SmartLuy and Pi Pay Merger approved
By B2B Cambodia
on
The National Bank of Cambodia (NBC) has given the green light for the merger of SmartLuy and Pi Pay.
The two companies, Smartluy Plc, a subsidiary of a Malaysian-owned Smart Axiata Co Ltd, and cashless payment platform Pi Pay Plc, opted for voluntary disclosure of the merger reports the Phnom Penh Post.
In early 2020, it was announced that Pi Pay would merge with SmartLuy to become one of Cambodia’s leading payment platforms. At the time of the merger, Pi Pay has close to 300,000 users, and over $350 million in transaction value. Smart Axiata currently serves 8 million subscribers.
As part of the deal, SmartLuy employees will join the Pi Pay team and SmartLuy customers, agents as well as vendors will migrate to Pi Pay. In addition, existing SmartLuy customers "will be able to transfer their wallet balances to new Pi Pay accounts before the integration phase following the merger completes."
A joint statement on the merger said: “NBC’s swift approval process is certainly a big boost towards further cementing Pi Pay’s leadership position in the digital payment landscape in Cambodia post-merger completion.”