The diversity and flexibility of fintech applications have been highlighted by the Covid-19 pandemic, according to TrueMoney CSO Khuon Frandara.
Speaking on the sidelines of the Cambodian Association of Finance and Technology’s (CAFT) first annual general meeting, TrueMoney CSO Khuon Frandara said that fintech’s unique qualities and attributes had come to the fore the Covid-19 pandemic.
Speaking in her capacity as Board Treasurer and Payment Service Institutions Committee Chair, Ms. Frandara said: “With many people leapfrogging traditional banking institutions and embracing the digital banking revolution, financial technology, and digital transactions have really come to the fore. This has been helped by the impressive diversity and immense flexibility of e-wallets and mobile transactions – especially during the challenging times brought about by the Covid-19 pandemic.”
The CAFT event, which was held on Friday, February 19th, 2021 at the Hyatt Regency Hotel in Phnom Penh, featured speakers from the National Bank of Cambodia (NBC) and the Monetary Authority of Singapore. Representatives from payment service institutions (PSI), agritech, insurance, banking, micro-finance, and real estate sectors were also in attendance.
“During much of 2020 companies and people have had to re-evaluate how they do business and now they perform personal transactions,” added Ms. Frandara. “As such, more and more institutions and people have turned to financial technology to fulfill their financial transactions and needs.”
According to a report in the Khmer Times, the primary use case for fintech solutions is currently digital remittance.
In the same report, the Khmer Times said that in a 2020 United Nations (UN) report for the UN’s Economic and Social Commission for Asia and the Pacific stated that international remittances to Cambodia were valued at $1.52 billion – about 5.6 percent of the Kingdom’s gross domestic product.
TrueMoney has been a member of CAFT since 2020. TrueMoney CSO Khuon Frandara has been a member of the CAft board since 2021.
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.