Temasek-owned Fullerton Financial Holdings has teamed up with Canadia Investment Holding to launch DaraPay - a new digital wallet and payment platform - in Cambodia. This is Fullerton's second investment in Cambodia after launching Cambodia Post Bank in 2013.
DaraPay, with over 700 agents at its Dec 11 launch, will let customers in Cambodia complete local remittances and loan repayments, and withdraw and deposit cash. It aims to have 2,600 agents by end-2019, to give consumers "convenient, low-cost and seamless services across all of Cambodia", the firms said.
Fullerton's executive vice-president and chairman of Canadia-Fullerton Mobile Money Co,Mr Loh Niap Juan, said: "Fullerton has seen how digital payment services can change the landscape of financial services in other countries such as China. We believe that Cambodia is at the inflexion point in its development of digital payments."
DaraPay's vision is to provide customers with access to simple and fast payments. Customers can in future use DaraPay's digital merchants' payments functionality to make cashless payments at its affiliate merchants, the companies said.
The digital platform expects to have over 1,000 affiliated merchants by mid-2018, which will allow all DaraPay wallet customers to go cashless. Said Canadia chairman Pung Kheav Se: "The retail environment in Cambodia is rapidly changing. Digital payments will be a key enabler, and we seek to grow DaraPay into a significant player in the market."
The companies added that customers of Canadia Bank and Cambodia Post Bank will have seamless access to make real-time transfers between their bank or loan accounts with the digital wallets.
"Our ambition is for DaraPay to be our customers' 'currency' of choice. Financial services are an important part of the lives of all Cambodians, as consumers and small businesses. As they seek to free up their time, reduce operational costs and upgrade their lifestyle, we believe that DaraPay will make a meaningful impact in their lives," said Canadia-Fullerton Mobile Money Co general manager Phok Ratha.