The launching ceremony was held here on Mar. 30 under the presidency of H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC); Mr. Jeremy Tan, CEO of Liquid Group; and corporate partners from Singapore.

This initiative expands the scope of digital payments, strengthens economic ties between Cambodia and Singapore, and supports the tourism sectors of both nations, aligning with the ASEAN vision of interconnected digital payment systems across the region.

The NBC has appointed ACLEDA Bank as the sponsoring bank for this strategic cross-border QR payment project with Singapore, a joint initiative between the NBC and Monetary Authority of Singapore (MAS).

Since 2020, ACLEDA Bank has pioneered cross-border QR code payments in response to market needs, enabling seamless and instantaneous transactions across the ASEAN region and partner countries.

This includes Singapore (Phase 1: Cambodia Scans SGQR, launched in November 2025), which enables Cambodian users to scan Singapore SGQR codes at RoamQR merchants throughout Singapore.

The service promotes the utilisation of national currencies for payments across ASEAN, enhances financial inclusion, and supports the integration objectives of the ASEAN Economic Community.

The KHQR-SGQR interoperability exemplifies Cambodia’s advancements in digital banking, with ACLEDA Bank leading successful implementations throughout the region.

This launch involves key collaborators, including ACLEDA Bank in Cambodia and Liquid Group Pte. Ltd., supported by intermediary banks such as United Overseas Bank Limited and DBS Bank Ltd. in Singapore.

Together, under the robust regulatory frameworks of the NBC and MAS, both sides have established a secure, interoperable infrastructure that enhances regional digital financial connectivity.

Phase 2 empowers Singaporeans visiting Cambodia to pay for goods and services effortlessly using their mobile banking apps to scan KHQR codes at merchants nationwide.

This innovation simplifies transactions, enhances security, benefits tourists and businesses, promotes currency stability, streamlines operations, and reduces costs.

The post Cambodia and Singapore Launch Cross-Border QR Code Payment Phase II first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The workshop was jointly organised by the Cambodia Microfinance Association (CMA), the state-owned Agriculture and Rural Development Bank (ARDB), and Water.org Cambodia.

Participants included H.E. Kao Thach, Delegate of the Royal Government in charge and Chief Executive Officer of ARDB and a member of its Board of Directors; Mrs. Dith Nita, CMA Vice President; and representatives from member financial institutions.

The workshop focused on equipping stakeholders with strategic tools to bridge the gap between the supply and demand for green finance, while also raising awareness of the Cambodia Climate Finance Facility (CCFF) lending framework.

The CCFF framework provides practical guidance for local financial institutions to access funding for green projects, while promoting concrete actions to implement green finance policies that support climate adaptation and sustainable development.

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“Cambodia’s financial sector remains resilient, liquid, and subject to close supervision by the National Bank of Cambodia (NBC), with key prudential indicators remaining above minimum regulatory requirements,” read the statement. “Recent speculation and misinformation regarding the condition of certain banks do not reflect the overall strength of the sector.”

ABC and CMA emphasised that a temporary operational disruption at an individual institution should not be interpreted as a reflection of the condition of the wider financial system.

“Cambodia’s financial sector continues to be supported by strong prudential regulation, ongoing supervision, and liquidity safeguards,” they underlined.

The two associations also strongly condemned the spread of false or misleading information that could undermine public trust.

Moreover, ABC and CMA urged the public not to rely on rumors or unverified social media content, and to follow only official information from the NBC and licensed banks and financial institutions or contact their respective institutions directly for clarification.

“The associations remain confident in the resilience of the sector and will continue to work closely with the NBC and member banks and financial institutions to support clear communication, promote orderly conditions, and help maintain stability and confidence in the financial system,” the statement concluded.

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The meeting, facilitated by Mr. Michael Kuoy, President of the Cambodia Chamber of Commerce Office in Auckland, centered on each institution’s role in supporting the agricultural sector. Topics included bank management practices, credit policies, and strategies for working directly with farmers to boost agricultural development.

Dr. Kao Thach invited Rabobank representatives to visit Cambodia to gain first-hand insight into the country’s agricultural potential and evolving financial landscape. He also proposed formalising cooperation through a future Memorandum of Understanding (MoU), aimed at promoting technical collaboration, information sharing, and stronger institutional ties.

According to ARDB, the dialogue represents a positive step in bringing international financial expertise to Cambodia, supporting productivity improvements and the modernisation of the agricultural sector.

