3 Companies Revolutionizing Cambodia’s FinTech Landscape

By Leandra Monteiro

The FinTech industry in Cambodia is still in its nascent phase. However, the country’s sector is growing steadily on the back of the rapid adoption of digital payments and a large population of unbanked. According to Statista, the country’s largest segment will be digital payments with a total transaction value of $4,734.00 million in 2023.

Armed with huge untapped potential, the progress Cambodia has made over the past decade in terms of infrastructure, GDP growth and foreign direct investment make the kingdom a prime destination for FinTech start-ups to thrive.

Here’s a look at the top FinTech startups in Cambodia that have helped shape the fintech sector:

AMK MFI is a microfinance institution in terms of operating network and customer number. AMK had 151 operational branches and almost 7,000 agents across the country. AMK offers a wide range of products and services, including loans, deposits, money transfer, bill payment services, leasing, micro insurance, payroll, ATMs and CDMS, especially the Mobile Banking app that can do self-banking, pay for water, electricity, garbage, refill on phone cards and pay bills by scanning KHQR, transfer money between other local banks with Bakong and many other services.

Launched in 2016, Pi Pay is a Cambodian cashless payment provider that focuses on alternative payments. It is the largest digital wallet in Cambodia’s nascent FinTech space. Pi Pay stands out among other Cambodian FinTechs due to its strategic partnerships with key financial institutions and internet financiers such as Alipay, WeChat Pay and Korea’s KB Kookmin Bank.

Partnerships with these key institutions enable Pi Pay to tap into the large tourism market in Cambodia. Furthermore, Pi Pay positions itself as a one-stop-shop for FinTech in Cambodia, strongly supporting government initiatives such as financial inclusion and increasing cashless payments.

TrueMoney is an international FinTech brand and part of Ascend Money, a digital financial services venture from The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba), two of the largest companies in Asia.

TrueMoney has grown its presence from just 1 market to 6 markets in a short period of time. TrueMoney currently has significant operations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam and the Philippines. TrueMoney currently claims to have the largest regional agent network in SEA with 65,000 agents, as well as the largest payment volume at USD8 billion in 2019.

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