According to a 2016 study by professional services firm KPMG, only 5% of Cambodia’s population has a bank account. Addressing the needs of this population through the provision of digital financial services could increase the country’s GDP by 6%, the Asian Development Bank (ADB) estimated in January this year. Further, by bringing large numbers of Cambodia’s population into the folds of the formal financial system, fintech promises to bring much-needed financial security to millions of Cambodians. And the wider societal benefits extend far beyond the economic realm, according to In Channy, CEO of Acleda Bank.

“When customers use ToanChet [the new app], it reduces road traffic as people don’t need to travel to the branch; it saves money for the government as they need to print less money; it saves money for companies as they need less staff to process transactions; and it protects the environment as less paper is printed,” Channy told Southeast Asia Globe at his high-rise office in Phnom Penh’s nascent financial district.

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