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Temasek unit, Canadia to launch digital wallet and payment platform in Cambodia
TEMASEK-OWNED Fullerton Financial Holdings has teamed up with Canadia Invesment Holding plc to launch DaraPay - a new digital wallet and payment platform, in Cambodia. This is Fullerton's second investment in Cambodia after launching Cambodia Post Bank plc in 2013.
As at its launch on Dec 11, DaraPay has over 700 agents in Cambodia where customers can complete local remittances and loan repayments, as well as withdraw and deposit cash. It aims to have 2,600 agents by the end of 2019, so that consumers will get to enjoy "convenient, low cost and seamless services across all of Cambodia", the firms said.
"Fullerton has seen how digital payment services can change the landscape of financial services in other countries such as China. We believe that Cambodia is at the inflexion point in its development of digital payments, and we are excited to be part of this journey with the people of Cambodia," said Loh Niap Juan, Fullerton's executive vice-president and chairman of Canadia-Fullerton Mobile Money Co Ltd.
DaraPay's vision is to provide customers with access to simple and fast payments. In the near future, customers will be able to use DaraPay's digital merchants payments functionality to make cashless payments at its affiliate merchants, the companies said.
The digital platform expects to have over a thousand affiliated merchants by mid-2018, which will allow all DaraPay wallet customers to go cashless.
Said Canadia's chairman, Pung Kheav Se: "The retail environment in Cambodia is rapidly changing. Digital payments will be a key enabler, and we seek to grow DaraPay into a significant player in the market."
The companies added that customers of Canadia Bank and Cambodia Post Bank will have seamless access to make real time transfers between their bank or loan accounts with the digital wallets.
"Our ambition is for DaraPay to be our customers' 'currency' of choice. Financial services are an important part of the lives of all Cambodians, as consumers and small businesses. As they seek to free up their time, reduce operational costs and upgrade their lifestyle, we believe that DaraPay will make a meaningful impact in their lives," said general manager of Canadia-Fullerton Mobile Money Co, Phok Ratha.