector. Do you have any plans for the government, departments or NGOs?
NGOs are in our product pipeline next year. We are working with two major donors to support their partners’ financial management.

What is the importance of fintech to support the economic growth? Can it provide stability or improve the financial/banking industry?.
The potential impact of digital finance applications would be over $2 billion in additional payment flows, more than $3 billion in additional saving mobilisation, and $1 billion in additional credit uptake.

Have you seen the impacts of fintech?
Money remittance (especially with Wing) is one of the most successful stories, and it has had a huge impact on our society and people.

Innovative MSMEs lending will be able to have a significant impact on our economy as well. This has been considered one of the highest priorities for Cambodia in the near future.

Do you have any comments to add or thoughts and would like to share as Banhji?
Fintech is not disrupting Cambodia’s financial services, it is joining its development.

MOST VIEWED

  • Website advises travellers to stay clear of Angkor Wat

    An Australian website has advised travellers to avoid Angkor Wat during their trip to Southeast Asia because the ancient temple is showing signs of rapid erosion and faced water management issues. In a recent article entitled Best places to go in 2020: 12 destinations you should avoid

  • First deportees of the year touch down in Cambodia

    Twenty-five Cambodian-Americans landed in Phnom Penh on Wednesday, marking the first such deportations of the year. “On Wednesday, US law enforcement authorities deported 25 Cambodian nationals that immigration judges determined had no legal basis to remain in the US,” said Arend Zwartjes, spokesperson for the US

  • Passenger taxi boat ridership sinks despite free services

    Passenger taxi boat traffic has dropped by about five per cent compared to the same period last year, despite the government providing free service for garment workers until next year, Phnom Penh Autonomous Bus Transportation Authority director Ean Sokhim said on Monday. In 2018, the Phnom

  • Shipments of mango to South Korea poised to begin this week

    Exports of Cambodian mangoes to South Korea will begin this week after Korean authorities gave the nod. The Ministry of Agriculture, Forestry and Fisheries’ Department of Plant Protection, Sanitary and Phytosanitary Requirements director Ker Monthivuth told The Post on Sunday that after several inspections of

  • Kingdom drafting new law to strengthen immigration

    The Ministry of Interior on Tuesday said it had formed a working group to draft amendments to the Law on Immigration. Its secretary of state Sok Phal told The Post that the amendments will strengthen the management of immigrants in line with the current situation.

  • Qatar Airways to connect Doha and Siem Reap town

    Qatar Airways Company QCSC has announced a new route connecting Qatar’s capital Doha with Siem Reap, a move hailed by local officials as a significant step to boost tourist numbers. A Qatar Airways representative, speaking at the Kuwait Aviation Show, announced on Thursday that