One of Cambodia’s best-known fintech firms, TrueMoney, is reaffirming the company’s commitment to financial inclusion with the sponsorship of the local edition of the World Fintech Festival.
TrueMoney, which is a company renowned for remittances via its largest Agent network in the Kingdom, is taking part in the Cambodian edition of the World Fintech festival. The festival takes place from the 7th to 11th December.
The company is also instrumental in supporting Digital payment by offering “ Free Money Transfer to Everyone” from True Money Wallet and recently has launched social sellers having staged a number of workshops that were attended by hundreds of online entrepreneurs. The workshops taught local digital entrepreneurs how to market themselves and their products as well as improve efficiencies in the creation of online content and how to grow their business online.
TrueMoney (Cambodia) Chief Strategy Officer Ms. KHUON Frandara will be talking about TrueMoney’s commitment to financial inclusion as part of a discussion panel on the subject at the World Fintech Festival. The panel, which takes place on December 9th, is entitled Cambodian Financial Inclusion Outlook 2021 Onwards. The discussion will assess the impact of financial inclusion on Cambodia.
“As a company committed to helping ordinary Cambodians manage their finances, grow their businesses we are honored to take part in the World Fintech Festival,” said TrueMoney (Cambodia) Chief Strategy Officer Ms. KHUON Frandara. “We are especially honored to speak about financial inclusion – which is a subject that we have significant experience with here in Cambodia as well as throughout the region.”
TrueMoney Wallet is the only App offering money transfer and bill payment service free to the company’s customers.. The company also offers payment holidays on certain services such as loan repayments to banks.
In addition to free remittances, the company also promotes financial responsibility by offering TrueMoney users giveaways and cashback offers. While such initiatives are aimed at consumers, TrueMoney is also committed to helping the education sector as a whole by improving financial literacy among all Cambodians. The company is planning key partnerships with e-learning platforms to help drive the move from offline to online which is the new normal due to the recent Covid 19 pandemic.
“The future of the finance sector is online,” added Ms. KHUON Frandara. “That is why we are looking to form key partnerships with e-learning platforms that can help educate young Cambodians how to manage their money online responsibly.”
“TrueMoney technologies that have been tested throughout the region are tailor-made to make the user experience friendly. Our aim is to bring these advanced systems here so that all Cambodians can benefit from such advances, ” said Ms. KHUON Frandara.
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.
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.
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.