Mbanq has formed a strategic partnership with IG Tech Cambodia, a prominent FinTech and banking technology developer in SE Asia. Together, they have created IG Finlink Cambodia, with Mbanq holding majority ownership.

The strategic partnership marks Mbanq’s expansion into the ASEAN banking technology and BaaS markets. Mbanq will offer its comprehensive Banking-as-a-Service solutions across Southeast Asia, starting in Cambodia and expanding into Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

Additionally, Mbanq will provide digital banking technology to Financial Institutions in the region, providing customised and localised digital banking solutions for local, regional, and international banks, as well as embedded finance solutions for brands.

Vlad Lounegov, CEO of Mbanq, said: “Mbanq will introduce its BaaS and the latest banking technology to the burgeoning ASEAN markets, where FinTech and digital transformation are advancing rapidly. 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, specialised banks, and commercial banks.

The new partnership will focus on four new areas

There new area include: Banking-as-a-Service and digital banking platform solution, embedded banking for brands, the Global FinTech Training Centre and expansion of technology development.

“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.”

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Puthkiry Kim, Chairman of IG Tech Cambodia and co-founder of IG Finlink Cambodia, added: “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 per cent smartphone adoption in Cambodia, the country and the wider region present immense potential for technologically driven disruption with new digital banking platforms catering to niche markets. Having already partnered with Mbanq for eight years, we are impressed by its global growth and success. We are confident in replicating Mbanq’s success in Southeast Asia, where there is a strong demand for innovative digital financial services.”