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.”
Pi Pay CEO Tomas Pokorny said “With Smart, Pi Pay will be better equipped to support the government’s agenda of reducing barriers to digitalisation and widen digital payments adoption among consumers as well as merchants, including among small retail businesses.” he said.
Pi Pay has signed deals with a number of leading Cambodian banks and financial institutions since launching in mid-2017. They have also partnered with China’s Alipay and WeChat Pay.
You can read more about the Cambodian digital payment options in 2020 here.
Smart Axiata CEO Thomas Hundt said of the deal: “This positive development has been envisioned in line with the overarching strategy of strengthening our digital business portfolio while introducing various innovative, lifestyle and entertainment value propositions for our millions of customers.”
Cambodia’s mobile operators are aggressively building out their 5G networks by 2020 in Cambodia after the first 4G networks launched in Cambodia in 2016.
By the end of 2019, there are 22 million SIM-card subscribers in the Kingdom and around 16 million users of mobile and fixed internet.
Find out more about IT & Communications in Cambodia.