Promising fintechs in Cambodia, Myanmar enter stage

Looking at the arena of financial technology startups in Southeast Asia gives a much-needed relief from the coronavirus madness currently rampant in the region. Local fintech business intelligence platform Fintechnews Singapore, operated by Swiss financial advisory and analytics firm CK Finanzpro GmbH, has put together a selection of the most promising fintechs on the brink of shaking up Cambodia and Myanmar.

In Cambodia, the fintech industry is still nascent and lags behind its ASEAN neighbours, the fintech platform says. However, the sector is growing steadily on the back of rapid adoption of digital payments and a large unbanked or at least underbanked population.

Fintechnews Singapore looked at five homegrown fintech startups in Cambodia which it deems promising to watch in 2020. It did not include foreign fintechs active in the country.

One interesting fintech solution is Spean Loan, a microloans mobile app, founded in 2016 and operated by Spean Luy. Spean Loan allows borrowers to apply for small loans between $50 and $1,000 in ten minutes without paperwork and without the need to visit a physical branch. Granting of the loans is based on the app’s machine-learning credit scoring system which automatically evaluates a customer’s ability to repay the loan. Spean Luy raised $300,000 in a funding round led by Tokyo-based Showcase Capital in February 2019. The company has plans to expand across Asia.

Another fintech, also founded in 2016, is Clik Payment which focuses on electronic payment solutions in close cooperation with merchants to which it also provides loyalty plans and marketing tools. Clik Payment is currently awaiting regulatory approval from Cambodia’s central bank and plans to launch by mid-2020.


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Wing is a Cambodian fintech which provides mobile banking services including local and international money transfers, bill payments, phone top-ups and QR code payments, as well as payroll and disbursement services for merchants. It has a nationwide network of over 7,500 service outlets and entered partnerships with more than 40,000 merchants and global payment firms including Mastercard, Visa, Western Union, MoneyGram, Alipay and WeChat Pay.

Four-year-old Pi Pay specialises in cashless payments for merchants incorporated within a range of social and lifestyle features including chats, maps and apps such as Friend Finder, as well as for a growing network of retail partners in Cambodia. Plans are to merge with SmartLuy, a mobile wallet platform operated by Cambodia’s telecommunications service provider Smart Axiata. The merger aims to create the country’s biggest payment platform.

Fintech BanhJi is providing accounting solutions tailored for Cambodian micro and small businesses through an integrated payment and financing platform which enables smart decisions, as well as provides access to financial services and working capital financing from third parties.

Myanmar: Fintechs still under the radar

In Myanmar, there is also an upcoming fintech scene, although it still hovers under the radar of public awareness. With a little over a dozen fintech companies compared to about 150 in Vietnam and more than 490 in Singapore, the Myanmar fintech sector has still a long way to go. However, with a government committed to improving financial inclusion of the population and rapid mobile growth, the sector is eventually poised to thrive over time. Fintechnews Singapore again looked only at homegrown fintech startups in Myanmar.

Mother Finance, a non-bank financial institution founded in 2018, specialises in digital lending. It has developed the country’s first mobile app-based online lending solution and is offering employee loans, as well as loans for individuals and small and medium-sized enterprise (SME) ranging from $35 for smaller loans to $35,000 for SME loans. Mother Finance recently partnered with NearMe, a mobile payments app. The fintech startup is part of Yangon-based Mother Group, a local business conglomerate involved mainly in construction, manufacturing and trade.

Founded in 2015, Wave Money, by Digital Money Myanmar, is a mobile financial services brand, providing a platform targeting the unbanked population in Myanmar. It was the first company to be regulated under the new mobile financial services regulation framework and to secure a license from the Central Bank of Myanmar.

Another payment-focused fintech in Myanmar is Wave Money which offers services, including remittances, utility payments, phone airtime purchase and top-ups and various other digital payments on its platform and through a network of over 57,000 Wave shops across the country. This year, Wave Money partnered with 2C2P, a Southeast Asian business-to-business payments platform, extending its services to airlines, hotels and retail outlets. Wave Money is a joint venture between Telenor, Yoma Bank and Yoma Strategic Holdings.

Impact Terra is a social business focused on improving agriculture and smallholder farmer’s livelihoods, providing services through its “Golden Paddy Platform,” which consists of a mobile application, web application and a Facebook page. Farmers can connect to the platform which provides advice, alerts, a chat, product and shop profiles, financing options and other personalised content to farmers while enabling service providers and knowledge institutes to directly connect with them. Content is powered by crop prediction models, financial profiling, satellite imagery and related content management systems. Impact Terra raised $3 million in a financing round in March 2018.

Founded in 2017, KyoPay Technologies is an online marketplace for invoice receivables that connects small and medium enterprises in need of liquidity to third-party funders. The platform is open to any local company in Myanmar who wishes to secure cash using their invoice receivables with a maximum due date of 120 days as collateral. Through the platform, they can auction these at a discount to secure cash, and buyers can earn a return of about two to three per cent monthly, the company says. KyoPay is a joint initiative of Yangon-based investment advisory group Anthem Asia and Acudeen Technologies, an established fintech company from the Philippines.

Looking at the arena of financial technology startups in Southeast Asia gives a much-needed relief from the coronavirus madness currently rampant in the region. Local fintech business intelligence platform Fintechnews Singapore, operated by Swiss financial advisory and analytics firm CK Finanzpro GmbH, has put together a selection of the most promising fintechs on the brink of shaking up Cambodia and Myanmar. In Cambodia, the fintech industry is still nascent and lags behind its ASEAN neighbours, the fintech platform says. However, the sector is growing steadily on the back of rapid adoption of digital payments and a large unbanked or at...

