An affiliate of one of Cambodia’s leading banks launched mobile wallet DaraPay, the latest challenger in the country’s increasingly crowded mobile finance space.

The wallet is a joint venture between Canadia Investment Holding – parent of Canadia Bank – and Singapore-based investment company Fullerton Financial Holdings. DaraPay will provide both retail and remittance services to consumers in the country.

Announcing the launch of DaraPay on its Facebook page, the company said it aimed to “be a game changer” by building an ecosystem which will “revolutionise day-to-day finances by providing a fast, secure and convenient payment” service.

Following the launch of Cambodia’s first mobile remittance company Wing in 2009, a number of other companies have entered the sector including mobile operator MetFone and several bank-backed start-ups.

A 2016 study by international development organisation The Asia Foundation found 70 per cent of Cambodia’s residents had used a mobile finance service during the year. Of these, 85 per cent sent money through their handset, 74 per cent received money and 15 per cent paid a bill.

The vast majority of users performed these transactions using Wing.