Introduction
Cambodia is experiencing a digital revolution, with rapid adoption of mobile technology and online services. The country has one of the highest mobile connectivity rates in the world – there are more mobile connections than people (over 20 million mobile subscriptions vs 17 million population) and affordable data ($1 per GB) covers about 85% of the population . The median age is just 27 , meaning a young, tech-savvy populace eager to embrace new apps. This environment has paved the way for the Advanced Bank of Asia (ABA Bank) and its ABA Pay service, as well as the messaging app Telegram, to gain widespread popularity across Cambodia. The following report analyzes the factors behind their rise, who is using them, how they stack up against competitors, their growth since 2020, and the influence of government and infrastructure on their success.
ABA Bank: A Digital Banking Powerhouse
ABA Bank has rapidly become Cambodia’s leading commercial bank in recent years . Key factors in its popularity include a strong digital-first strategy, innovative services, and responsiveness to customer needs. Culturally, Cambodians were traditionally underbanked, but ABA seized the opportunity by offering user-friendly mobile banking for an emerging middle class and urban youth. Technologically, ABA invested in a robust mobile app (“ABA Mobile”) with features like instant eKYC onboarding, mini-app services (bill payments, insurance, investments), and even junior accounts for young users . This focus on convenience and innovation resonated with Cambodia’s enthusiastic tech adopters, who prefer banking from their phones rather than visiting physical branches. Economically, as incomes rose, more citizens sought modern banking, and ABA’s efficient services (fast transfers, 24/7 self-service kiosks, QR payments) positioned it as a bank that matches the pace of modern life.
Rapid growth since 2020. ABA’s growth has been strikingly high from 2020 onward, accelerated in part by the COVID-19 pandemic (which pushed people toward cashless transactions). The bank’s total assets, deposits, and loans have all grown by double digits annually . Most telling is the surge in ABA Mobile usage: active users jumped from around 1.5 million in 2021 to 2.4 million in 2022, a 62% year-on-year increase . By the end of 2023, ABA’s mobile app users reached about 3.1 million, reflecting another ~30% jump . (For context, that means roughly 3 million Cambodians – over a quarter of all adults – were banking on ABA’s app.) This digital uptake made ABA the country’s largest bank not only by users but also by financial size: in 2022 it led in total assets, customer deposits and loans, outpacing all legacy banks . ABA’s market penetration spans all 25 provinces (85 branches by 2022 and growing) and crucially, its digital reach extends even further through smartphones. The bank’s CEO noted that a high share of customers now rarely visit branches, relying on the app for everyday transactions – truly a game-changer in Cambodian banking .
User demographics and reach. ABA Bank’s user base skews toward the young urban population, but has expanded across demographics. Its ease of use appeals to tech-savvy millennials and Gen Z in cities like Phnom Penh, Siem Reap, and Sihanoukville who were early adopters of mobile banking. These users are often salaried employees, students, and entrepreneurs who value 24/7 access to funds. However, ABA is also making inroads with more traditional customers: many merchants and small business owners (including in provincial towns) opened ABA accounts to accept digital payments, and even older customers have started using the app for safety and convenience. In fact, ABA reports that 85% of its clients use digital services, indicating broad adoption beyond just youths . Income-wise, ABA users range from middle-class professionals to small vendors. While higher-income Cambodians were the first to adopt (drawn by features like multi-currency accounts and integration with international cards), lower-income groups are now joining too as smartphone penetration rises. Rural adoption is still emerging – only about 26% of Cambodians live in urban areas , and many rural folks historically used cash or informal services – but even that is changing. Thanks to cheaper smartphones and ABA’s outreach (opening provincial branches and mobile kiosks), more rural youth and migrant workers are signing up to receive salaries or remit money home through ABA Mobile. In short, ABA’s popularity spans across age groups and incomes, with the common thread being a desire for quick, easy banking on the go.
