Cambodian fintech company Pi Pay Plc. (“Pi Pay”) and OxPay SG Pte. Ltd. have signed a memorandum of understanding to explore an international payments alliance between various countries.
The MoU means that the Cambodian digital payments solution provider could look at solutions not limited to Cambodia and including Singapore, Indonesia, Thailand and Malaysia by allowing the two firms’ platforms to connect. This would allow for wallet-to-wallet payments, remittances and other services, but the press release on the MoU said the pair could also “develop new solutions that are not of payment nature.”
Mr. Henry Tan, Managing Director of OxPay, said, “We are thrilled to partner with Pi Pay to explore an international payments alliance. Through our collaboration, we hope to increase connectivity for both the payment and remittance services. The partnership also sets the groundwork for even more innovative and complex services beyond the payment solutions.”
OxPay also said the partnership is in line with the Group’s strategic direction to increase its presence in the Asia-Pacific region and it would be able to tap into Pi Pays merchant network and customer base. The Cambodian business has the backing of a prominent business conglomerate with holdings in property, infrastructure, hospitality, power and trading businesses. Pi Pay partnerships with Alipay, WeChat Pay and Korea’s KB Kookmin Bank.
OxPay is focused on servicing merchants in the retail, transportation, as well as food and beverage industries and currently has a presence in Singapore, Malaysia, Indonesia and Thailand.
Read more about Cambodia’s Fintech Industry
- Cambodia’s Digital Startup and Fintech Space Keeps Growing.
- Cambodia-based fintech firm Boost Capital was selected by Mastercard as one of the winners of its Strive Community innovation awards. The company offers a low-risk digital loan market in the Kingdom.
- Brixie Group is a Singapore-listed startup with a number of Cambodian investors and they were included in the Lyve Innovator of the Year – Top 40 Startups in September 2022.