Financial technology groups merge

(L-R) Andrew Shin, Pen Chanda and Eddie Lee first discussed the merger at the Singapore Fintech Festival 2019. Supplied

In a big step forward, the Cambodia Fintech Association (CFA) has agreed to a merger with the Cambodia Association of Finance & Technology (CAFT).

The CFA-CAFT merger was announced in a joint statement released this week.

The statement noted the growth and advancements of Fintech in Cambodia. In the last two years, financial technology (fintech) has garnered interest in the local scene and also began to see more activity within the community.

“Since the inception of the Cambodia Fintech Association in August 2018, we have rallied a community of 80 fintech companies to join us as members and we are proud to be able to bring international exposure [Philippines, Singapore, Taiwan ROC, and Thailand] and awareness both into and out of Cambodia,” the first part of the statement read.

“Today we like to formally announce that Cambodia Fintech Association and Cambodia Association of Fintech and Technology have decided to come together to serve the fintech community better,” it added.

Under the new arrangement, the association will be led by the Chairman Pen Chanda together with Secretary-General Thomas Pokorny, Treasurer Pell Remisisophon, and executive committee members Jeremiah Lee and Bernard Teo.

They will be joined by advisers Andrew Shin, Eddie Lee, and Sim Chankiriroth.

“This is a very exciting event for both our associations, for our members, and the fintech community.

“We are forging a newly combined association, an association that has the most prominent fintech companies in Cambodia as members being represented by their influential and innovative leaders ready to share their enhanced experience and expertise,” Pen said.

According to him, the fintech and startups community are bound to benefit from the merger.

“The fintech and startups community will benefit from this merger because fintech companies and startups can join our association where we will gather opportunities and provide a voice to the regulator.

“Through our platform, we hope to connect the financial institutions, startups, and academia to build and grow the fintech ecosystem,” Pen stressed.

“I look forward to leading this association towards the future as we continue with our advocacy in bringing together the Cambodian fintech community and serve as its unified voice,” he added.

Andrew Shin, who is also the chief executive officer (CEO) of PPC Bank, said he is happy to be part of such a historic undertaking.

“It is my pleasure and honor to be a part of this historic moment in the Cambodia fintech scene”.

“Thanks to Pen Chanda, Eddie Lee, and all the key stakeholders for your dedication to the successful merger between CFA and CAFT,” he said.

“Without your teamwork and passion for the future of fintech in Cambodia, none of this would have been possible. I hope the new merged CAFT will bring creative and disruptive changes to the financial sectors for the benefit of the people in Cambodia,” he added.

Eddie Lee, who is also the CEO of Limestone Technology, said Cambodia’s fintech community has come a long way.

The CFA was launched in 2018 to bring together startups, established tech firms, hubs, venture capitalists, and other industry stakeholders. Khmer Times