ABA Bank have signed a Memorandum of Understanding with the Cambodian government-backed Techo Startup Centre which will prioritise the ABA PayWay online payment platform.
The TSC, which falls under the Ministry of Economy and Finance (MEF) will use the MoU to further its development of Fintech, Startup and Innovation ecosystem in the Kingdom. ABA Bank will, in turn, “provide its PayWay payment solutions to the projects and startup initiatives of TSC as well as enable access to PayWay Sandbox environment for testing and innovation purposes” reported the Khmer Times.
This means all TSC projects will use PayWay as its preferred online payment platform. Recently launched projects from the Techo Startup Centre include the new Single Portal for Cambodian business registrations which also uses the TSC Cambodia Data Exchange (CamDX) system.
Techo Startup Cente and ABA hope the MoU will “boost the growth of online payments, startup ecosystems and the Fintech landscape of the country.”
Nguonly Taing, executive director of Techo Startup Center said “With PayWay’s rich set of application program interface and software development kits, we are excited to see this collaboration and are confident that it can help fuel additional innovation by our startup’s members. Also, this partnership reflects our commitment to developing digital payment foundations for the advancement of Cambodia’s digital startups.”
ABA said via a press statement that they are committed to the further development of the local fintech and innovation ecosystem. Zokhir Rasulov, Chief Digital Officer at ABA Bank added, “We are glad to cooperate with Techo Startup Center in providing access to our cutting-edge online payment gateway to tech entrepreneurs and allow them to apply it with their ideas. We believe this collaboration will offer holistic support for TSC tenants to explore and move their ideas forward to build successful businesses in the digital era.”
Techo Startup Centre
The Techo Startup Centre was launched in 2019 by the government to support young entrepreneurs and aid the Royal Cambodian Government’s plans to transform Cambodia into a digital economy.
The centre, located inside the Royal University of Phnom Penh (RUPP), focuses on the skills students need to succeed as tech entrepreneurs in the digital age.
In July 2020, a sub-decree number 96, signed by Prime Minister Hun Sen, tasked the TSC to “find innovative ways to grow companies that have the potential to develop quickly in line with the government’s framework for building a digital economy” reports the Khmer Times.
ABA Bank Cambodia
Earlier in 2020, ABA Bank, which is a subsidiary of National Bank of Canada, received the ‘Best Bank in Cambodia 2020’ award from Euromoney. Its banging app is highly regarded in Cambodia as well as its range of digital financial services.
In August 2020 the bank was also awarded the “Best Mobile Banking and Innovation in Cambodia of the Year” award, at the Asian Banking and Retail Retailing Banking Awards 2020 awards. The awards committee, in particular, highlighted ABA Mobile which offers “multi-channel money transfer network that allows users to send money abroad via SWIFT, Ria Instant Money Transfer and Instant Money Transfer.”