Strategic joint venture with IG Tech Cambodia brings Mbanq’s established digital banking technology and Banking-as-a-Service (BaaS) solutions to SE Asian markets.

PHNOM PENH, Cambodia, June 12, 2024--(BUSINESS WIRE)--Mbanq, a global leader in Banking-as-a-Service (BaaS) and digital banking innovation 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 (Association of Southeast Asian Nations) 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 customized and localized digital banking solutions for local, regional, and international banks, as well as embedded finance solutions for brands.

Vlad Lounegov, CEO of Mbanq, says, "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 digitization 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.

"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."

Puthkiry Kim, Chairman of IG Tech Cambodia and co-founder of IG Finlink Cambodia, says, "We are thrilled to formalize 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."