Looking forward: Cambodia unveils FinTech policy 2023-28
Looking forward: Cambodia unveils FinTech policy 2023-28
Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth unveiled Cambodia’s Financial Technology (fintech) Development Policy for 2023-2028, asserting its potential to harness the advantages of digital transformation in the financial sector and invigorate the country’s socio-economic landscape.
Pornmoniroth, who also serves as the chairman of the Digital Economy and Business Committee, highlighted the increasing prominence of digital technology in the context of the Fourth Industrial Revolution, or Industry 4.0, at an October 4 workshop.
He underscored its crucial influence in today’s interconnected world, spotlighting its transformative effects on strengthening global socio-economic relationships. He particularly highlighted how digital tools have not only revolutionised business models but also brought about significant advancements in communication, public service delivery and work efficiency.
He said that economies, irrespective of their development stage, can transition from traditional industries to contemporary ones in a short span.
The minister stated this evolution can achieved by three primary activities: The deployment of digital systems as a cornerstone for economic growth; digital technology acting as a catalyst to bolster various economic sectors; and leveraging digital means to link local businesses and investors to international production chains to inspire innovation in product and service offerings.
“I firmly believe that the effective execution of this policy will empower Cambodia to fully benefit from the digital overhaul in the financial sector. This, in turn, will pave the way for everyone involved to hasten Cambodia’s digital, economic and societal progression,” he added.
Drawing an analogy to a fintech tree, he stated the policy encompasses four primary objectives: Environmental enhancement and supportive policies (symbolised by “soil”); fostering a digital foundation (depicted by “roots”); championing the adoption and evolution of auxiliary technologies (represented by “tree”); and advocating for the development and innovation of fintech operations (signified by “branches”).
Chhin Ken, president of the Cambodia Digital Tech Association, told The Post about the ever-growing significance of digital mediums in the country’s operations, particularly in trade. He noted the enhanced digital proficiency in the financial realm, which has subsequently streamlined transactions, making them more versatile and globally accessible.
“The adoption of technology not only economises time and money but also invigorates the national economy. On behalf of the [association], I strongly recommend increasing training opportunities to enhance digital skills, particularly in business,” Ken said.
