Leading figures from Cambodia’s government, private sector, and development organizations have come together as U-Pay and Massive Distributions ink an agreement to increase Cambodia’s e-wallet capabilities.
The Memorandum of Understanding (MoU) was signed by CEO of U-Pay Mr Koh Hao Jie and Chairman of Massive Distributions Mr Dalton Wong – stating the event would herald a “New Era of Digital Payment” in the Kingdom of Cambodia.
CEO of Massive Distributions Victor Kaw and CFO of U-Pay Ms Lucia Yu oversaw the signing hosted at The Atom, Vattanac Towers in Phnom Penh.
In attendance included Senior Minister Ly Thuch, Chief Representative of JETRO Ms Marisa Haruta, AmCham President Anthony Galliano, KorCham President Mark Lee, MBCC President KM Tan and CEO of Aquarii BD Michael Tan.
The attendees from various sectors of the business community and were all eager to learn more about Cambodia’s rapidly growing digital payments sector that has- according to the central bank – recorded 698.8 million transactions valued at $199.76 billion in 2021.
In addition, the event highlighted the strong interest of the local fintech industry has within all sectors of Cambodia’s business community and the ongoing support of both parties involved in the MoU.
Massive Distributions and U-Pay offer their unique services
Speaking at the event, CEO of Massive Distributions Victor Kaw highlighted the unique services that Massive Distributions has to facilitate the recruitment and onboarding of the merchants, enable the Payment terminals, and train the merchants on the usage of e-wallet and QR code access across Cambodia.
He added, the upcoming collaboration is tipped to expand the two companies’ digital footprint and enabler more Small and Medium Enterprises to be digitally savvy and for a wider acceptance of digital payment throughout the country.
Koh Hao Jie added the central bank licensed payment service has only been operating for a short time and already subscribed to over half a million users.
He added, the company is working closely with the National Bank of Cambodia to continue expanding the FinTech sector as well as expanding the company’s connectivity, payment EDC terminals and QR code scanning devices.
A learning opportunity for those in attendance
The event also served as an opportunity for those in attendance to learn more about the rapidly developing digital payments industry in Cambodia – with U Pay temporarily installing its signature e-payment kiosk at the event.
The U Pay kiosk – a unique feature of U-Pay – offers the same full suite of services as its U-Pay app. currently there are more than 120 kiosks deployed throughout Cambodia and another 500 will be deployed in 2022.
While the digital payment company’s e-wallet provides information on the shop and merchant locations, allows scan-to-pay, mobile top-up, e-wallet top-up, bill payments and fund transfer between users, with many more services to be included in the future.
The U-Pay e-wallet also offers a cashback loyalty program – the more one uses U-Pay, the more users are rewarded.
Massive Distributions and BPO
Cambodia Investment Review has previously reported that Massive Distribution which launched in 2018 has been leading the way in Cambodia’s growing Business Process Outsourcing (BPO) sector. BPO is a business practice in which an organization contracts with an external service provider to perform an essential business task.
BPO can allow companies to reduce overall operation costs, simplify business operations as well as maximize productivity with an already trained and managed workforce.
The BPO sector in Cambodia has traditionally been focused mostly on data analysis and document processing and is now developing further into voice projects such as call centers.
According to Massive Distributions, the company will be expanding its suite of services to the sale of banking and financial products, outsourcing of call center services, and also payment services related products.