Growing Fintech In A Growing Cambodia


Presented by Fincy

Written by Zwan Ross Lee, Global Head of Business Development, Marketing and Sales of Fincy.

Zwan Ross Lee, Global Head of Business Development, Marketing and Sales of Fincy.
Zwan Ross Lee, Global Head of Business Development, Marketing and Sales of Fincy.

Global Fintech

Fintech has evolved leaps and bounds since its inception in the early 21st century. From applying technology to its back-end systems, technology has shifted to become an integral part of consumer-oriented services, with increased pervasiveness across the industries.

According to the Business Research Company, the global fintech market is expected to grow to $310 billion at an annual growth rate of 25 per cent through 2022.

One of the main drivers of the fintech market is the rapid growth in the digital payments sector, spurred by digital commerce and the normalisation of mobile technology usage. 

More businesses are moving towards digitalising their transaction needs, causing a surge in fintech solutions demands. At the same time, digitalisation and wider accessibility of mobile equipment coupled with growing technology literacy, have cultivated a new breed of consumers that craves mobile financial and payments services that are smarter, quicker and more efficient.

In 2019, KPMG reported that global fintech investment had reached $137 billion, with global fintech M&A and global corporate venture capital investment reaching $97 billion and $17 billion respectively. These are staggering numbers considering the relative nascency of fintech and mobile banking. 

In addition, a recent PwC survey found that 48 per cent of financial services organisations have embedded fintech fully into their strategies, and 37 per cent have adopted and incorporated emerging technologies into their product and service offerings. More financial services organisations will follow in order to remain competitive and relevant, thus driving continuous innovation and development for years to come.  

If these figures tell a story, it is clear that globally, mobile finance is a growing industry with significant opportunities for new players to enter the market. 

Fincy Fintech Asia
Fincy operated fintech around Asia

Cambodia’s fintech development

For emerging markets such as Cambodia where less than 30 per cent of the population has a bank account, the high percentage of unbanked and under-banked in Cambodia suggests unmet demand for financial services and sets the environment for plenty of opportunities for financial solution providers.  

According to Cambodia’s central bank, National Bank of Cambodia (NBC), there is a sizable gap between the needs of the market and formal supply. The market demand is standing at approximately $29.6 billion collectively, with only about $5.7 billion being filled by digital financial apps, therefore the potential impact fintech has in the nation will be significant. 

For more than twenty years, NBC has made financial inclusion and literacy a top priority.  These efforts have helped grow the numbers of Cambodians to have a formal relationship with a financial institution. Thanks in large part to mobile banking, more Cambodians have access to at least one financial service; bank account, insurance, or mobile wallet.

Growing trade needs in Cambodia

Globalisation, especially as it applies to the business world, has created a marketplace where even small transactions across borders trigger the exchange of currency. Foreign exchange has, therefore, become an integral part of a broad range of business transactions for most sectors.  The global money exchange market handles on average, $1 trillion worth of transactions per day.  

Across Asia and in particular Southeast Asia, economic growth and development have been explosive.  All indications of future growth point to a greater Asian region that is linked economically through increased interconnectivity, efficiency, and transparency. 

In a rapidly developing country such as Cambodia, the expansion of local businesses and the proliferation of foreigners who came to invest and start businesses in the country, have prompted the organic growth of cross-border commerce.

Chinese, in particular, who make up the largest group of foreigners in Cambodia, have an intensive demand to conduct currency trading and requires support for cross-border payments.

NBC is also proactive in promoting cross-border e-payments between Cambodia and neighbouring countries, such as Thailand, with the vision of establishing a borderless payment system across Asia, that will lower trade barriers and spur trade and economic growth. Considering the rapidly increasing volume of cross-border commercial activities throughout Southeast Asia each day, the challenge is to administer an efficient, secure, and cost-effective transaction system that can provide the best currency exchange rates. 

As trading demands are expected to spurt, technology needs to be readily capable of handling the increase in trading volume and volatility, seamlessly integrating with business operations. Money exchange technology has hence become a valuable financial solution, to enable the buying and selling of goods across borders at the best exchange rates.

Growing digital payments among the young and savvy

Cambodia continues to be a bright spot in Southeast Asia when it comes to innovation and development of mobile payments.  A young, vibrant, and trendy market, Cambodia has one of the largest young populations in Southeast Asia, where people between 15 and 30 years old make up 33 per cent of the population. Those in this demographic live very active lifestyles are highly proficient in mobile technology and digitally savvy.

Over the past five years, digital payments in Cambodia has experienced significant advancements and growth, and this trajectory of development, along with increased market penetration, is projected to remain for years to come. Advancements and growth in digital payments have been driven in large measure by the sharp rise of mobile phone subscriptions to 28 million mobile subscriptions, which is a 173 per cent compared to the total population, coupled with widely available internet access, and financial developments driven by financial institutions.

Fincy growing in tandem with Cambodia’s fintech needs

Where does Fincy stand in the fintech landscape? 

Initially inspired to solve the time consuming and costly money exchange issues faced by frequent business travellers and tourists moving within Southeast Asia, I and my co-founders, have since developed beyond a platform for cost-effective, real-time, and safe money exchange with the best rates, the team has put together an ecosystem to facilitate payments, transfers, and payroll functions, all built on top of a secure and transparent blockchain technology.

Observant of demands and trends in mobile banking, Fincy has continued to develop valuable and useful features, to enhance its comprehensiveness as a mobile fintech solution. Through the integration of its social functions, Fincy allows for greater connection between businesses and consumers, as well as peer-to-peer, to make commerce and transactions happen seamlessly and at real-time speed.

In the past year, Fincy has grown steadily in Cambodia, serving more than 700 merchants and more than 100,000 users.

The future of mobile transactions and digital payments will be driven by the ever-growing demand through a more mobile and savvy population powered by ongoing advancements in technology. Fincy envisions playing an integrative role to satisfy entities’ and individuals’ needs, through leading fintech trends so as to develop sustainably in connecting Cambodia within while at the same time empowering the nation’s connection with the rest of ASEAN. 

Fincy Cambodia
Fincy is currently present at 500 merchants in the Kingdom Cambodia with plans to grow rapidly

About Fincy

Fincy is a financial technology (fintech) company, fully licensed in Cambodia and is funded by GBCI Ventures, based in Singapore. GBCI is a leading venture capital fund and a venture builder in Asia.

Fincy launched operations in Cambodia in Q4 2019 and with their Fincy app, you can exchange foreign currency including Cambodia, Thailand, China, Myanmar, U.S and the Philippines, complete online payments, payroll and transfers. Fincy also offers contactless payments through its digital wallet.


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