Cambodia’s banking sector is enjoying a major shift forward powered by progress in digital technology. Financial services have been one area that has greatly benefited from an influx of  cutting-edge technologies. These have not only revolutionised the way in which Cambodians conduct banking, but also set a path forward for financial parity.

Xprizo launched to support the unbanked and underbanked communities across South East Asia. CVO Richard Mifsud has seen the issues that certain populations face on a daily basis in areas outside of the urban hubs. Cambodia has a wealth of small and medium-sized enterprises (SMEs) that currently have to manage with informal financial options.

Many small and medium-sized enterprises (SMEs) in Cambodia rely on informal financing. Digital financial access can provide them with secure and scalable options for managing payments, loans, and investments. 

Providing robust payment services and digital payments solutions are important for trust in the payment landscape. This move towards a digital economy has made payments not only more convenient, but also safer. This has resulted in heightened security within financial transactions, minimising the risks that come with having cash.

The Xprizo platform also includes powerful KYC processes. This builds trust in the financial operations, incentivising both domestic and foreign businesses, leading to increased capital flow into the country. Strong KYC processes are also critical for identifying and verifying users, stopping criminal activities.

Cambodia is set on becoming a high-income country by 2050 riding the wave of digital technology.  The “Cambodia Digital Economy and Society Policy Framework 2021-2035” is formed on three key pillars: digital citizens, digital government, and digital business. The government has placed most importance on developing a digital government to facilitate digital transformation in response to the Fourth Industrial Revolution and hangover from Covid-19.

Xprizo enables Cambodians to manage, send, and receive money effortlessly. The platform is designed to seamlessly access financial services, especially for those who have been denied traditional banking services in the country. Additionally, Cambodian users benefit from zero transaction fees when sending and receiving money across Xprizo wallets.

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Excited about Xprizo’s potential to revolutionise access to financial services in underserved communities? Contact us to learn more about our innovative fintech platform. Click here to contact Business Development. & click here to contact strategic alliances.