Pi Pay – SmartLuy merger receives go ahead from NBC
1st June 2020
For Immediate Release
Smart Axiata Co., Ltd. (“Smart”) and Pi Pay PLC. (“Pi Pay”) has received approval from the National Bank of Cambodia (“NBC”) to merge Smart’s subsidiary SmartLuy PLC. (“SmartLuy”) with Pi Pay. Earlier this year, both companies opted for a voluntary disclosure about this merger, that once completed, is expected to positively lead as well as shape the Kingdom’s promising payment ecosystem.
“As the first-mover in digital app-based payments in the Kingdom, having gained tremendous traction with merchants and showcasing future potential for more value-added services, this to-be-completed merger will certainly provide Pi Pay with an array of new opportunities and resources to leverage on. With Smart, Pi Pay will be better equipped to support the Royal Government’s agenda of reducing barriers to digitalization and widen digital payments adoption among consumers as well as merchants, including among small retail businesses,” said Tomas Pokorny, Chief Executive Officer of Pi Pay.
The much-anticipated transaction will be completed after meeting the necessary statutory requirements from the other relevant government authorities. As part of the full integration of both companies, employees of SmartLuy will join Pi Pay and SmartLuy customers, agents as well as vendors will migrate to Pi Pay. Existing SmartLuy customers will be able to move their wallet balances to new Pi Pay accounts before the integration process is fully completed. Further communication on customer migration will be provided via multiple channels accordingly.
NBC’s swift approval process is certainly a big boost towards further cementing Pi Pay’s leadership position in the digital payment landscape in Cambodia post-merger completion.
“This positive development has been envisioned in line with the overarching strategy of strengthening our digital business portfolio while introducing various innovative, lifestyle and entertainment value propositions for our millions of customers. All SmartLuy customers, agents and vendors will be kept informed during this transition period. I look forward to successfully completing this transaction very soon and harness the immense potential synergies in the promotion of finance inclusion as well as a digital society in the Kingdom,” said Thomas Hundt, CEO of Smart Axiata.
Post-merger, Pi Pay (of which Smart Axiata will be a strong minority shareholder) will have a wider set of revenue opportunities, stronger data monetization synergies, robust payment infrastructure and most importantly, increased resources to withstand current as well as future challenges in the current hypercompetitive market environment. In addition, Pi Pay is expected to become more efficient and innovative to build on the app’s strengths, utilizing SmartLuy’s strong agent network complemented by Smart Axiata’s mobile leadership in the Kingdom.