PHNOM PENH: Once dominated by cash transactions and a limited banking footprint, Cambodia is undergoing a dramatic financial transformation. Fueled by one of the highest mobile penetration rates in the world and a young, tech-savvy population, the Kingdom’s financial technology (FinTech) sector is booming, fundamentally altering how Cambodians save, spend, and send money.
The shift is palpable. From bustling city markets to rural villages, QR codes have become ubiquitous, and digital wallets are rapidly replacing physical ones. This revolution is not just about convenience; it’s about expanding financial inclusion in a nation where a significant portion of the population has historically been unbanked or underbanked. According to the National Bank of Cambodia (NBC), e-wallet accounts surged to 19.5 million by 2022, vastly outnumbering the country’s population of around 16.5 million, highlighting the widespread adoption of multiple digital services (1).
This rapid evolution is being driven by a handful of innovative companies and initiatives that are challenging traditional banking norms. Here are five key players leading the charge.
- Bakong: The National Digital Backbone
Launched by the National Bank of Cambodia in 2020, Bakong is arguably the most transformative FinTech initiative in the country. It is a blockchain-based, centralized payment system that acts as a digital backbone, connecting different banks, microfinance institutions, and payment service providers (PSPs).
- How it’s changing the scene: Bakong solves the critical problem of interoperability. Previously, transferring money between different banks or e-wallets was often cumbersome and costly. With Bakong, a user of one bank’s app can seamlessly and instantly send money to a user of a different e-wallet using just a phone number or QR code. This has unified the fragmented digital payment landscape. By the end of 2023, the system had facilitated 35.7 million transactions worth approximately $12 billion, with over 10 million registered users (2, 3).
- ABA Bank (ABA Mobile App): The Incumbent Innovator
While a traditional commercial bank, Advanced Bank of Asia (ABA) has become a dominant FinTech force through its super-app, ABA Mobile. The app has set the gold standard for digital banking in Cambodia, offering a user experience that rivals top FinTechs globally.
- How it’s changing the scene: ABA Mobile moved beyond simple balance checks and transfers long ago. It is a comprehensive financial ecosystem where users can open accounts remotely (eKYC), pay bills, scan QR codes at over 900,000 merchant locations, book movie tickets, and even invest. As of early 2024, ABA reported over 3 million users on its mobile banking app, a staggering number that demonstrates how an incumbent bank can lead a digital revolution by prioritizing technology and user experience (4).
- Wing (Cambodia) Limited Specialised Bank: The Pioneer of Inclusion
Wing is one of Cambodia’s original FinTech pioneers. It began as a mobile money transfer service, allowing users to send and receive cash through a vast network of over 11,000 agents nationwide. This network was crucial in bringing financial services to remote and rural areas where traditional bank branches were scarce.
- How it’s changing the scene: Wing built the foundation for digital financial inclusion. While it now offers a full-fledged digital wallet (the Wing Bank App) with features like bill payments and online shopping, its core strength remains its hybrid “cash-in, cash-out” agent network. This model bridges the gap between the digital and physical economies, allowing millions to participate in the digital ecosystem even if they still rely on cash for daily life. In 2022, Wing’s transaction volume reached $15 billion, showcasing its deep integration into the Cambodian economy (5).
- Pi Pay: The Lifestyle and Payment Trendsetter
Launched in 2017, Pi Pay quickly captured the urban youth market by integrating payments into a lifestyle application. It wasn’t just a tool for transactions but a platform for discovering deals, ordering food, and engaging with merchants.
- How it’s changing the scene: Pi Pay was instrumental in popularizing QR code payments in Cambodia’s cities. By partnering with thousands of merchants and offering attractive discounts and loyalty programs, it demonstrated a powerful use case for digital wallets beyond simple money transfers. This consumer-centric approach pushed competitors, including traditional banks, to improve their own offerings and adopt similar merchant-focused strategies, accelerating the nationwide shift towards cashless payments.
- TrueMoney: The Regional Player with Rural Reach
A regional FinTech giant with a strong presence in Southeast Asia, TrueMoney has established a significant footprint in Cambodia through a model similar to Wing’s, relying heavily on an extensive agent network for remittance and payment services.
- How it’s changing the scene: TrueMoney’s strength lies in its cross-border capabilities and rural focus. It facilitates international remittances, particularly for Cambodian migrant workers in Thailand, making it easier and cheaper to send money home to their families. Its agent network complements others, further deepening financial access in underserved communities and proving that FinTech’s impact extends far beyond the capital city of Phnom Penh. The company’s regional backing gives it the stability and resources to compete in Cambodia’s increasingly crowded market.
The Road Ahead
The combined efforts of these companies and the forward-thinking regulation from the National Bank of Cambodia have created a dynamic and competitive FinTech landscape. Challenges remain, including strengthening cybersecurity, improving digital literacy, and ensuring that competition continues to benefit consumers. However, the trajectory is clear: Cambodia’s banking scene has been irrevocably changed, paving the way for a more inclusive, efficient, and digital financial future.