Sunday, July 21, 2024
Editor's PickCambodia to welcome Shariah compliant digital financial services

Cambodia to welcome Shariah compliant digital financial services

Singapore-based Bankograph, a digital banking solutions provider, has partnered with Cambodia Asia Bank (CAB), a commercial bank with its headquarters in Phnom Penh, to offer Shariah compliant products to Cambodian customers.

Under the exclusive strategic partnership agreement, the two entities have jointly launched the BeeZee Platform initiative, which offers Cambodians direct access to flexible and user-friendly digital banking services, including buy-now-pay-later solutions and savings programs.

“We are honored and delighted to find a strategic partner like CAB. This initiative aligns our visions to create a social impact product by combining our in-depth expertise and technology with CAB’s knowledge of Cambodian market to create unique and valuable experiences for Cambodian people,” Alexander Gold, CEO of Bankograph, said.

The partnership also affirms both companies’ commitment to launching a Shariah compliant banking product by leveraging Bankograph’s experience and expertise in the Islamic finance and banking industry, which is part of the latter’s comprehensive banking technology stack, Gold confirmed with IFN, the sister publication of IFN Fintech.

Dwaipayan Mitra, COO of CAB, added: “There are four layers of traditional banking including transactional, savings, investment and borrowing. Savings is a cornerstone of any society’s wealth creation and accumulation. Currently, Cambodia’s market is looking for innovative and flexible savings products. We are delighted to launch the BeeZee Platform, which addresses the needs of consumers of Cambodia, including its underbanked communities.”

Progress for the Islamic finance industry in Cambodia has been slow: the Kingdom had, in 2017, accommodated Islamic finance through the replacement of interest charges with what they call fee charges instead, changing the term ‘interest rate’ to ‘loan service fee’ by 2018. At least two Malaysian microfinance companies have since expressed interest in setting up operations in Cambodia.


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