The Cambodian fintech sector is set to grow significantly, driven by government support and efforts to encourage innovation and adoption in fintech.
In October 2023, the government unveiled the Cambodia Financial Technology Development Policy 2023-2028, a comprehensive strategy aimed at promoting financial innovation, ensuring financial stability, and enhancing financial inclusion in the country.
The new policy aims to create a more supportive environment for the fintech industry in Cambodia. By fostering financial innovation and improving access to financial services, the government hopes to accelerate the development of the country’s digital economy and society.
The policy is expected to provide regulatory clarity, attract foreign investment and boost Cambodia’s small but rising fintech sector.
With the Cambodian fintech sector poised for growth, we look today at some of the country’s emerging fintech leaders. These companies have witnessed notable growth over the past years and are recognized as strong innovators making a substantial impact in the industry.
BanhJi
Founded in 2016, BanhJi is an award-winning fintech startup providing a digital platform for micro, small and medium-sized enterprises (MSMEs) to manage their finances.
The platform helps businesses keep track of customer deposits, balances and receipts, supporting sale management, and other critical revenue management and helping ease financial decision-making, performance, and compliance.
BanhJi claimed more than 4,000 customers in December 2020 and said it had established strategic partnerships with various local financial institutions and payment providers, some of which had leveraged customer data on BanhJi for unsecured loan origination.
Bongloy
Founded in 2018, Bongloy is a fintech company that provides an open API for card issuance and digital payments. Bongloy’s secure, flexible and scalable open API platform enables businesses to acquire and issue cards. It also connects with local and international payment providers to allow customers to accept payment from Cambodia and abroad.
The platform provides traditional financial institutions and companies with a cost-effective, fast, and easy way to support electronic payments, enabling businesses to offer cards as well as make and receive payments online
Established in 2021 and headquartered in Phnom Penh, Delightech is developing a platform to provide unbanked individuals with convenient and instant access to financial products without complex requirements, available anytime and anywhere on any device, utilizing advanced technology and security.
One of Delightech’s notable products is LuyLeun, launched in 2020. LuyLeun, meaning “quick money,” stands out by providing quick loans ranging from US$50 to US$1,000 through a digital platform. Unlike other technology application services, LuyLeun helps individuals develop better credit to access larger financial amounts at lower interest rates through digital platforms. This process does not require collateral, complicated documentation, or guarantors.
To access LuyLeun services, users must install the app, apply within 10 minutes, upload required documents (a national identification document, a job identification, and a selfie), and withdraw to their preferred account within one working day.
LuyLeun offers repayment periods ranging from 90 to 365 days, with a maximum annual percentage rate of 12% to 18% of the total due principal. The platform ensures that interest and fees do not compound or accrue beyond the original amount. LuyLeun also allows early repayment without extra charges, calculated on a daily interest accrued basis.
seamlessly.
Pi Pay
Launched in 2017, Pi Pay is a cashless payment platform that allows users to send and receive money, pay their bills, top-up their mobile phones, settle their monthly insurance premiums, shop at partner retailers, and more.
Users can add money to their digital wallet through various means including Pay&Go machines, bank transfers, or through cash-in at any AMK branches and agent nationwide.
The app also includes a range of social and lifestyle features including Chat, Maps and Friend Finder.
Pi Pay says it stands out from competitors for its partnerships with top financial institutions and fintech leaders including Alipay, WeChat Pay and South Korea’s KB Kookmin Bank. The company claims about 450,000 users, over US$950 million in transaction value and more than 4,500 merchant outlets part of its network across Cambodia.
Pi Pay, which is backed by Anco Brothers Group, a prominent local business conglomerate with extensive holdings in property, infrastructure, hospitality, power and trading businesses, merged with rival Smartluy in 2020.
Morakot
Founded in 2014, Morakot is a software company focusing on financial systems. The company specializes in cloud-based core banking platforms and other solutions for microfinance institutions and banks.
The Morakot VB core banking software is suitable for microfinance institutions, cooperatives, leasing companies as well as small and medium banks.
Morakot claims almost 50 clients, 260,000 end-customers and US$270 million in total loan disbursement. The company operates in Cambodia, Myanmar, and Singapore, with plans to further across the region. The company’s customers include banks, microfinance institutions, leasing companies, and pawnshops.
Featured image credit: edited from Unsplash
