In Cambodia, booming adoption of digital funds is driving a surge in e-commerce exercise, with QR code funds and extra broadly the Bakong real-time cost system gaining important traction, based on a brand new report by Profitence, a company finance firm-based in Cambodia.
The report, launched in February, gives a complete evaluation charting the outstanding evolution of Cambodia’s digital market. It identifies key progress drivers and attracts insights from a nationwide survey of greater than 1,100 customers to know the dynamics shaping Cambodia’s e-commerce panorama.
In keeping with the report, Cambodia’s e-commerce market grew at a compound annual progress price (CAGR) of about 13% between 2020 and 2024, reaching US$1.51 billion in 2024. This progress is anticipated to hold on at a CAGR of 10% via 2029, reaching US$1.81 billion by 2029.
A central issue behind this progress is the widespread adoption of digital cost methods. KHQR, Cambodia’s standardized QR code cost system, has gained rising public belief, recording 601.3 million transactions in 2023, up 28.7% year-over-year (YoY), based on the Nationwide Financial institution of Cambodia (NBC). Transaction worth reached KHR 311.5 trillion (US$75.8 billion), reflecting a 18% YoY enhance.

Bakong, Cambodia’s blockchain-based real-time digital cost platform, can be seeing speedy uptake. In H1 2024, the system processed 75.6 million transactions, a rise of 180% in comparison with the identical interval in 2023. Transaction worth reached a complete of KHR 64.9 trillion, a YoY enhance of 140%, whereas digital funds in USD reached 99.8 million transactions, accounting for roughly US$38.8 billion, marking a YoY progress price of 130%.
To strengthen its cross-border cost capabilities, the Cambodian authorities has expanded Bakong’s integration with world platforms reminiscent of Alipay+, Malaysia’s Maybank, and South Korea’s JB Monetary Group.
Most just lately, NBC joined the Regional Fee Connectivity (RPC) initiative, a multilateral effort to foster and speed up the event of cross-border cost connectivity within the area via, amongst others, QR code-based cost and real-time cost methods. Along with Cambodia, eight different nations are a part of the initiative, together with Singapore, Indonesia, and Vietnam.
Wing Financial institution, TrueMoney amongst most used providers for e-commerce funds
Findings from the examine featured within the Profitence report additional underscore the speedy rise of digital funds and digital banking in Cambodia. The survey reveals that on-line banking penetration reached a outstanding 60% in 2024. Moreover, respondents cited QR code funds (47.15%) as their most used cost technique, surpassing money (26.5%). They recognized comfort (27.16%), velocity (21.3%) and security (20.52%) as the highest causes for adoption.

On this evolving panorama, fintech gamers reminiscent of Wing Financial institution and TrueMoney are rising as main contributors. Wing Financial institution ranks third when it comes to utilization for e-commerce transactions, with 17.02% of respondents indicating utilizing this supplier to buy on-line. It’s adopted by TrueMoney, utilized by 2.23% of respondents, reflecting the rising affect of fintech challengers in Cambodia’s evolving digital finance panorama.
Wing started in 2008 as one among Cambodia’s first cell cost service suppliers, created to supply accessible and reasonably priced monetary providers for the unbanked and underbanked. It will definitely developed right into a specialised financial institution in 2014 and was granted a full industrial banking license in 2020.
Immediately, Wing Financial institution gives a various vary of economic and non-financial providers, together with loans, deposits, home and worldwide cash transfers, insurance coverage merchandise, in addition to payroll and provide chain funds.
It operates via an unlimited monetary ecosystem comprising 23 department places of work, over 11,000 brokers, and greater than 170,000 small and medium-sized enterprise (SME) retailers, claiming over 14 million customers, or greater than 80% of Cambodia’s inhabitants.
TrueMoney, a part of Ascend Cash, a three way partnership of Thailand’s Charoen Pokphand Group and Ant Group, is a number one regional fintech platform catering to underserved and digital-first customers throughout Southeast Asia. In Cambodia, TrueMoney gives a complete suite of digital monetary providers that features the TrueMoney Pockets, pay as you go cost playing cards, payroll providers, invoice funds, and extra.
TrueMoney claims greater than 50 million customers throughout Thailand, Cambodia, Myanmar, Vietnam, Indonesia, the Philippines, and Malaysia. The platform has processed funds of greater than US$14 billion so far.

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