One of Cambodia’s best-known fintech firms, TrueMoney, is supporting the de-dollarisation of the country’s economy with the sponsorship of an event celebrating the 40th anniversary of the reintroduction of the riel.
The event, which took place on September 28th at the Sofitel Phnom Penh Phokeetra Hotel was hosted by the National Bank of Cambodia (NBC). His Excellency Chea Chanto, Governor of the National Bank of Cambodia (NBC), was in attendance as were representatives from ministries, national and international financial organizations, and the country’s financial sector.
“TrueMoney is one of the event’s gold sponsors. It is an honor to take part in this prestigious event,” said TrueMoney (Cambodia) Chief Strategy Officer Ms. KHUON Frandara. “Our participation reflects TrueMoney’s confidence in the Cambodian currency and economy.”
The National Bank of Cambodia reintroduced the riel as the national currency on March 20th, 1980.
Speaking earlier in the year, the Governor of the National Bank of Cambodia His Excellency Chea Chanto was reported as saying that the confidence in the local currency had been increasing year by year. He added that more Cambodians were becoming aware of the benefits of the riel in the economy.
“As a leading fintech company we are proud to be contributing to the use of the riel through online transactions with the TrueMoney Wallet,” added Ms. Khuon Frandara.
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.