Is Cambodia The Next Stop for Grab’s E-Wallet?by Fintech News Singapore December 10, 2018
Following its entry into Cambodia in 2017, Grab seems likely to bring its e-payment app, GrabPay into Cambodia sometime in 2019 as part of the wallet’s Southeast Asian focus.
Cambodia and Myanmar are said to be key considerations for GrabPay’s expansion according to Nikkei Asian Review. Grab would also expand into a range of other services that could hit Cambodia following its expansion into the country, like the recently announced cross-border wallet-to-wallet remittance service.
Indonesia, Singapore, Malaysia and Vietnam
There is no definite timeline for Grab’s potential foray into both countries for now.
Cambodia’s GDP has been rapidly increasing since the early 2000’s, and holds a population of approximately 16 million as of 2017. Even though Cambodia’s thirst for technology has increased in recent years, access to financial services, credit cards and bank accounts remain low.
Less than 20% of Cambodia was banked in 2017, which puts Cambodia at a disadvantage for participation in the global market.
GrabPay’s entry will probably see competition from Pi Pay, Cambodia’s native mobile payment app that is said to achieve a level of ubiquity in the kingdom that don’t trust credit cards and banks.
Featured image credit: Tan Hooi Ling, Grab Co-Founder via Kampuchea party Republic Facebook