Fullerton Financial, a unit of Singaporean investment firm Temasek, has introduced a new digital payment platform in Cambodia in association with Canadia Invesment.
Dubbed DaraPay, the new wallet will facilitate local remittances, loan repayments, along with cash withdrawal and deposit.
The wallet currently has more than 700 agents across Cambodia, a figure that is expected to increase to 2,600 by the end of 2019.
Canadia chairman Neak Okhna Pung Kheav Se said: “Digital payments will be a key enabler, and we seek to grow DaraPay into a significant player in the market. Canadia looks forward to fully supporting DaraPay across its extended ecosystem, starting first with Canadia Bank. ”
Fullerton executive vice president Loh Niap Juan added: “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.”