Competitive landscape: ABA Bank’s main competitors in Cambodia include longstanding institutions like ACLEDA Bank and newer fintech-focused players like Wing Bank. ACLEDA (the country’s oldest and once-largest bank) has a massive customer base especially among rural and older populations, and its ACLEDA Unity ToanChet mobile app is widely used. Wing, on the other hand, launched as a mobile money service and built a huge network of 8,000+ agents nationwide, reaching people who never had bank accounts . For years Wing dominated mobile payments and boasts “around 10 million unique users” of its wallet services – a testament to how many unbanked Cambodians it brought into digital finance. However, ABA has managed to outshine both in key areas. By 2022, ABA overtook ACLEDA in assets and deposits , reflecting greater public trust in its offerings. ABA’s slick app and wide array of features also gave it an edge in user experience; as one local observer quipped, “ABA’s app is slick and it’s accepted everywhere. Everyone has an ABA Pay QR code – I barely use cash anymore” . Compared to Wing, which historically focused on USSD phone transfers and agent cash-outs, ABA offers a more complete banking package (savings, loans, cards, etc.) alongside digital payments. This has attracted customers to move from just a wallet to a full bank account. In terms of mobile app rankings, the top three finance apps in Cambodia are consistently ACLEDA, Wing, and ABA Mobile . As of mid-2025, ABA Mobile ranks in the top 3 on both Google Play and Apple’s App Store (often #1 on iOS) just behind ACLEDA and Wing . This is impressive given ACLEDA and Wing had a head start. ABA’s rise forced competitors to innovate too – ACLEDA expanded its app features, and Wing even upgraded to a “Wing Bank” license to offer broader banking services. Still, ABA is widely seen as the digital leader; it won multiple awards as the “Best Bank in Cambodia” in 2022–2023 for its innovative approach . The bank’s success has essentially set a new benchmark that competitors are scrambling to follow.
Enabling factors: Government policy and infrastructure have supported ABA Bank’s ascent. The National Bank of Cambodia (NBC) actively pushed financial digitalization – for example, launching the “Bakong” payments system and standardizing QR codes (the KHQR system) in 2020–2022. These initiatives created an interoperable network where an ABA account could seamlessly send money to other banks or scan a universal QR at merchants . ABA capitalized on this by massively expanding its QR payment network via the ABA Merchant app, which had 305,000 active merchant users in 2022 . Moreover, NBC’s regulations began allowing e-KYC (online account opening) and fintech sandboxes, which ABA embraced to onboard customers remotely – an important factor during pandemic lockdowns. The government’s broader improvements in telecom infrastructure (4G coverage, fiber optic expansion) also laid groundwork for reliable mobile banking . Culturally, there is growing trust in formal banking due to efforts in financial literacy and inclusion: ABA itself ran financial education campaigns and partnered with ministries to promote the digital economy . Finally, an upbeat social media buzz around ABA – many users proudly share referral codes or new features on Facebook – created word-of-mouth marketing. Young Cambodians often encourage their parents or peers to “just ABA it” (transfer money via ABA app) instead of handling cash, reflecting how ingrained the service has become in daily life. Overall, a combination of savvy business strategy by ABA and a supportive ecosystem (regulatory green lights, improved connectivity, and a culture eager for convenience) propelled ABA Bank to the forefront of Cambodia’s banking scene.
ABA Pay: Driving the Cashless Payment Trend
ABA Pay is the digital payment feature of ABA Bank’s platform – essentially, it’s the cashless payment service that allows users to tap or scan to pay merchants directly from their ABA account. Since 2020, ABA Pay (often just called “scan QR to pay”) has surged in popularity and become nearly ubiquitous in Cambodian cities. The rise of ABA Pay is tied to the cultural shift toward cashless transactions, especially among the youth and urban shoppers. Instead of carrying wads of riel or US dollars (Cambodia’s two main currencies), people found it more convenient and safe to pay by phone. Technologically, ABA Pay leverages QR code scanning: a user just opens the ABA mobile app and scans the merchant’s QR code to instantly transfer payment. This process is faster and safer than handling cash or cards, and it gained huge traction during COVID-19 as contactless payment was encouraged. By 2024, over 200,000 merchants across the country were accepting ABA Pay – everyone from large supermarkets to small market stalls displays the ABA PAY/QR code sticker. Such vast acceptance meant consumers could go about their day with just a phone and pay for groceries, coffee, ride-hailing, and even government services using ABA Pay. Economically, this aligns with Cambodia’s drive to modernize commerce; businesses enjoy quicker turnover and digital records of sales, and customers enjoy convenience (often with discounts or cashback incentives from ABA).
