One of Cambodia’s largest fintech brands, TrueMoney, says that fintech, a tech-savvy population, and nationwide internet connectivity are key drivers for the growth of financial inclusion and financial digital literacy throughout the country.
Citing a number of key initiatives such as the Bakong System, and the Let’s Talk Money program which was launched to promote discussion among Cambodians across the country about financial issues, TrueMoney Chief Strategy Officer Ms. KHUON Frandara says she is confident that the fintech and financial sector will be successful in achieving financial inclusion and increased financial digital literacy.
The Bakong System is the country’s only integrated payment APP that allows customers to conduct transactions such as e-wallet and mobile payments, online banking, and financial applications in one
The Let’s Talk Money Campaign was made in partnership with the National Bank of Cambodia and Good Return Australia.
“Under the guidance of the National Bank of Cambodia (NBC), the country is well on its way to achieving its aims of achieving financial inclusion and financial digital literacy for all,” said TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara. “The NBC not only provides guidance for the sector but also ensures that all financial institutions are working together towards one aim.”
According to TrueMoney, Cambodia’s young population is a key driver for achieving the country’s objectives on financial inclusion and digital financial literacy. That coupled with the fact that millions of Cambodians have access to smartphones, are ‘tech-savvy’, and have internet connectivity, will help the country on its path to providing financial digital literacy to the population – especially the un- and underbanked. However, one of the major challenges in reaching those who have yet to become ‘connected’.
“TrueMoney can help by providing access to those who may not already be using the TrueMoney Wallet and other applications,” added TrueMoney’s Chief Strategy Officer Ms. KHUON Frandara. “TrueMoney has a network of more than 10,000 agents across the country who are already providing services and education to millions.”
TrueMoney has shown the firm’s willingness to work with NBC and other entities to achieve financial inclusion and promote financial digital literacy with tie-ups and MOUs with some of the country’s best-known financial institutions.
Since establishing the company’s operations in Cambodia in 2016, TrueMoney has created the largest fintech agent network in the country with more than 10,000 agents offering financial-related services to the unbanked and underbanked segments of society.
TrueMoney, which currently offers online and offline payment services such as local & international 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.