ABA Bank and Charge+ Cambodia Join Forces to Simplify EV Payments and Boost Charging Network Growth

24/Jan/2025

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On January 22, ABA Bank and Charge+ Cambodia signed a Memorandum of Understanding (MOU) at ABA Bank’s headquarters, marking a milestone in Cambodia’s electric vehicle (EV) ecosystem. The collaboration introduces seamless payment integration and low-rate financing options for EV charging station installations, reinforcing both companies’ commitment to driving sustainable mobility in the region.

The signing ceremony was attended by key stakeholders from both organizations, who reaffirmed their shared commitment to sustainability and innovation. The partnership aligns with Cambodia’s broader goals of reducing emissions and adopting cleaner technologies as part of its sustainable development agenda.

Revolutionizing EV Payments

Charge+ Cambodia, a leading EV charging solution provider in Cambodia, Singapore, and other Southeast Asian countries, operates a growing network of charging stations integrated with the Charge+ App. This app-based system eliminates the need for POS or QR codes at the charging point, allowing users to manage their payments entirely through the app. With the integration of ABA Bank’s PayWay platform, customers can now top up their Charge+ wallets via KHQR codes or bank cards directly within the app, streamlining the charging process for EV users.

“Aligning with the government’s direction to increase EV adoption on Cambodia’s roads by 2030, we are ready to develop the country’s first EV charger manufacturing and assembly factory via a consortium,” said Peter Ng Meng Cheng, Chairman of Charge+ Cambodia, at the signing ceremony. “We are actively engaging with relevant ministries and authorities to initiate this process. With ABA’s KHQR payment gateway, we are confident this collaboration will accelerate the adoption of electric vehicles and promote sustainable transportation in the country.”

Expanding EV Infrastructure with Financing Support

In addition to payment integration, the partnership aims to expand Cambodia’s EV charging infrastructure by offering low-rate financing to Charge+ to install charging stations for both individuals and businesses. The financing program, facilitated by ABA Bank, is expected to encourage the establishment of more charging stations across the country, addressing a critical barrier to EV adoption.

Speaking at the event, Zhiger Atchabarov, Chief Operating Officer at ABA Bank, said, “This collaboration underscores our shared vision to foster the adoption of EVs and contribute to the Kingdom’s transition to a greener future. By combining Charge+ Cambodia’s expertise in EV infrastructure with our secure and reliable payment solutions, we contribute to developing a sustainable economy and making EV charging more accessible for all.”

Cambodia’s Growing EV Market

The partnership comes at a crucial time for Cambodia’s EV sector, which is experiencing steady growth. Over the past two years, EV registrations have doubled, fueled by increased environmental awareness and government incentives promoting green technology. The government is targeting the registration of 770,000 EVs by 2030 to reduce environmental impact and seize new opportunities to boost economic base diversification. However, limited charging infrastructure remains a challenge.