User demographics and adoption of ABA Pay. ABA Pay’s user base overlaps with ABA Bank’s account holders – predominantly 18–40 year-olds in urban centers – but its impact extends beyond. Even those who might not frequently use other bank features are using ABA Pay for daily transactions. For example, many university students use ABA Pay to split bills and pay at campus canteens, young office workers use it for lunch payments, and market vendors in places like Orussey Market (Phnom Penh) or provincial town markets have embraced it to cater to cashless customers. Notably, ABA Pay also attracted micro-entrepreneurs and gig economy workers. Tuk-tuk (three-wheeler) drivers on apps like Grab or delivery riders often prefer receiving fares via ABA Pay into their accounts, as ABA partnered with ride-hailing services to integrate payments . This has helped ABA Pay penetrate the informal sector where previously only cash was king. Rural adoption of ABA Pay is on the rise wherever smartphones are present – for instance, a shop in a provincial town might use one smartphone to accept ABA Pay from farmers who come to buy supplies. Income-wise, because ABA Pay is tied to a bank account, users tend to have at least some formal income or savings. That said, the barrier to entry is low (opening an ABA account can be done with a small balance), so even lower-income individuals, like street food sellers or moto-taxi drivers, have started to use ABA Pay once they see enough customers wanting to pay that way. This network effect – more merchants prompting more customers to join ABA, and vice versa – has been crucial. Demographically, it’s fair to say ABA Pay turned cashless payment into a mainstream habit among Cambodian urbanites. It is common now to see someone in their 20s or 30s paying for a $1 iced coffee by scanning a QR code, something rare just a few years ago.
Competing payment services. ABA Pay operates in a competitive fintech landscape, yet it currently enjoys a leading position in digital payments. Competing services include Wing Money, Pi Pay, TrueMoney, and the NBC’s Bakong e-wallet. Wing, as mentioned, was an early mover and for a long time “Wing-ing” money (verbally synonymous with sending money) was popular. Wing still has millions of users, but many of its transactions happen through agents rather than smartphone scans. Pi Pay, launched in 2017 as a flashy QR wallet, gained some popularity among youths for a while (especially in Phnom Penh’s cafes and malls), but it never achieved ABA’s scale and has since been eclipsed – in fact, many Pi Pay merchants now also accept ABA Pay or have migrated entirely. TrueMoney, a regional e-wallet, is used mostly for mobile top-ups and remittances, but again not as pervasive in retail payments. The critical advantage of ABA Pay has been its integration with actual bank accounts and the broader banking ecosystem. Unlike standalone e-wallets that require users to cash-in or maintain a separate balance, ABA Pay draws directly from one’s bank account, making it feel seamless and trustworthy. Moreover, thanks to the KHQR standard introduced by the central bank (a universal QR code format), an ABA Pay user can technically scan other banks’ QR codes and vice versa . This interoperability further edges out siloed competitors – for example, a merchant might only display one QR code (KHQR) and an ABA user can pay through it, whereas a wallet like Pi Pay would need its own code. In 2023, QR payments usage in Cambodia increased sevenfold(!) year-on-year , showing the entire market is expanding. ABA Pay has ridden this wave the best; it’s often regarded as Cambodia’s most popular QR payment rail, even recognized by global platforms. (Notably, major cryptocurrency P2P exchanges list “ABA Bank/ABA Pay” as a top payment method for Cambodians trading crypto, underscoring its ubiquity in online transactions .) While Wing and others remain significant players (especially for those without bank accounts), ABA Pay stands out for urban and inter-bank payments. The service has essentially become synonymous with cashless convenience, much like how “Venmo” is in the US or “Alipay/WeChat Pay” are in China – except in Cambodia, that mantle is held by a bank-led platform.
