Cambodia unveils 2023-2028 Fintech Policy to boost digital development
Deputy Prime Minister Aun Pornmoniroth, also the Minister of Economy and Finance, launched the policy during a high-profile event in Phnom Penh, highlighting Fintech’s rapid growth and its vital role in supporting economic growth through digital technology.
Cambodia has officially unveiled its ambitious Financial Technology (Fintech) Development Policy for 2023-2028. Its primary objectives are bolstering financial inclusion, maintaining financial stability, and promoting innovation within the country’s financial sector.
The surge of fintech has played a pivotal role in expanding mobile payment services within the country. According to the National Bank of Cambodia (NBC), e-wallet accounts skyrocketed from 13.6 million in the previous year to an impressive 19.5 million by the end of 2022.
This newly unveiled development policy is designed to serve as a strategic roadmap for advancing the utilization of cutting-edge technologies within the financial industry and harnessing the potential of fintech for Cambodia’s digital economic and social advancement, building on the sector’s recent success in expanding mobile payments and online transactions.
Why does it matter?
Cambodia’s Fintech Development Policy is a significant step toward harnessing the transformative power of technology in the financial sector. Yet, as Chhin Ken, the Cambodia Digital Tech Association leader, underscores, there is a pressing need to broaden training initiatives aimed at enhancing digital competencies, particularly for businesses. This will yield cost and time savings and catalyze a revitalized national economy.
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