Although Cambodia’s fintech industry is still in its early stages and lags behind ASEAN countries such as Singapore and Vietnam, the sector is growing steadily. Rapid Adoption Digital payments and the growing unbanked population.
According to a report by Mekong Strategic Partners and Raintree Development, fintech was Cambodia’s largest technology sector with around 50 companies as of early 2019. The most represented sub-segment was digital payments.
To better understand the emerging fintech landscape in Cambodia, we present to you today five Cambodian fintech startups to watch in 2020.
The list focuses on home-grown fintech startups and excludes companies from other countries with local operations in Cambodia, such as Milvik, a Ghanaian insurtech company operating under the Bima brand, and TrueMoney, a Thai digital payment services provider.
These five fintech companies have made impressive progress over the past year and are expected to see even more growth this year.
Spian Louis
Founded in 2016, Spian Louis We are the developers and operators of Spean Loan, a microloan mobile app.
Spean Loan allows borrowers to apply for small loans ranging from $50 to $1,000 in 10 minutes, without any paperwork or physical branch visits. The company’s credit scoring system uses machine learning to efficiently and accurately assess a customer’s ability to repay.
Spian Louis raised The company raised $300,000 in a funding round led by Tokyo-based Showcase Capital in February 2019. The company plans to expand across Asia.
Click on payment
Founded in 2016, Click on payment We develop payment processing applications designed to serve Cambodia’s fragmented payments industry.
The company’s platform brings all payment methods and networks together under one roof, collects transaction data and provides retailers with valuable consumer insights, loyalty plans and marketing tools.
Clik is currently awaiting regulatory approval from the National Bank of Cambodia and plans to launch by mid-2020. Last year, the startup Featured Selected as one of the top 50 emerging fintech startups by HPMG and H2 Ventures.
wing
wing is a leading Cambodian fintech company specializing in mobile banking services.
The company offers a range of services, from local and international remittances, bill payments, phone top-ups and online shopping to QR code payments, payroll and retail payment services.
Wing has more than 7,500 Wing Cash Xpress stores nationwide and partners with over 40,000 merchants and global industry leaders, including Mastercard, Visa, Western Union, MoneyGram, Alipay and WeChat Pay.
Paipay
Released in 2016 Paipay is a leading cashless payment provider in Cambodia with a focus on alternative payments.
The Pi Pay payments platform is built around a merchant payment service with a range of social and lifestyle features including chat, maps and friend finder, and a consumer-facing app that incorporates a growing network of retail partners in Cambodia.
This year it’s PaiPai will be merged Merger with SmartLuy, a mobile wallet platform operated by Cambodian telecommunications service provider Smart Axiata. The merger aims to create the largest payments platform in Cambodia.
As of January 2020, PiPay had It has around 300,000 users and over $350 million in transaction value. Smart Axiata serves around 8 million subscribers.
Bungy
Founded in 2016, Bungy is an award-winning fintech startup that provides customized accounting solutions for Cambodian SMEs.
The company’s financial platform and applications unify the payments and funding ecosystem to enable smart decision-making, access to financial services and working capital funding.
Last year, Bungy Partnered The company has partnered with Wing to provide free access to its accounting platform to the fintech’s small and medium-sized enterprise (SME) clients. As of June 2019, approximately 5,000 SMEs in Cambodia are using the platform. Already used Wing has around 3,000 small and medium-sized business clients, while BanhJi has around 3,000 small and medium-sized business clients.