Growth and support since 2020. The trajectory of ABA Pay since 2020 has been steep. In early 2020, cashless payments were relatively niche, but the pandemic dramatically shifted consumer behavior – people turned to digital payments for safety and as e-commerce grew. The government indirectly supported this shift: for instance, utility bills and taxes became payable via ABA Pay or Bakong, encouraging even skeptics to try it. The National Bank’s promotion of Bakong (launched in late 2020) was a pivotal move – Bakong is a blockchain-based interbank payment system that links banks and wallets. ABA integrated with Bakong so that users can easily transfer to wallets like Wing or others right from the ABA app . This gave ABA Pay users confidence that their one app could “pay anyone, anywhere.” Additionally, the central bank in 2022 launched cross-border QR payment links (e.g., Cambodia-Thailand QR payment linkage), meaning an ABA Pay user could even scan QR codes abroad . Such infrastructure improvements made ABA Pay even more attractive and future-proof. By 2023, digital payment volumes in Cambodia soared – the country saw over $492 billion in digital transactions that year , and a lot of day-to-day small transactions were via ABA Pay. The government’s cashless policy goals (outlined in the “Digital Economy and Society Framework 2021-2035”) have played a role too, by creating a supportive regulatory environment. Rather than stifling private innovation, regulators allowed banks like ABA to experiment with features (free small-value transfers, QR payment incentives, etc.) that lured users away from cash. Social media trends also fueled growth: payment apps became a bit of a status symbol – it’s common to see young Cambodians posting screenshots of their ABA Pay transactions or joking “scan me some money” in chats. This positive buzz, combined with visible real-world adoption (once your neighborhood grocery or favorite restaurant accepts ABA Pay, you’re inclined to get on board), created a network effect pushing growth further. In summary, from 2020 to today, ABA Pay grew from a convenient option to an everyday norm, strongly backed by both market forces and enabling government fintech policies.
Telegram: Cambodia’s Messaging Phenomenon
Telegram, the cloud-based messaging app, has seen an explosive rise in popularity in Cambodia, especially from 2020 onward. Culturally, Cambodians are very active on social media and messaging platforms – Facebook had been king for a long time – so when global and local trends pointed to Telegram as the next big thing, users flocked to it. By early 2023, Telegram had become the most popular messaging app in the country , overtaking even Facebook’s Messenger. One estimate put Telegram’s user base in Cambodia at over 10 million active users as of 2023 , which is roughly two-thirds of the adult population! Several key factors explain this meteoric rise. Technologically, Telegram offered features that resonated with Cambodian users: it’s fast, supports large group chats and broadcast “channels”, handles multimedia well, and is seen as more secure (end-to-end encryption in secret chats) and spam-resistant than alternatives. For young people, the ability to create massive group chats (up to 200,000 members) and channels for entertainment, shopping, or community news was a big draw – far beyond Messenger’s group size limits . Culturally, Telegram benefited from a growing desire for privacy and uncensored communication. As one example, in early 2021 WhatsApp announced a controversial privacy policy change, triggering a global wave of users trying alternative apps . Cambodian youth, plugged into international trends, were part of the exodus to Telegram at that time. Many cited that on Telegram they could discuss topics or consume content more freely without the heavy-handed moderation or surveillance they feared on Facebook. By 2022, it wasn’t just the tech-savvy – even ordinary folks started hearing “Do you have Telegram?” as a common question, whether for joining a community group (e.g. hobby group, buy-and-sell group) or following a news channel.
User demographics. Telegram’s user demographic in Cambodia initially skewed young (teens, 20s, and 30-somethings) – essentially the same group that dominated Facebook usage – but it has since broadened dramatically. Today, it’s not unusual to find all age groups on Telegram: students use it to coordinate class groups, young professionals use it for work and social chats, and older adults have started using it to follow news or family groups. One reason older users jumped on board was the influence of public figures (more on that shortly) and the ease of use – Telegram’s interface is available in Khmer language and it’s fairly intuitive even for those less familiar with apps. In terms of urban vs rural, Telegram adoption has been strongest in cities where internet access is highest (Phnom Penh’s city folk were among the first adopters). However, as cheaper Android smartphones proliferate upcountry, many rural users are now on Telegram too, often to stay in touch with relatives or to follow content channels that share videos, music, or religious sermons. It helps that Telegram can send large files and has no strict limits on media sharing – features that community groups (from youth in villages to monks sharing teachings) find useful. Notably, Telegram has also become popular among Cambodian diaspora communities and those they communicate with back home, because it’s free and works well for international messaging. In terms of income or education, Telegram’s base is broad: initially it attracted the more educated and tech-oriented crowd (who might have concerns about privacy or were exploring new apps), but now it’s truly mass-market. For example, street vendors and taxi drivers might use Telegram to chat in their local community groups, while NGO workers and students might use it to coordinate projects. Essentially, Telegram in Cambodia has transformed from a niche chat app to a universal communication tool, cutting across social strata.
