Digital payment competition is strong in Cambodia

Ascend Money, of which True Money (a strong contestant in Cambodia and regional markets), announced recently that it had transacted USD 5 billion in 2017 across Southeast Asia (6 countries) and served 21.1 million customers in the same year. While in Cambodia, it had transacted a sum equivalent to ten percent of the GDP.

As Cambodia’s digital payment growth is stronger, Thailand, a neighbouring country, was the biggest contributor to Ascend Money’s payment volume, accounting for almost 50% of the overall figure. Other markets also saw significant growth, 460% in payment volumes.

According to its press release online, the Southeast Asian fintech company licensed to provide e-money financial services across the region’s major markets, has vowed to provide both digital and unbanked consumers with the opportunity to access innovative financial services, said Mr. Tanyapong Thamavaranukupt.

Ascend Money operates under the TrueMoney brand for payments and Ascend Nano for lending. It operates in 6 countries: Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia. Ascend Money targets two under-served groups: 1/ digital consumers with its innovative mobile wallet application and 2/ the underbanked with its massive agent network. It currently provides payment services such as domestic and international remittance, bill pyament, top up services, online and offline payments and payroll services.

Other strong players in Cambodia also include: Wing, Pi Pay, SmartLuy, PayGo, ABA Bank (e-payment), e-Money, and Asia Wei Luy.

The central bank of Cambodia made a recent move by issuing new regulations requiring all online services to have at least $2 million in registered capital, seen as a measure to increase stability of the fintech sector and encourage consolidation of its smaller players.

Just a country with slightly more than 15 million people, Cambodia has seen a tight race among digital service providers like True Money and Wing to provide easier access to payments and transactions.

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