Online Platform Elevates Cambodia’s Fintech Sector

Blockchain network CamDL launches this week with the aim of providing the public with a platform to experiment with blockchain technology to solve daily issues, such as managing digital assets and strengthening data protection.

CamDL is a blockchain network that aims to offer the general public a platform to develop and experiment with blockchain technology to overcome day-to-day difficulties within their community and business.

The Cambodia Distributed Ledger (CamDL) will launch on November 13 at the "Financial Technology Forum" of the Tech Expo Cambodia 2022, hosted by the Ministry of Economy and Finance (MEF).

By launching CamDL, Cambodia’s financial technology (fintech) sector has taken a major step towards realizing the promise of emerging technologies to spur innovation throughout both financial technologies and financial sectors.

CamDL is a hybrid permissioned blockchain that was created to give the general public a platform to test, research, experiment, and create Web 3.0 or decentralized apps (DApps). Additionally, Decentralized Finance (DeFi) is being used to address common problems in the community and business.

“This significant digital incubator will act as Cambodia's first decentralized financial sector ecosystem and be governed by laws that let shareholders access, test, and work together on new technologies utilizing the Test and Learn paradigm,” according to a media release.

Through the platform, the general public, particularly software engineers, can experiment and research more thoroughly to maximize its advantages and minimize issues.

The launch of the CamDL digital key will promote consumer protection, monetary stability, and financial integrity to contribute to building Cambodia’s digital economy via blockchain networks.

CamDL’s core features, such as CamDL wallet, lets users manage their digital assets, secure themselves against any attacks, enjoy hybrid network offerings advantages from both public and private blockchains, and Ethereum Virtual Machine (EVM) which allows developers to work with smart contract and DApps.

In the framework of the Cambodian Digital Economy and Society Policy 2021-2035, it also points out the consideration of building a blockchain infrastructure for data storage.

“We strongly encourage other developers and non-techies to explore their creativity by building DApps on our decentralized network, solve issues, and learn more about blockchain technology,” according to the CamDL White paper. 

Developed by the new "Techo" Business Training Center, the digital project is led and managed by Kong Mary, MEF Under-Secretary of State.