Cambodia is undergoing a profound financial transformation. With the rise of mobile technology, smart apps, and ambitious government policy, the era of cash‑dominated transactions is giving way to a new digital reality.
In this article we will explore how fintech in Cambodia 2025 is reshaping digital banking, e‑payments, and financial inclusion across the Kingdom. We’ll examine market trends, key platforms, drivers of change, major players, challenges ahead, and what this all means for consumers, businesses, and investors. Whether you’re a fintech insider, an SME owner, or simply curious about Cambodia’s digital economy, this is your guide to one of Southeast Asia’s fastest‑moving fintech ecosystems.
Cambodia’s Fintech Landscape in 2025
Market Size and Growth
- By the end of 2022, digital payment transactions reached US$272.8 billion, nearly nine times the country’s GDP.
- E-wallet accounts totaled approximately 19.5 million by the end of 2022.
- In the first half of 2024, the Bakong system processed US$54.8 billion across 175.3 million transactions.
- Year-on-year growth for e-wallet payments surged 80% in 2023, reaching US$492 billion.
Sources: The Better Cambodia, B2B Cambodia
Key Platforms and Infrastructure
- Bakong: Central bank-backed real-time payment platform enabling seamless peer-to-peer and cross-bank transactions.
- KHQR: Standardized QR code payment system allowing interoperability between banks and e-wallets.
- Mobile banking apps: Widely adopted by consumers for daily transactions, bill payments, and transfers.
Insight: Cambodia is transitioning from cash-heavy transactions to digital payments, with robust infrastructure and growing adoption.
Key Drivers of Fintech Growth in Cambodia
Government Policies and Regulatory Support
- FinTech Development Roadmap 2020–2025: Designed to improve financial inclusion and promote a cashless economy.
- Financial Technology Development Policy 2023–2028: Provides regulatory support for digital finance innovation.
- Emphasis on using the Khmer Riel in digital transactions, reducing USD dependency.
Technology Penetration and Consumer Behavior
- High internet penetration (~56.7%) and mobile connectivity (144.7%) facilitate fintech adoption.
- Visa study: 75% of Cambodians report increased acceptance of mobile wallet payments; 72% use banking apps for transfers.
- COVID-19 accelerated cashless adoption due to health, convenience, and remote payment needs.
E-Commerce and Retail Digitization
- Growth in digital retail and e-commerce drives demand for mobile payments.
- Instant payments support e-commerce growth, increasing merchant adoption of digital solutions.
Leading Banks and Fintech Innovators
Major Financial Institutions
- ABA Bank, Wing Bank, PPCBank: Early adopters of digital banking and mobile wallets.
- Partner with Bakong for cross-bank transactions and enhanced financial services.
Fintech Startups and Services
- Banhji: SME-focused digital accounting and microfinance solutions.
- Payment service providers onboard merchants and support QR/e-wallet adoption.
Innovative Use Cases
- KHQR QR payments: Interoperable across all banks and wallets.
- Tourism-focused digital wallets: Enable cashless payments for tourists (e.g., Bakong Tourist app).
- Peer-to-peer transfers, mobile top-ups, retail payments via apps.
Impact: Collaboration between banks, fintechs, and merchants accelerates adoption and innovation.
READ MORE: Fastest and Cheapest Ways to Send Money To and From Cambodia in 2025
Driving Financial Inclusion
The Inclusion Challenge
- Historically, low formal banking penetration and heavy reliance on cash.
- Digital banking now allows rural populations and SMEs to access financial services.
Benefits of Digital Banking
- Bakong wallets: Enable transactions with only a mobile number or QR code.
- Over 10 million Bakong accounts as of early 2024, across 70 financial institutions.
- Supports Riel adoption, financial literacy, and monetary stability.
Challenges
- Digital literacy, network access, and trust remain barriers.
- Regulatory measures and fraud prevention are critical to adoption.
Investment Opportunities in Cambodian Fintech
Market Potential
- E-commerce valued at US$1.12 billion in 2024, projected to reach US$1.81 billion by 2029.
- Large underserved population: SMEs, unbanked individuals, and tourism sector users.
Strategic Investment Areas
- Partnerships between banks and fintechs for scaling services.
- Digital lending, cross-border payments, open banking, and embedded finance.
- Merchant onboarding and point-of-sale digitization.
Implication: Cambodia offers early-stage growth opportunities for investors willing to navigate regulation and build local partnerships.
Challenges Facing the Fintech Ecosystem
Infrastructure and Connectivity
- Limited access in rural areas affects mobile banking adoption.
- Small merchants may hesitate to switch from cash to digital systems.
Trust and Digital Literacy
- Consumers still prefer cash, and cybersecurity concerns persist.
- Fraud risk and inconsistent service quality are ongoing challenges.
Market Fragmentation
- Multiple banks, fintechs, and e-wallets may lead to duplication and interoperability issues.
- Standardization (KHQR) is helping, but adoption remains uneven.
Currency Considerations
- Dual currency environment (USD + Riel) complicates digital transactions.
The Future of Fintech in Cambodia
Emerging Trends
- Open banking and API ecosystems to integrate third-party fintech services.
- Digital lending using transaction data to create credit profiles.
- Cross-border payment integration within ASEAN.
- AI and big data for personalized financial services.
- Embedded finance for tourism, e-commerce, and travel.
Forecasts
- Digital transaction values are expected to continue rising, potentially exceeding GDP ratios.
- Widespread merchant acceptance from urban centers to rural areas.
- Consolidation among fintech providers and evolving regulatory frameworks.
Conclusion: Fintech Cambodia 2025
Fintech Cambodia 2025 is already transforming the financial landscape. With millions of e-wallets, billions in digital transactions, and growing merchant adoption, the Kingdom is moving decisively toward a cashless, inclusive economy.
Call to Action:
- For businesses: Integrate digital payments and adopt fintech solutions to expand reach.
- For investors: Explore Cambodia’s fintech ecosystem for high-growth opportunities.
- For consumers: Leverage digital banking for convenience, financial tracking, and secure transactions.
The time to engage with Cambodia’s fintech revolution is now.