Cambodia Fintech Startup Report, Fintech Startup Map
With some 25+ startups, Cambodia’s fintech startup landscape remains modest but is
nevertheless growing steadily, according to a new report.
Unsurprisingly, payment and remittance is the most crowded space with 16 startups. These
include Wing, a mobile banking services provider targeted at the unbanked, PayGo, a
digital wallet, TrueMoney, mobile payment provider, and Prasac, one of the largest
microfinance institutions (MFIs) in Cambodia.
Cambodia also has startups tackling other spaces including alternative finance such as
TosFUND, a non-profit crowdfunding, and Karprak.com, an online peer-to-peer lending
platform; insurtech like Bima; credit rating like Agribuddy; accounting services such as
Banhji, and blockchain technology such as CryptoAsia.
During the Inspire ASEAN event, which occurred a few weeks ago in Phnom Penh, fintech
experts shed light on how the industry is rising.
At the event, Vincent Ling, deputy general manager at UnionPay International Southeast
Asia, said that despite fintech is still a relatively new in Cambodia, the concept is growing
rapidly in popularity.
“As fintech gains more traction and attention, financial institutions are looking closer at the
opportunities and trends within the sector,” said Ling. “The regulators are also trying to
understand more about the new players disrupting the market and shifting paradigms.”
Thomas Pokorny, CEO of PiPay, a fintech startup providing a payment and lifestyle
application solutions, said that in spite of the industry’s tremendous growth potential,
educating people about these new technologies remains a challenge.
“The fintech sector is ready, but one of the biggest challenges remains educating people to
encourage them to transition from cash payments to cashless wallets,” said Pokorny. “It will
take a few months, or perhaps years. Step by step, people will adopt the new technologies.”
Echoing Pokorny’s statements, Sim Chankiriroth, CEO of Banhji, said that the relatively
small size of the market was the biggest obstacle for prospective investors.
“The market is still small and the fintech sector in the country is not strong when it comes to
innovation. The key lies in replicating models that have proved successful in other
countries,” he said. “If done the right way, Cambodia still has an opportunity to become
competitive within the region.”
Cambodia has a population of 15.3 million people with some 5 million Internet users. Most
importantly, Cambodia has a mobile phone penetration rate of 166%, and a smartphone
penetration rate of 39.5%.
With almost 80% of the population not having a formal bank account, and a credit card
penetration rate of 5%, experts and industry participants have praised the potential of
fintech to improve financial inclusion.