UnionPay, a Chinese provider of electronic payment services, is looking to play a bigger role in Cambodia’s expanding digital economy.
In a meeting with Aun Pornmoniroth, the Minister of Economy and Finance, UnionPay’s president Shi Wenchao said the company is conducting a study on investment opportunities in Cambodia.
He said Cambodia is now developing the foundations of an electronic payment system, and will need a joint platform able to connect all the institutions involved in the digitalisation of the economy.
“Cambodia’s digital economy is expanding and we aim to promote our products to facilitate e-payment in Cambodia,” he said.
Mr Pornmoniroth said that having a fully developed digital economy will require a joint platform to connect all the stakeholders.
He said building up the country’s fintech sector is one the priorities of the government.
“It will help us create effective, transparent and accountable system. Financial technology and e-payment systems play a vital part in the development of the national economy,” Mr Pornmoniroth said.
By 2023, Cambodia plans to transform the country into a digital economy in which most citizens will be adept at using digital tools and will be able to use advanced technology to enhance their personal and professional lives, the minister said.
UnionPay International recently partnered with MekongBank to roll out QR-code payment services for its cardholders in Cambodia.
“The company actively promotes the launch of innovative products including UnionPay mobile payment here,” Mr Shi said when the partnership was signed.
“By providing flexible and innovative payment solutions, we will continue to expand the scope of the overseas use of the UnionPay app. The expansion will also provide mobile payment services for overseas cardholders to meet their diversified payment needs,” Mr Shi said.
Khov Boun Chhay, president of MekongBank, said UnionPay will bring a new generation of payment methods to local merchants and residents, and will facilitate innovation in the sector.
“Cambodia is accelerating the creation of the digital payment environment. I believe that the convenient, fast and secure UnionPay QR-code payment system will be widely accepted locally,” Mr Boun Chhay said.
UnionPay also signed an agreement with Cambodian payment gateway firm Bongloy.