Digital wallet DaraPay launched in Cambodia with Temasek's backing
14 December 2017
The Edge, Singapore
SINGAPORE (Dec 14): DaraPay, a digital wallet and payment platform, this week made its debut in Cambodia.
DaraPay aims to provide customers with the access to simple and fast payments.
DaraPay wallet customers will be able to complete local remittances, cash-in and cash-out, airtime top-ups, loan repayments, and bill payments.
DaraPay is backed by Canadia Investment Holding PLC from Cambodia and Fullerton Financial Holdings, a subsidiary of Singapore investment company Temasek.
DaraPay is complementary to financial services platforms Cambodia Post Bank from Canadia Bank and Funan Microfinance from Fullerton.
Pung Kheav Se, Chairman of Canadia, says, "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. Canadia looks forward to fully supporting DaraPay across its extended ecosystem, starting first with Canadia Bank."
Loh Niap Juan, Fullerton’s executive VP and also chairman of Canadia-Fullerton Mobile Money Co., says, "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. We are fully committed to supporting the DaraPay team, leveraging from our experiences in other markets. "
As of launch, DaraPay has over 700 agents nationwide to ensure that customers have convenient access. By the end of 2019, DaraPay plans to have 2,600 agents.
Customers can look forward to using DaraPay’s digital merchants payments functionality to make cashless payments at DaraPay affiliate merchants. By mid 2018, DaraPay expects to have over a thousand affiliated merchants on the DaraPay merchant platform.