Digital finance firm Group Lease Finance (GLF) and mobile payment company True Money have announced a new partnership to provide loans and financial services in Cambodia.

The new venture will build on True Money’s 5,000-strong network of agents nationwide and could push GLF loan applications up by 50 per cent in the fourth quarter of the year, and double them next year, according to Tatsuya Konoshita, executive committee chairman of GLF’s Thai parent company, Group Lease PCL.

Group Lease’s total profit for the second quarter of this year reached $7.4 million, of which $3.5 million came from its operations in Cambodia, representing a 40 per cent increase compared to the same period last year.