Logo of Phnom Penh Post newspaper Phnom Penh Post - Microfinance group calls fraud on Payeer

Microfinance group calls fraud on Payeer

Content image - Phnom Penh Post
The Cambodia Microfinance Association (CMA) has called on people to refrain from investing with the Payeer app or service. FB

Microfinance group calls fraud on Payeer

The Cambodia Microfinance Association’s (CMA) warned that people who bought digital coins or invested in PAYEER wallets should cease immediately as it is “fraudulent”.

Kaing Tongngy, head of the CMA’s communications department, said he had seen the company offering investment in coins to the public using the names and logos of legitimate banking and financial establishments in Cambodia to attract them. The company had no formal relationship with these institutions and was using their logos without permission.

“PAYEER is a fraudster. If people are unaware of this, they may invest money and will not get a return. We want to make people aware of this in advance so they will not be fooled,” he said.

Tongngy said that there had been several recent attempts by scammers to take advantage of the public, citing ABC and OL Football as examples.

Sok Chan, head of financial inclusion and public relations at the Association of Banks in Cambodia (ABC), said PAYEER had announced its cooperation with several banking establishments to attract investors via its Telegram channel.

“It affects the reputation of legitimate establishments when their relationships are falsified like this. I urge the public to stop investing in this company to protect the good reputation of the banking industry,” he added.

Three associations – Cambodian Association of Finance & Technology (CAFT), CMA and ABC – issued a joint statement on November 12 warning that none of their members is involved with PAYEER.

“We are aware of a platform relating to digital currencies in some social media groups. In particular, PAYEER has used the names of banking and financial establishments who are our members without permission. The company announced their cooperation with some banking and financial establishments in Cambodia to accept payments, withdraw money, and invest and deal in crypto currencies, including Bitcoin, Ethereum and Crypto,” it said.


  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Famed US collector family return artefacts to Cambodia

    In the latest repatriation of ancient artefacts from the US, a total of 33 pieces of Khmer cultural heritage will soon return home, according to the Ministry of Culture and Fine Arts. In a September 12 press statement, it said the US Attorney’s Office for the

  • Tina rebuffs ‘false claims’ over falling paddy price

    Agriculture minister Dith Tina has shed light on the trade of paddy rice in Battambang – Cambodia’s leading rice-producing province – in a bid to curb what he dubs a “social media fact distortion campaign” to destabilise the market. While acknowledging that the prices of paddy

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Kampot curfew imposed to curb ‘gang’ violence

    Kampot provincial police have announced measures to contain a recent spike in antisocial behaviour by “unruly’ youth. Officials say the province has been plagued by recent violence among so-called “gang members”, who often fight with weapons such as knives and machetes. Several social observers have

  • PM outlines plans to discuss trade, policy during US visit

    Prime Minister Hun Manet is set to meet with senior US officials and business leaders during his upcoming visit to the US for the UN General Assembly (UNGA), scheduled for September 20. While addressing nearly 20,000 workers in Kampong Speu province, Manet said he aims to affirm