Fintech Points the Way to Full Financial Inclusion for Cambodians
By Husain Haider and Khmer Times
With more cellphones existing in the Kingdom than citizens and one of the youngest populations in the world, Cambodia’s mobile financial industry may be poised to bring the Kingdom’s deficit in financial inclusion to an end. This potential tipping point could mean the end to Cambodia’s status as one of the most underbanked nations in the world, according to experts.
Currently, only 17.8 percent of Cambodians over 14 years of age have a bank account, according to 2017 World Bank data.
Southeast Asia is a hotbed in e-wallets and digital payment app usage, with China’s AliPay and WeChat Pay dominating the regional digital payment landscape. The number of e-wallets in Cambodia rose by 64 percent between 2019 and 2020, amounting to more than 5 million users last year. At the forefront of that growth is Wing, which accounts for more than half of the value of the digital transactions conducted in the nation.