This week’s edition of Finovate Global features fintech news from Cambodia.
Cambodia and the UK partner to fight online scams
The UK and Cambodia have signed a Memorandum of Understanding (MoU) declaring their intent to work together to combat networks of illegal scam centers. The agreement calls for more data sharing and greater coordination against criminal gangs in order to bring scammers to justice. The two countries also noted the role of human trafficking in international financial crime and have pledged to make sure that victims of trafficking are supported as well.
The problem of scam centers is the focus of the agreement, which marks the first time the two countries have established a joint working framework for tackling scam networks. Scam centers and networks have been effective in launching and scaling fraud attacks against thousands of victims simultaneously. These criminals deploy sophisticated tactics to con individuals into sending them money, including romance scams. In some cases, the people carrying out these scams are themselves victims of human trafficking, forced to commit fraud under threat of violence. Many of these scam centers and networks are based in Southeast Asia, which has increasingly become an international hub for this kind of illicit activity.
“Fraudsters don’t respect international borders,” UK Minister for Fraud, Lord Hanson, said. “Over two-thirds of fraud affecting the UK originates overseas so agreements like this are vital to reducing the threat to the public here at home. I’m pleased to have reached this agreement with Cambodia which will strengthen our work to dismantle scam centers and stop these criminals profiting from misery. We will pursue fraudsters wherever they operate from.”
The UK will also help bolster the capacities of Cambodian law enforcement through training in cybercrime investigations, digital forensics, and investigative procedures. The UK and Cambodian governments will also collaborate via the Global Fraud Taskforce, jointly developed by the UK and INTERPOL. This will involve identifying suspects and providing support to operations to dismantle scam centers, as well as tracing and disrupting the financial flows that support them.
UPI acceptance goes live in Cambodia
Through of a partnership between NPCI International Payments Limited, the international arm of the National Payments Corporation of India, and ACLEDA Bank, Unified Payments Interface (UPI) acceptance is now live in Cambodia via the country’s own national QR code, KHQR.
The launch, currently in Phase 1, will enable Indian consumers to scan KHQR at more than 4.5 million merchant outlets, allowing them to make secure and seamless QR-based payments at tourist attractions, retail outlets, restaurants, and other businesses using their UPI-powered apps. The next phase of the partnership will enable Cambodian travellers in India to use their Cambodian payment and banking apps at millions of UPI QR-enabled merchant locations throughout the country, creating a bilateral, interoperable payment corridor between the two nations.
“ACLEDA Bank is proud to launch Phase 1 of our cross-border interoperability initiative, enabling Indian travellers to execute secure digital transactions via UPI-enabled applications across our extensive KHQR merchant network,” ACLEDA Bank President and Group Managing Director In Channy said. “This partnership represents a significant achievement in our digital transformation roadmap.”
Officially launched in July 2022 by the National Bank of Cambodia, KHQR made Cambodia one of the first countries in Southeast Asia to deploy a national standardized QR code payment system. The system is widely used in Cambodia; by the end of 2024, banks had onboarded approximately 4.5 million merchant accounts that could accept KHQR payments. KHQR is integrated with Bakong, Cambodia’s national payment system, which was unveiled in October 2020.
“By integrating the payment gateways of Cambodia and India, we are removing transactional friction and foreign exchange volatility for travellers,” In Channy added. “This synergy empowers local merchants by providing direct access to a high-velocity digital market, optimizing liquidity management, and enhancing operational throughput via secure, real-time settlement protocols. Ultimately, this collaboration drives financial inclusion and strengthens the bilateral economic corridor through robust, scalable technology.”
Named Cambodia’s leading bank for trade finance by Global Finance 2025, ACLEDA Bank is one of the country’s largest banks by assets and has a strong standing among rural communities and with small businesses. ACLEDA Bank was founded in 1993 as a non-governmental organization (NGO) that provides microfinance services. The institution became a specialized bank in 2000 and a full commercial bank in 2003. As of 2025, ACLEDA Bank has assets of more than $10 billion.
ABA Bank earns top marks from Forbes
ACLEDA Bank is not the only financial institution in Cambodia making headlines this month. ABA Bank, one of the Big Four Cambodian banks (along with ACLEDA, Canadia Bank, and KB Prasac Bank), was named by Forbes as the country’s number one bank in its World’s Top Performing Banks 2026 ranking. The listing puts the institution at number 31 globally among all Lower Mid-Size Banks, and represents a significant milestone for ABA Bank.
Founded in 1996 as the Advanced Bank of Asia Limited, providing commercial banking services to a small group of corporate customers, ABA Bank today is the largest commercial bank in the country and is recognized as a leader in digital banking. With assets of more than $16 billion and more than five million mobile banking customers, the institution maintains 106 branches, 45 self-service banking locations, and more than 2,000 self-service banking machines.
“This achievement reflects the strength of our business and the consistency of our performance, but it also represents something broader,” ABA Bank Chief Executive Officer Askhat Azhikhanov said. “It is the result of the trust of millions of customers, the dedication of our people, and our continued focus on building a strong, resilient, and forward-looking bank. We are proud to see ABA’s performance recognized on a global stage, and we remain committed to raising the bar even further.”
Here is our look at fintech innovation around the world.
Asia-Pacific
- AIFU, a Chinese-based, Nasdaq-listed, AI-powered financial services platform raised $140 million in a private placement.
- 01F Group, via its fintech private equity arm 01Fintech, announced an investment in Indonesian digital financial platform DANA.
- Philippine fintech unicorn Mynt won approval from the country’s stock exchange for a nearly $1.3 billion IPO.
Sub-Saharan Africa
Central and Eastern Europe
- Estonia-based pan-European credit data platform, Mifundo, teamed up with open banking infrastructure provider Yapily.
- Payment app Blackcat and Prague-based non-profit consumer organization Fundurama announced a new partnership.
- Estonian fintech CostPocket agreed to be acquired by Swedish fintech Mynt.
Middle East and Northern Africa
- Egyptian payments infrastructure company Paymob raised $35 million in a pre-Series C funding round.
- Fintech Galaxy announced that it has become the first company in Jordan to achieve multi-bank open banking integration and account aggregation.
- The Central Bank of Oman (CBO) announced a new national fintech strategy.
Central and Southern Asia
- Payment technology company EBANX announced its expansion into Pakistan.
- India’s Pine Labs partnered with Google Cloud to build agentic AI infrastructure.
- The Astana Times looked at the role of modernizing financial infrastructure in supporting the country’s growing fintech industry.
Latin America and the Caribbean
- Mexico-based financial services company Kapital raised $125 million in combined equity and debt.
- Brazilian fintech NG.CASH secured $15 million to boost access to credit.
- New report from Uruguay-based fintech dLocal emphasized the value of local payment options for consumers in countries in the Global South.
Photo by Nara Tsitra
