Strategic alliances, collaboration, and increased financial inclusion are just some of the trends that will dominate the fintech sector in the near future, according to TrueMoney Cambodia.
According to TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara, banks in Cambodia will need to create strategic alliances with fintech firms in order to provide relevant services to customers and broaden the reach of local financial institutions. As a result, the sector can expect to see an increase in Memorandums of Understanding (MOU) between the country’s big players.
Speaking on a panel discussion at the Cambodian Association of Finance and Technology (CAFT) Summit alongside Wing Chief Executive Officer Manu Rajan and Sathapana Deputy Chief Executive Officer Mr. Jean Pierre Gagnon, Ms. KHUON Frandara said that banks and fintech firms must live together to achieve financial inclusion and provide services for the unbanked and under-banked segments of Khmer society.
“In Cambodia, fintech and the banking sector work hand-in-hand. An example of this is Bakong APP which has been admirably put in place by the National Bank of Cambodia under the guidance of Her Excellency Madame Chea Serey, assistant governor and director-general of the National Bank of Cambodia (NBC),” said TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara. “ This APP is created to provide a one-stop-shop for almost all financial transactions and is aimed at fintech companies as well as banks.”
“This means that instead of going to the bank, those who use TrueMoney agents can also perform any transactions instantly to their banks and financial institutions that are Bakong members via the agents nationwide. By offering this service, we are effectively helping the banks to reach their customers easily – and they are helping us to provide value-added services to our customers and new traffic to our agents,” Ms. KHUON Frandara continued.
When asked to sum up ‘the future of fintech’ in Cambodia, Ms. KHUON Frandara described the sector as ‘vibrant’.
“The fintech sector has grown immensely over the past ten years and will continue to do so,” stated Ms. KHUON Frandara. “I think we can expect more strategic alliances and partnerships – and more MOUs – in the new future as banks broaden their reach and companies such as TrueMoney try hard to increase financial inclusion and expand financial digital literacy across the country.”
At the CAFT Camtech summit 2021 Ms. KHUON Frandara was on a panel discussion entitled Bank Vs Fintech to explore ‘How Harmonious or Overlapping can banks and fintech be.”
TrueMoney was a bronze sponsor for the CAFT Camtech Summit 2021 which took place from November 11th to November 12th as part of the World Fintech Festival 2021.
The Camtech Summit 2021 featured representation from four of Cambodia’s major cities – Phnom Penh, Siem Reap, Battambang, and Sihanoukville – with topics that included the growth of digitalization. Speakers for the Camtech Summit 2021 included representatives from across the financial and technology sectors.
TrueMoney is a leading international Fintech brand and part of Ascend Money, a digital financial services venture of The Charoen Pokphand Group (CP Group) and Ant Financial (Alibaba), two of the largest companies in Asia. The TrueMoney group is now one of the largest financial life platforms in Southeast Asia. TrueMoney has grown its presence from just 1 market to 6 markets in a short space of time. TrueMoney currently has significant operations in Thailand, Cambodia, Myanmar, Indonesia, Vietnam, and the Philippines. TrueMoney currently has the largest regional agent network in SEA with 65,000 agents, as well as the largest payment volume with USD8 billion in 2019. In addition, the TrueMoney wallet is the number 1 E-wallet in Thailand.