Fullerton Financial Holdings, a unit of Singapore’s state investor Temasek Holdings, has partnered Canadia Investment Holding plc to launch digital wallet and payment platform DaraPay in Cambodia. Financial terms of Fullerton’s investment in DaraPay is undisclosed.
This is Fullerton’s second investment in Cambodia after it launched Cambodia Post Bank in 2013, in which it has a 45 per cent stake.
DataPay launched on 11 December and has over 700 agents across Cambodia offering local remittances and loan repayments, in addition to cash withdrawal and deposits, as well as airtime top-ups and bill payments. The company plans to expand its network to 2600 agents by end-2019.
“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, and we are excited to be part of this journey with the people of Cambodia,” said Loh Niap Juan, Fullerton’s executive vice-president (EVP) and chairman of Canadia-Fullerton Mobile Money Co Ltd.
Canadia Investment Holding is an investment holdings company that owns stakes in Canadia Bank, Cambodia Post Bank Plc, Sovannaphum Life Assurance Plc and Canadia Bank Lao Ltd.
DaraPay aims to facilitate access to simple and fast payments for its customers who will be able to use its digital merchants’ payments functionality to make cashless payments at its affiliate merchants. DaraPay forecasts that this will reach a more than a thousand affiliated merchants by mid-2018, enabling cashless transactions in Cambodia.
This reflects the changing retail environment in Cambodia, where digital payments have emerged as a key enabler in the market. This is reflected in DaraPay seeking to permit customers of Canadia Bank and Cambodia Post Bank to conduct 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 Phok Ratha, general manager of Canadia-Fullerton Mobile Money Co,