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Cambodia: Fintech company offers growth to street vendors, merchants
One of Southeast Asia’s leading financial technology (fintech) companies this week announced its plans for growth and its plans to support street vendors and merchants. This will include initiatives to drive visibility, attracting more customers and an increase in revenues.
Launched in the fourth quarter of 2019, Fincy is a money app that aims to provide an affordable alternative to existing financial services. Leveraging a secure, decentralised financial infrastructure, Fincy offers seamless currency exchange and contactless payments with both fiat and crypto-currencies through its multi-currency wallet.
Fincy has more than 1 million users and 5,000 merchants across Asia who are taking advantage
of Fincy’s suite of services for their money management needs.
In Cambodia, Fincy is already a fully licensed money app used for things such as payments, payroll and transfers.
The firm is currently present at 500 merchants in the Kingdom and is expected to continue to grow at a fast pace. Merchant acquisition efforts in the capital have been strongly focused primarily in the BKK1, Central Market, Pochentong and Golden Street areas.
Many of these merchants bearing the hallmark Fincy brand can already be seen, including at The Skyline, HH Hotel and several hotels in and around the Orussey area.
Of the benefits of partnering with this company is the traditional marketing and digital marketing initiatives designed to increase merchants’ visibility and attract more customers.
In July alone, Fincy distributed more than 500 branded parasols across Phnom Penh and soon 1,000 additional parasols will be distributed. As well as attracting more custom these parasols serve to shield merchants and customers from the summer heat and the current monsoon season.
The fintech firm has also been providing signs, light boxes, posters, table numbers, and menu branding in addition to the parasols. These materials illustrate to customers that the merchant accepts cashless payments and also gives peace of mind to users in the current COVID-19 climate.
Earlier this year the National Bank of Cambodia (NBC) urged government ministries, financial institutions and the public to conduct cashless payments via electronic systems where possible to combat the spread of COVID-19.
Because of the virus, cashless payments have become much more popular. The pandemic has forced merchants to re-evaluate how they handle payments. Accepting cash or processing card transactions poses a potential public health risk. Because the post-COVID world will still require a variety of physical payments, it is critical that the process be as safe as possible. Studies show banknotes can carry many germs.
Built upon leading technology, Fincy provides the platform through which merchants can do more than just take their businesses to the next level.
Fincy provides a digital solution that serves an important purposes such as putting merchants in a better position to serve the rapidly growing digital class in Cambodia and it lets the merchants focus on their business and what they are good at, instead of worrying about the hassles of dealing with cash.
“I am excited and very pleased with the reception we have had from merchants. They recognise the value in partnering with Fincy and recognise the many clear advantages we offer to help merchants grow their businesses and increase revenues, all the while helping them significantly increase operational efficiencies and improve money management,” said Zwan Ross Lee, a top management executive of Fincy in Cambodia.
Source: https://www.khmertimeskh.com/50756646/fintech-company-offers-growth-to-street-vendors-merchants/