ARDB, a state-owned bank, provides investment and revolving credit to advance agriculture, agro-industry, and rural development in line with Royal Government policies.

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The commitment was made during a meeting held in Phnom Penh on Feb. 10 between H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia, and H.E. Ms. Vladanka Andreeva, the newly appointed UN Resident Coordinator in Cambodia.

During the meeting, both sides exchanged views on strengthening cooperation between the central bank and the United Nations to promote sustainable development.

H.E. Dr. Chea Serey reaffirmed NBC’s commitment to being a responsible and active member of the international community.

She noted that NBC stands ready to share its experiences with international partners on an equal footing, particularly in areas such as payment systems, credit information-sharing systems, law enforcement cooperation, and the advancement of international development goals for the benefit of humanity.

The NBC Governor added that collaboration with the United Nations will play an important role in supporting the implementation of national laws and advancing the Sustainable Development Goals.

The post NBC, UN Promote Sustainable Financial and Banking Sector first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The report shows that the Bakong system processed 771.2 million-Riel transactions last year, a 1.6-fold increase compared to 2024. The total value of these transactions reached KHR 285.9 trillion, up 59.4 percent year-on-year.

Meanwhile, U.S. dollar transactions through Bakong surged by 79.7 percent in volume, amounting to 554.5 million transactions, equivalent to US$152.8 billion, an increase of 49.3 percent over the previous year.

NBC Governor H.E. Mrs. Chea Serey emphasised the central bank’s commitment to modernising Cambodia’s payment infrastructure.

“Even though the current payment system is advancing, we will continue to improve Cambodia’s payment infrastructure to enable real-time, secure, and efficient transactions for both businesses and consumers, supporting the country’s broader financial modernisation and digital economy goals,” she said.

The Bakong system, which has become a cornerstone of Cambodia’s digital finance strategy, now provides businesses and consumers with faster, safer, and more efficient payment options, reinforcing the government’s vision of a cashless economy.

The post Bakong System Sees Surge in Riel and U.S. Dollar Transactions in 2025 first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The official launching ceremony was presided over by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, H.E. Dr. Chea Serey, NBC Governor and Chairwoman of the Financial Sector Development Steering Committee, and H.E. Vijay Kumar Akasam, Head of Country Operations of the Asian Development Bank to Cambodia, as well as representatives from ministries, institutions, and development partners.

The “Financial Sector Development Strategy” is a roadmap for long-term financial sector development that has been updated five times and has been implemented for about 25 years, starting from the implementation of the Financial Sector Development Vision and Plan 2001-2010, H.E. Dr. Aun Pornmoniroth said.

The Deputy Prime Minister spoke highly of the successful preparation of the “Financial Sector Development Strategy 2025-2030” by relevant ministries and institutions.

“The Cambodian economy has recovered rapidly and continued to be on a strong growth path following the global COVID-19 crisis, despite continuing to face challenges and high uncertainties in the regional and global situation,” he said.

Currently, despite facing retaliatory tariffs and encroachments on national sovereignty and territorial integrity, the Cambodian economy is expected to achieve a growth rate of around 5.2 percent in 2025 and around 5 percent in 2026, H.E. Dr. Aun Pornmoniroth added.

The strategy aligns with the government’s Pentagonal Strategy – Phase 1 and Cambodia’s long-term goal of becoming an upper-middle-income country, positioning the financial sector as a driver of resilience, productivity and inclusive development in an uncertain global environment.

NBC Governor H.E. Dr. Chea Serey said that the strategies implemented so far have strengthened the foundations of a stable, diversified, modern and integrated financial system.

“With the vision of transforming Cambodia into an upper-middle-income country, the financial system must be capable and dynamic to support more interconnected economic activity, deeper integration, and higher productivity,” she underlined.

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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.

1. 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).

2. 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).

3. 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).

4. 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.

5. 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.

The post Cambodia’s Tech Boom: 5 FinTech Companies Changing the Banking Scene first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

ACLEDA Bank has been nominated as the operator for Cambodia’s national QR network, Bakong (KHQR) by the National Bank of Cambodia (NBC) and will work with NIPL to enable Unified Payments Interface (UPI) acceptance across Cambodia and KHQR acceptance across India.

The partnership will offer Indian & Cambodian travellers the convenience of making QR code-based payments seamlessly across tourist attractions, restaurants, retail outlets and other establishments.

