Canadia Bank and Mastercard are celebrating 25 years of collaboration, marking a joint journey that has shaped the country’s digital payment landscape from its earliest stages to today’s increasingly cashless economy.
Mastercard’s entry into Cambodia in 2001 marked the beginning of formal card-based payment systems in the country. The collaboration introduced the first Mastercard-issuing and -acquiring services in Cambodia, laying the foundation for what would become more than two decades of sustained innovation in retail banking and payment technologies. At a time when Cambodia was still largely reliant on cash, this collaboration introduced a new standard for secure and efficient transactions.
Laying the Groundwork for Cambodia’s Cashless Economy
The launch of Mastercard services by Canadia Bank in 2001 marked an early step in Cambodia’s journey toward financial modernization. Over the years, the collaboration expanded to address changing consumer behavior and technological advancements.
In 2015, Canadia Bank introduced the Mastercard Payment Gateway, providing businesses and consumers with secure online payment solutions, including biometric authentication and Mastercard One Credential™ support. This positioned the Bank as a key player in Cambodia’s e-commerce evolution.
More recently, in 2023, the Bank launched the Canadia Mastercard Contactless cards, enabling tap-and-go functionality for faster, more convenient in-store payments. This move aligned with global payment trends and supported consumer preferences for speed and hygiene during transactions.
“Our 25-year partnership with Mastercard has played a pivotal role in transforming the way our cardholders and merchant customers engage with financial services in Cambodia. From launching the country’s first Mastercard credit cards and payment terminals to introducing secure online payment gateways and contactless card technology, this collaboration has enabled us to bring world-class payment innovations directly to the hands of Cambodians. For our cardholders, it means safer, faster, and more convenient transactions—whether online, in-store, or abroad. For our merchant customers, it has unlocked new opportunities to grow their businesses by accepting modern, secure digital payments. Together with Mastercard, we are proud to have helped shape Cambodia’s digital economy and will continue to innovate to meet the evolving needs of our customers", said Canadia Bank’s CEO and Executive Board of Director, Mr. Raymond Sia.
Digital Momentum Supported by Policy and Demand
The National Bank of Cambodia (NBC) has actively supported digital finance adoption through regulatory modernization and public infrastructure such as the Bakong payment system. According to data from the National Bank of Cambodia, electronic Khmer Riel payment transactions surged 44% in 2023, driven by increased smartphone use, e-commerce growth, and consumer trust in banking platforms.
This surge has reinforced the relevance of long-standing banking cooperation like that of Canadia Bank and Mastercard, which have continued to expand access to secure and efficient financial services nationwide.
“Over the past 25 years, Mastercard and Canadia Bank have worked closely to advance Cambodia’s digital payments. The collaboration introduced the country’s first credit cards and card acceptance machines, enabling businesses to accept payments both online and offline and, most recently, launched virtual debit cards to further expand access to modern financial services. This milestone reflects a shared commitment to driving innovation and financial empowerment for Cambodian consumers and businesses. Looking ahead, Mastercard remains dedicated to delivering seamless, secure payment experiences that support the country’s journey toward financial inclusion and digital transformation,” said Winnie Wong, Country Manager for Vietnam, Cambodia, and Laos, Mastercard.
The 25-year anniversary campaign, themed “25 Years of Trust and Beyond,” is not only a celebration of past achievements but also a springboard for new product launches and customer engagement efforts.
Under the campaign, Canadia Bank and Mastercard are preparing to roll out a new series of premium card offerings that will include travel insurance and lifestyle rewards, airport lounge access and hotel privileges, and 24/7 global assistance services.
These offerings aim to serve Cambodia’s increasingly mobile and affluent customer segments, as well as those seeking enhanced international payment features. The move reflects a growing trend among Cambodian banks to align with regional financial standards while maintaining local service integration.
Strategic Outlook in Cambodia’s Evolving Banking Sector
As Cambodia’s financial services industry continues to develop, Canadia Bank and Mastercard are positioning themselves to play an integral role in both local digital inclusion efforts and the growing demand for regional and global payment integration.
The long-term relationship illustrates the importance of sustained collaboration between global fintech players and local banks in shaping emerging market ecosystems. Mastercard’s continued investment in infrastructure, coupled with Canadia Bank’s extensive customer base and national reach, is expected to remain a key factor in Cambodia’s journey toward a more inclusive and efficient financial system.
