IG Tech Cambodia And Mbanq Form Strategic Partnership Creating IG Finlink Cambodia
IG Tech Cambodia, a fintech and banking technology developer, has announced a strategic partnership with Mbanq, a global Banking-as-a-Service (BaaS) and digital banking provider and created IG Finlink Cambodia, with Mbanq holding majority ownership.
The strategic partnership marks Mbanq’s entry into ASEAN's banking technology and BaaS markets, as the 2016-founded company with its headquarters in the United States, looks to offer comprehensive BaaS solutions across Southeast Asia, starting in Cambodia and expanding into Singapore, Malaysia, Thailand, Indonesia, and Vietnam.
Puthkiry Kim, Chairman of IG Tech Group Cambodia and co-founder of IG Finlink Cambodia, said via a press release, “We are thrilled to formalise a new partnership with Mbanq and embark on the Banking-as-a-Service journey in Southeast Asia. With over 80% smartphone adoption in Cambodia, the country and the wider region present immense potential for technologically driven disruption with new digital platforms catering to niche markets.”
The company will offer digital banking technology to financial Institutions, provide customised and localised digital banking solutions for banks, as well as embedded finance solutions for brands.
CEO of Mbanq, Vlad Lounegov, said, “Since inception, Mbanq has collaborated closely with IG Tech Cambodia, which has been a reliable and valued technology development partner. We are excited to deepen this partnership to bring the world’s leading Banking-as-a-Service technology and services to Southeast Asia."
He added, “Southeast Asia presents vast opportunities for the Financial Service Institution (FSI) sector to benefit from Mbanq’s technology and BaaS solutions, as ASEAN countries are leading the drive to digitisation to achieve a comprehensive digital economy. The region's emerging markets offer untapped potential for Mbanq to penetrate microfinance institutions, specialized banks, and commercial banks.”
IG Finlink Cambodia - Core Targets
The two companies have worked together for eight years, and they are confident IG Finlink Cambodia will succeed due to the strong demand for innovative digital financial services.
Puthkiry Kim explained, “The ASEAN region, starting with Cambodia, presents significant advantages for digital banking adoption, such as high smartphone penetration, a young and tech-savvy population, and a rapidly growing digital economy. These factors create a conducive environment for the growth of innovative financial services and products, positioning the region as a hotbed for digital banking transformation.”
- Banking-as-a-Service and Digital Banking Platform Solutions: Comprehensive BaaS and banking technology solutions via cloud or on-premises on a SaaS basis to the Cambodian and broader ASEAN markets.
- Embedded Banking for Brands: To create new revenue streams, increase customer engagement, and improve the overall value proposition for SE Asian brands with embedded finance.
- Global FinTech Training Center: Establish IG Finlink as a global FinTech training hub for Mbanq solutions and services worldwide.
- Expansion of Technology Development: Enhance Mbanq’s technology development capabilities in SE Asia and globally.