Indian tourists in Cambodia will be able to use their UPI enabled apps to make merchant payments easily at more than 4.5 million KHQR merchant touch points.

Similarly, Cambodian tourists in India will be able to scan more than 709 million UPI QRs to make merchant payments conveniently using their Cambodian payment apps.

The collaboration will support businesses in both countries by offering a secure, interoperable, and frictionless payment experience via UPI and KHQR, significantly enhancing convenience for consumers in both markets.

Dr. In Channy, President & Group Managing Director of ACLEDA Bank, said that the Service Agreement formalises the technical and operational framework for interconnecting NPCI’s UPI (Unified Payments Interface) network with ACLEDA Bank’s KHQR ecosystem.

“This network-to-network setup will ensure secure, interoperable payments, allowing Indian consumers and businesses to use their mobile devices to scan QR codes from Cambodian merchants for payment,” he said.

In addition, this collaboration represents an important step toward regional payment interoperability, aligning with ASEAN’s vision of advancing inclusive digital economies and fostering financial innovation in digital payments, empowering their customers with fast, affordable, and secure cross-border options that boost trade and tourism for both nations.

Under the NBC’s initiative, Cambodia and India have initiated the digital cross border payment framework to enable more convenient and efficient payment and money transfer transactions.

A key focus is to promote the use of the national currency between Cambodia and India. On March 2023, NBC and NIPL signed a Memorandum of Understanding, to enable cross-border payments between Cambodia and India.

In May 2023, NBC selected ACLEDA Bank Plc. as a sponsoring Bank for this collaboration with NPCI International Payment Limited (NIPL).

Following the signing of the agreement, ACLEDA Bank and NIPL are now jointly developing the QR payment systems which is currently undergoing network integration. It is projected to launch the QR cross border payment between Cambodia and India (India QR UPI scans KHQR) in Semester 2 of 2026.

In the near future, ACLEDA Bank and NIPL will partner with additional banks to integrate QR Code payment systems, enabling their customers to access cross-border payments between Cambodia and India. This partnership represents a significant milestone in global payment expansion outside ASEAN in addition to Japan, South Korea, China and so on, enhancing its position in the international digital payments ecosystem by facilitating smoother and faster, transactions for travellers, thereby fostering deeper connectivity between India and Cambodia and progressing toward a fully interoperable global payments network.”

Ritesh Shukla, MD & CEO, NPCI International, said that this partnership reflects our commitment to expanding secure, inclusive, and scalable digital payments on a global scale.

“Our partnership with ACLEDA Bank Plc. marks an important step in strengthening interoperable digital payment corridors between India and Cambodia. By enabling UPI and KHQR acceptance across both countries, we aim to make travel simpler and empower consumers with trusted and familiar payment options,” he said.

The post ACLEDA Bank and NPCI International Partner to Link India’s UPI with Cambodia’s KHQR first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Minister Chheang Ra extended a warm welcome to Ms. Sherman and expressed profound appreciation for the World Bank’s consistent technical and financial support, which has been crucial in improving the well-being of the Cambodian populace.

He specifically recognised the Bank’s significant contributions to several cornerstone initiatives, including the Cambodian Nutrition Project (CNP), the Pre-Service Education System Strengthening Project for Health Professionals, the Health Equity and Quality Improvement Project Phase II (H-EQIP II), and the COVID-19 Emergency Response Project.

Ms. Sherman reaffirmed the World Bank’s enduring commitment to supporting Cambodia’s health sector.

She noted that the Bank’s assistance in recent years has played a pivotal role in moving the nation closer to achieving UHC. Ms. Sherman also commended the Royal Government of Cambodia’s strong dedication to promoting public health and highlighted the long-standing, robust partnership between the Ministry of Health and the World Bank.

The discussions primarily centred on the Ministry’s strategic priorities and identifying crucial areas for sustained collaboration with development partners, including the World Bank. A key focus of the meeting was a comprehensive review of the progress, challenges, and proposed solutions for ongoing and concluding projects, such as the CNP, the pre-service education strengthening initiative, and H-EQIP II.

Concluding the meeting, Minister Chheang Ra thanked the World Bank for its continued efforts and urged the Bank’s experts and technical teams to maintain close and efficient collaboration with project management units.

He stressed that the successful execution of these programmes is a vital component of the Ministry’s Health Strategic Plan and the Royal Government of Cambodia’s Pentagonal Strategy, both of which are dedicated to realising universal access to high-quality healthcare for every Cambodian citizen.

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