MICROCAPITAL BRIEF: Acleda Bank of Cambodia Launches Unity ToanChet Digital Wallet

Acleda Bank, a commercial bank in Cambodia, recently launched a digital wallet app called Acleda Unity ToanChet that enables customers to pay bills, send money to individuals, and top up mobile phone credit. Since its inception in April 2017, the app has attracted 61,000 users.

Acleda Bank was established in January 1993 as an NGO to serve micro- and small enterprises in Cambodia. It became a commercial bank in 2003 and as of 2016 has total assets of USD 4.7 billion, USD 3.1 billion in deposits, loans and advances of USD 2.8 billion, and profit after tax of USD 127 million.

Acleda Bank also owns Acleda MFI Myanmar, which offers microcredit and deposit services in Myanmar. As of 2017, Acleda MFI Myanmar has total assets of USD 18 million. In 2008 Acleda Bank expanded operations into Laos as well and as of 2015 manages 41 branches in the country .

By Ryan Gauthier, Research Associate

Sources and Additional Resources

SEA Globe:
http://sea-globe.com/digital-wallets-cambodia/

Acleda Bank Plc.
http://www.acledabank.com.kh/kh/eng/

Acleda MFI Myanmar:
http://www.acledamfi.com.mm/mm/eng/

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/