Looking at the arena of financial technology startups in Southeast Asia gives a much-needed relief from the coronavirus madness currently rampant in the region. Local fintech business intelligence platform Fintechnews Singapore, operated by Swiss financial advisory and analytics firm CK Finanzpro GmbH, has put together a selection of the most promising fintechs on the brink of shaking up Cambodia and Myanmar.

In Cambodia, the fintech industry is still nascent and lags behind its ASEAN neighbours, the fintech platform says. However, the sector is growing steadily on the back of rapid adoption of digital payments and a large unbanked or at least underbanked population.

Fintechnews Singapore looked at five homegrown fintech startups in Cambodia which it deems promising to watch in 2020. It did not include foreign fintechs active in the country.

One interesting fintech solution is Spean Loan, a microloans mobile app, founded in 2016 and operated by Spean Luy. Spean Loan allows borrowers to apply for small loans between $50 and $1,000 in ten minutes without paperwork and without the need to visit a physical branch. Granting of the loans is based on the app’s machine-learning credit scoring system which automatically evaluates a customer’s ability to repay the loan. Spean Luy raised $300,000 in a funding round led by Tokyo-based Showcase Capital in February 2019. The company has plans to expand across Asia.

Another fintech, also founded in 2016, is Clik Payment which focuses on electronic payment solutions in close cooperation with merchants to which it also provides loyalty plans and marketing tools. Clik Payment is currently awaiting regulatory approval from Cambodia’s central bank and plans to launch by mid-2020.


The Vine is your one-stop source for the most pressing Southeast Asian news updates, delivered minus the fluff and straight to your inbox.

To keep up with the latest happenings around the ASEAN region, subscribe to our newsletter now:

Subscribe to our newsletter

* indicates required

Wing is a Cambodian fintech which provides mobile banking services including local and international money transfers, bill payments, phone top-ups and QR code payments, as well as payroll and disbursement services for merchants. It has a nationwide network of over 7,500 service outlets and entered partnerships with more than 40,000 merchants and global payment firms including Mastercard, Visa, Western Union, MoneyGram, Alipay and WeChat Pay.

Four-year-old Pi Pay specialises in cashless payments for merchants incorporated within a range of social and lifestyle features including chats, maps and apps such as Friend Finder, as well as for a growing network of retail partners in Cambodia. Plans are to merge with SmartLuy, a mobile wallet platform operated by Cambodia’s telecommunications service provider Smart Axiata. The merger aims to create the country’s biggest payment platform.

Fintech BanhJi is providing accounting solutions tailored for Cambodian micro and small businesses through an integrated payment and financing platform which enables smart decisions, as well as provides access to financial services and working capital financing from third parties.

Myanmar: Fintechs still under the radar

In Myanmar, there is also an upcoming fintech scene, although it still hovers under the radar of public awareness. With a little over a dozen fintech companies compared to about 150 in Vietnam and more than 490 in Singapore, the Myanmar fintech sector has still a long way to go. However, with a government committed to improving financial inclusion of the population and rapid mobile growth, the sector is eventually poised to thrive over time. Fintechnews Singapore again looked only at homegrown fintech startups in Myanmar.

Mother Finance, a non-bank financial institution founded in 2018, specialises in digital lending. It has developed the country’s first mobile app-based online lending solution and is offering employee loans, as well as loans for individuals and small and medium-sized enterprise (SME) ranging from $35 for smaller loans to $35,000 for SME loans. Mother Finance recently partnered with NearMe, a mobile payments app. The fintech startup is part of Yangon-based Mother Group, a local business conglomerate involved mainly in construction, manufacturing and trade.

Founded in 2015, Wave Money, by Digital Money Myanmar, is a mobile financial services brand, providing a platform targeting the unbanked population in Myanmar. It was the first company to be regulated under the new mobile financial services regulation framework and to secure a license from the Central Bank of Myanmar.

Another payment-focused fintech in Myanmar is Wave Money which offers services, including remittances, utility payments, phone airtime purchase and top-ups and various other digital payments on its platform and through a network of over 57,000 Wave shops across the country. This year, Wave Money partnered with 2C2P, a Southeast Asian business-to-business payments platform, extending its services to airlines, hotels and retail outlets. Wave Money is a joint venture between Telenor, Yoma Bank and Yoma Strategic Holdings.

Impact Terra is a social business focused on improving agriculture and smallholder farmer’s livelihoods, providing services through its “Golden Paddy Platform,” which consists of a mobile application, web application and a Facebook page. Farmers can connect to the platform which provides advice, alerts, a chat, product and shop profiles, financing options and other personalised content to farmers while enabling service providers and knowledge institutes to directly connect with them. Content is powered by crop prediction models, financial profiling, satellite imagery and related content management systems. Impact Terra raised $3 million in a financing round in March 2018.

Founded in 2017, KyoPay Technologies is an online marketplace for invoice receivables that connects small and medium enterprises in need of liquidity to third-party funders. The platform is open to any local company in Myanmar who wishes to secure cash using their invoice receivables with a maximum due date of 120 days as collateral. Through the platform, they can auction these at a discount to secure cash, and buyers can earn a return of about two to three per cent monthly, the company says. KyoPay is a joint initiative of Yangon-based investment advisory group Anthem Asia and Acudeen Technologies, an established fintech company from the Philippines.

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