Serey says NBC dedicated to fostering fintech adoption
Serey says NBC dedicated to fostering fintech adoption
Chea Serey, Governor of the National Bank of Cambodia (NBC), yesterday called on the private sector to foster financial and technology (fintech) adoption, innovation and fair competition as the national bank is working to create a system that allows consumers to make payments with just a smile to the camera.
Presiding over the CamTech Summit 2024 themed, ‘Fintech for All: Impact and Sustainability’ along with Remi Pell, Chairman of the Cambodian Association of Finance & Technology (CAFT), Serey said that this year’s theme reflected NBC’s commitment to fostering an inclusive digital landscape.”
“Throughout the year, our partnership has played a crucial role in CamTech’s success and has significantly advanced our shared vision of the additional progress in Cambodia,” NBC Governor said.
She stressed that while discussing fintech, it’s important to understand the payment system infrastructure which serves as the backbone of the entire ecosystem.
“They are not just the means of transaction but the essential infrastructure, enabling seamless interaction between consumers, business and financial institutions.”
Serey further said that NBC is discussing with the IT team to create a system where customers can just smile at the camera and make payment immediately.
She continued that this project is currently underway and even if you forget the password, your face is enough to make payment.
The efficient payment system facilitates trust, enhances user experience and drives innovation by providing the necessary framework for various financial services to try, she said.
“This is why developing trustworthy payment systems is the priority for the national bank as we aim to establish innovative, secure and efficient payment structures that support the government’s financial inclusion agenda, contributing to economic development,” Serey added.
To achieve this, NBC is dedicated to fostering fintech adoption, innovation and fair competition as outlined in the Fintech Development Roadmap 2020-2025 which aligns closely with the National Financial Inclusion Strategy 2019-2025, the Cambodian Financial Technology Development Policy 2023-2028 and the Cambodian Digital Economy and Society Framework 2021-2035.
Serey said, “I look forward to more dialogues and interaction between NBC and the private sector to further our common goal. Together we can address the challenges through shared insight and collaborative action, fostering a healthy, dynamic, fair and inclusive environment.”
She stressed the importance of dialogues and interaction with regulators and the private sector, hoping that they would take this opportunity to share with NBC the concerns, challenges and how the national bank can help them.
Serey said that NBC is positioned as the protector of the systems and customers and we are not here to cycle any innovations. “If you are transparent to us, we will be transparent to you and will help you,” she stated.
Regarding the cross-border collaboration framework, she said NBC has successfully established partnerships with several countries including Thailand, Vietnam, Lao PDR, UnionPay International and recently with JB Financial Group from South Korea, and tomorrow we will also launch our collaboration with Malaysia.
She emphasised that the primary objective is to enhance an inclusive payment system and improve cross-border connectivity while encouraging the use of local currency. “These partnerships allow citizens from those nations to make payments in Cambodia through their mobile banking app, simply by scanning a QR code.”
Furthermore, we are actively working to strengthen connectivity with additional regional partners including Singapore, China, India, Japan and the Philippines, the NBC Governor added.
