One of Cambodia’s largest fintech brands, TrueMoney, has doubled the number of new accounts in 2021 in the space of a year, according to fintech firm TrueMoney.
In addition, customer transactions increased approximately by 40% in the same period.
According to TrueMoney, the fintech firm increased the number of new accounts year-on-year by 109%, compared to 2020. Total transactions grew by almost one million in 2021 compared to those in 2020.
While TrueMoney believes that much of this growth has been driven by Covid-19 safety protocols, the fintech firm claims that the increased ‘take-up’ is a result of increased marketing of digital products during the pandemic.
In addition, the customer and transnational growth is not solely a result of the ‘drive’ to digital. Additional growth has also been reported by the TrueMoney agent network as a result of travel restrictions that have confined consumers to local communities and the use of financial facilities that are located ‘nearer to home’.
TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara expects the impressive growth to continue into 2022 as more Cambodians seek easy and convenient ways to pay their bills and conduct their financial transactions.
“There is no doubt that the pandemic has obviously helped the drive to more digital transactions,” said TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara.“ However, we must also remember that having more than 10,000 agents nationwide has also meant that, during lockdowns and travel restrictions, people were also able to continue paying their bills and meeting their financial commitments even though they were unable to travel extensively to do so.”
In addition to the boost provided by the pandemic, TrueMoney also credits the financial services industry as a whole for coming together to promote digital literacy and online finance.
“It is at times like these that financial institutions see the value of having reliable and dependable online technology as well as an extensive network throughout Cambodia,” adds TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara. “During 2021, TrueMoney was able to help a number of financial institutions provide continuity of service to their customers throughout the Kingdom of Cambodia through tie-ups and partnerships. At TrueMoney, we expect such collaborations to continue into 2022.”
According to TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara , 2022 could see an increase in collaborations between financial institutions as traditional banks seek out those with advanced technological infrastructure as well as an existing customer base. Such collaborations could mean increased consolidation and mergers.
In addition to mergers and acquisitions, TrueMoney is planning enhanced services and promotions to add even more customers to the existing base. The company will also release the new TrueMoney Wallet logo and exciting services in Q2 2022.
Since establishing the company’s operations in Cambodia in 2016, TrueMoney has created the largest fintech agent network in the country with more than 10,000 agents offering financial-related services to the unbanked and underbanked segments of society.
TrueMoney, which currently offers online and offline payment services such as local remittance, bill payments, phone top-ups, loan repayments, and payroll services is operated by Ascend Money which is a subsidiary of the Charoen Pokphand Group (CP) and fintech partner Alibaba-owned Ant Financial.