One of the country’s best-known fintech companies TrueMoney is joining forces with the National Bank of Cambodia (NBC) for the launch of the much talked about Bakong App.
The event which took place at NBC on Wednesday 28th October was attended by Her Excellency Srey Chea, Director General of the Bank of Cambodia. TrueMoney (Cambodia) Chief Strategy Officer Ms. KHUON Frandara was also in attendance.
NBC’s Bakong Pay App is Cambodia’s only integrated payment system that allows customers to do everything – e-wallets, mobile payments, online banking, and financial applications – in one
TrueMoney is one of a number of payment systems now available on the Bakong App.
“We are delighted to be part of this exciting new product,” TrueMoney (Cambodia) Chief Strategy Officer Ms. KHUON Frandara said. “We are happy to support the National Bank of Cambodia as the organization continues to modernize the financial sector.”
TrueMoney is offering a transfer service to and from the company’s TrueMoney Wallet to the Bakong App. In addition, Bakong customers can also cash-in & Cash out via selected TrueMoney agents. Bakong customers can also scan and pay via Bakong merchant partners or one of 50 selected TrueMoney merchants in Phnom Penh.
The Bakong App is available in the App Store, Google Play store, or through the Bakong website https://bakong.nbc.org.kh/.
TrueMoney’s participation in the Bakong App is just one of a number of ways the company is supporting the National Bank of Cambodia (NBC). Last month TrueMoney attended an event to celebrate the 40th anniversary of the reintroduction of the riel which was hosted by the National Bank of Cambodia (NBC).
Since establishing the company’s operations in Cambodia in 2016, TrueMoney has created the largest fintech agent network in the country. According to TrueMoney, there is a network of more than 10,000 agents offering financial-related services to the unbanked and underbanked segments of society.
As the best-known fintech company in South East Asia, TrueMoney has more than 65,000 agents serving 40 million users in Cambodia, Thailand, Myanmar, Indonesia, the Philippines, and Vietnam. The company is also backed by Alibaba-owned Ant Financial which provides access to the latest fintech products and technologies.
TrueMoney, which currently offers online and offline payment services such as local remittance, bill payments, phone top-ups, loan repayments, and payroll services are operated by Ascend Money which is a subsidiary of the Charoen Pokphand Group (CP) and fintech partner Alibaba-owned Ant Financial.
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.