Comparison to other messaging platforms. Telegram’s biggest rivals in Cambodia have been Facebook Messenger and to a lesser extent WhatsApp, LINE, and traditional SMS. Facebook Messenger was pre-installed in the lives of many because of Facebook’s ubiquity – Cambodia historically had over 10 million Facebook users . But Messenger has some drawbacks (it’s tied to Facebook accounts, not as feature-rich for large groups, and uses more data). As of 2023, Telegram effectively dethroned Messenger as the go-to messenger for daily chatter . People still use Messenger (especially for one-on-one chats or with contacts who haven’t switched), but Telegram is where the vibrant group activities moved. WhatsApp, surprisingly, never gained the dominance in Cambodia that it did in some other countries. Prior to Telegram’s rise, WhatsApp was used mostly by certain circles – for instance, people with international business contacts, or those in organizations where WhatsApp was standard. The general population, however, found no strong reason to adopt WhatsApp en masse (perhaps because Messenger and Telegram covered their needs, and WhatsApp arrived late to the party and is also phone-number based). LINE is popular in neighboring Thailand, and some Cambodian users picked it up to chat with Thai friends or follow Thai media, but it remains a niche app in Cambodia. Viber had some footing in the early 2010s, but has since waned. Telegram’s unique strength is the concept of channels – one-to-many broadcasting tools that many media outlets, public figures, and community leaders use to send out updates. This essentially turned Telegram into an information hub. For example, news organizations and citizen journalists that felt censored on Facebook migrated to Telegram channels to share news freely. By early 2023, major Khmer-language news and political channels on Telegram had tens of thousands of followers. Messenger and WhatsApp simply don’t offer this channel feature. This gave Telegram a competitive edge, blurring the line between social media and private messaging – in one app, users get both private chats and a feed of news/entertainment via channels. The result: by mid-2024, Telegram was reportedly the #1 most downloaded app on Google Play in Cambodia and had firmly established itself ahead of Messenger in daily use.
Growth timeline and catalysts. Telegram’s growth in Cambodia can be traced through a few key milestones. Around 2019-2020, early adopters (often tech enthusiasts and opposition activists) started using Telegram due to its encryption and after seeing how it helped protesters in other countries coordinate (Telegram famously was used in Hong Kong protests and by activists in Belarus, which inspired some Cambodians concerned with privacy). The big spike came in 2021: when WhatsApp’s policy change caused global concern, millions worldwide jumped to Telegram – Cambodia was part of this wave. Local Telegram communities swelled as friends invited friends. Another surge occurred in 2022-2023 as Telegram began trending on social media – Facebook groups would share Telegram invite links, and popular Khmer content creators launched Telegram channels for music, memes, and shopping deals. Perhaps the most significant catalyst was in mid-2023, when then-Prime Minister Hun Sen announced a high-profile switch from Facebook to Telegram. In June 2023, after Meta’s Oversight Board recommended suspending his Facebook for allegedly inciting violence, Hun Sen preemptively deleted his Facebook account and moved to Telegram . This was a watershed moment: Hun Sen had over 14 million Facebook followers (many likely bots, but still a huge presence) and was known as the “Facebook Prime Minister” . His migration sent a strong signal to his supporters and officials to follow suit. Sure enough, he quickly amassed over 800,000 Telegram followers within weeks . Government ministries and agencies began launching official Telegram channels for announcements . Suddenly, a lot of less-techy folks – civil servants, older rural supporters of the ruling party – downloaded Telegram for the first time so they wouldn’t “miss out” on Hun Sen’s messages. This political endorsement accelerated Telegram’s march into the mainstream. By late 2023 and into 2024, Telegram was the de facto communication platform not just for chatter but for official news. (For instance, when independent media outlet VOD was shut down by the government in 2023, activists shared updates via Telegram; simultaneously, the government used Telegram to broadcast campaign messages – everyone was using it one way or another.)
