Vijian Paramasivam
In a bold attempt to capitalize on the evolving short-term consumer financing model, Mora BNPL PTE, a Cambodia-based fintech platform, has partnered with Phillip Bank and AMK Microfinance to launch its “Buy Now, Pay Later” (BNPL) platform. The strategic alliance aims to redefine the partnership dynamics between startups and corporations, integrating disruptive technologies with strong corporate financial structures and bring innovative products into the digital economy.
Speaking to Cambodia Investment Review at the official launch event, Khuon Sophorth, Mora’s CEO, expressed his optimism statig: “Mora’s inception is fueled by a vision to make financial services more accessible and efficient for the end-user. The startup-corporate model doesn’t just stand to benefit e-commerce, but it’s a significant leap forward for the fintech sector as a whole.”
Mora’s roots extend from Morakot Technology, a successful core-banking system solution. Currently, it serves a roster of 53 banks, Microfinance Institutions (MFIs), and leasing companies across Cambodia, Myanmar, and Thailand, catering to a customer base of 450,000 and managing a $400 million loan portfolio.
Merging of startup and corporates
With the rapid evolution of digital markets and increasingly disruptive technologies, both startups and corporations are realizing the potential of merging resources and knowledge to sustain their competitive edge. The partnership between Mora, Phillip Bank, and AMK Microfinance highlights this trend, promising an exciting synergy of technology and financial services.
Read more: Phillip Bank and Mora BNPL Sign MoU on Digital Payment
The collaboration facilitates a flexible payment structure for customers, allowing them to spread their payments over four installments without concerns of high upfront costs or high-interest rates.
Chan Mach, Phillip Bank’s CEO, also shared, “Our bank, with its strong ecosystem of 200,000 retail customers and 20,000 merchants, is well-poised to augment the BNPL model, creating mutual benefits for all parties involved.”
The Mora BNPL platform presents a unique opportunity for Cambodia’s burgeoning consumer market, valued at approximately $5.2 billion. As the middle class sees a boost in disposable income, combined with increasing confidence in digital payments and a surge in online shopping, Mora is set to catalyze this digital payment revolution.
An inspiring model for future collaborations
David Shelters, a Startup Ecosystem Consultant, provided valuable insights into the changing dynamics of the fintech space, stating, “The value of the startup ecosystem lies in the development of innovations that larger entities like corporations, the government, or NGOs can leverage. The partnership between Mora, Phillip Bank, and AMK Microfinance exemplifies this and serves as an inspiring model for future collaborations.”
Mora’s platform, with its focus on a range of industries including fashion, health, beauty, and electronics, aims to gradually expand its influence to other sectors and countries. Through this, Mora hopes to reach between 5,000 to 7,000 customers by year-end and onboard ten additional commercial banks.
“The teams that launched many BNPL startups are typically from an e-commerce background and lack experience in risk management. However, Mora’s team hails from the fintech sector and is well-versed in managing risks. They have signed MoUs with AMK Microfinance and PhillipBank, which will both undertake risk underwriting, thereby equipping Mora with a robust foundation for success,” Shelters added.
The launch of the Mora BNPL platform is not just the introduction of a new financial product. Instead, it is the ignition of a financial revolution in Cambodia, aiming to transform the financial landscape with digital empowerment at its core. It also underscores the potential synergy between startups and corporations, which can redefine the future of the fintech industry. As CEO Khuon Sophorth expressed, “With Mora, we are not just launching a product, but sparking a financial revolution in Cambodia.”