Smart Axiata (Smart) and Pi Pay have been approved by the NBC to integrate its subsidiaries SmartLuy with Pi Pay. . Earlier this year, the two companies volunteered to announce the merger.
After the completion of the integration, it is expected to lead to positive changes in the digital payments ecosystem in Cambodia.
Tom Pay Pokorny, CEO of Pi Pay, said: “As the first digital payments company in Cambodia, it has been very well received by businesses and shows the potential for future value added services. This near-term merger will provide Pi Pay with many new opportunities and resources to leverage.
With Smart, Pi Pay will be better equipped to support the government's agenda of reducing digital integration barriers and expanding adoption of digital payments among consumers as well as businesses and sales businesses. Also lists small. »
The transaction is expected to be completed after the completion of the necessary statutes required by the relevant authorities. Part of the full merger of the two companies is the involvement of SmartLuy and Pi Pay employees. SmartLuy customers, agents and vendors will also join Pi Pay. Existing customers of SmartLuy will be encouraged to transfer their current balance to the Pi Pay account before the integration process is complete. Further communication on customer transfers will be provided through a variety of communication channels.
The rapid approval of the National Bank of Cambodia is also a big help in strengthening Pi Pay's digital payment leadership leadership after the integration is complete.
Thomas Hundt, CEO of Smart Axiata, said: "This positive development is seen in line with the key strategy of strengthening our digital business portfolio while also providing Bring creative ideas, lifestyle and entertainment to our millions of clients. All Smart subscribers, agents and vendors will be notified during this transaction. I look forward to the successful completion of this transaction soon to harness this huge potential in boosting the financial environment as well as the digital society in Cambodia. ”
Following the merger, Pi Pay (which Smart Axiata will become a minority shareholder) will have the opportunity to earn more revenue, more integrated data in revenue generation, strong payment infrastructure, and most importantly, Increasing resources to cope with current and future challenges in a very competitive market environment. In addition, Pi Pay is expected to be more efficient and innovative to strengthen the mobile platform by leveraging SmartLuy's strong network of agents supported by Smart's leadership. Axiata, a leading mobile operator in the Kingdom of Cambodia.
For more information and updates on Smart Axiata and Pi Pay, visit www.smart.com.kh and www.pipay.com Both Smart and Pi Pay will provide updates as they become available. Update ៕