Government policy and social factors. Interestingly, while the Cambodian government played a role in boosting Telegram’s user base (through high-profile use), it also grew wary of it. Telegram is seen as a “double-edged sword”: on one hand, officials use it to reach the public; on the other, its encrypted nature worries authorities about uncontrolled information. In mid-2024, the government even launched a homegrown messaging app called “CoolApp” as a purportedly secure alternative, urging civil servants and the public to use it for patriotic reasons . This move came with claims about national security and preventing foreign surveillance, implicitly referring to concerns over apps like Telegram. However, adoption of CoolApp has been minimal compared to Telegram’s entrenched popularity. The episode underscores just how dominant Telegram had become – enough that the government felt the need to propose an alternative to reclaim some control. So far, Telegram remains unrestricted in Cambodia (unlike in some countries where it’s been temporarily blocked); the government likely recognizes that banning it would be deeply unpopular and disruptive. Moreover, Telegram’s popularity aligns with the government’s push for digital modernization in a benign sense: ministries use Telegram bots to provide information, and even the police have Telegram hotlines. On the social front, Telegram benefited from the network effect – group chats and channels are only fun when your friends or content creators are there. By 2023, this critical mass was achieved. Additionally, the broader regional trend impacted Cambodia: in Southeast Asia as a whole, Telegram usage has been climbing, and Cambodians often follow trends from Thailand or Vietnam. Locally, one could say Telegram became “cool” – for youth, it had an appeal of being something new and not overseen by parents (who were all on Facebook!). Memes and viral content specific to Khmer language started to circulate primarily on Telegram groups, making it a cultural hub. Lastly, privacy and freedom of expression have been influential factors. In a climate where outspoken Facebook posts could sometimes lead to legal trouble, many Cambodians felt safer discussing sensitive topics in closed Telegram groups or consuming uncensored news on Telegram channels . This has made Telegram somewhat symbolic of digital freedom for certain segments. All these elements – tech features, user demographics, competitor dynamics, political endorsement, and social trends – combined to make Telegram the communication platform of choice in Cambodia’s recent years.
Conclusion and Outlook
The widespread popularity of ABA Bank (with its ABA Pay service) and Telegram in Cambodia is a testament to the country’s rapid digital transformation. Culturally, a young population eager for modern conveniences and open communication embraced these platforms enthusiastically. Economically, rising incomes and an expanding urban middle class created demand for better banking and connectivity, which ABA and Telegram fulfilled in user-friendly ways. Technologically, both platforms arrived at the right time – ABA rode the wave of mobile internet growth and fintech innovation, while Telegram leveraged increasing smartphone penetration and global app trends. Since 2020, their growth has been nothing short of remarkable: ABA turned millions of Cambodians into online bankers and cashless payers, and Telegram connected tens of millions of daily messages across the country. They also reshaped their respective landscapes – ABA Bank’s digital focus pressured traditional banks to modernize, and Telegram’s surge disrupted the social media hierarchy.
Looking forward, these trends seem set to continue. The government’s ongoing investments in ICT infrastructure (from 4G/5G expansion to digital literacy programs) and pro-fintech policies will likely reinforce ABA’s and ABA Pay’s positions, though competition will also spur further innovation (we may see new features, more financial products for rural users, and deeper integration with national systems like Bakong). For Telegram, the platform is now deeply ingrained in how Cambodians communicate; even as the government experiments with domestic apps or regulation, it’s clear that Telegram has become a staple for news and networking. If anything, we can expect more businesses and services to integrate with Telegram (for example, e-commerce sellers using Telegram channels, or schools using it for e-learning communication). In summary, the rise of ABA Bank, ABA Pay, and Telegram underscores an upbeat narrative of Cambodia’s digital leap. These platforms succeeded by aligning with the aspirations of the Cambodian people: to be more connected, more convenient, and more in control of their financial and social lives. As Cambodia’s digital journey continues, ABA and Telegram have set a high bar – and their ongoing evolution will be fascinating to watch in this dynamic, youthful market.
Sources
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