The Ministry of Economy and Finance (MEF) and Canada-headquartered ABA Bank signed a Memorandum of Understanding (MoU) today to collaborate within the framework of digital economy and financial technology development in Cambodia.

The MoU, signed on behalf of MEF by Dr Kong Marry, undersecretary of state and secretary-general for Digital Economy and Business Committee, and ABA Bank CEO Ashkat Azhikhanov, is in line with the national and regional policies and trends.

The MoU is expected to promote and expand the collaboration in three areas. They consist of the sharing of knowledge, experience and training, participation in the use of digital enablers, and supporting activities and programmes both financially and non-financially.

Kong Marry said the collaboration will create a model of synergy and co-creation between the government and the private sector, which will generate new products and services aiming to enhance the delivery of more efficient public services based on technology and innovation.

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The ministry has worked with ABA on a number of projects in the digital and fintech sectors, MEF said in a statement today.

The event, attended by the MEF and ABA management and financial institutions and insurance company managers, also saw MEF minister Dr Aun Pornmoniroth present Cambodia Data eXchange (CamDX) membership certificates to 14 members.

They comprise AMK Microfinance Institution Plc, Royal Microfinance Plc, Wing Bank (Cambodia) Plc, Hattha Bank Plc, ACLEDA Bank Plc, MGA Asia Insurance Brokers Co Ltd, FWD Life Insurance (Cambodia) Plc, Prasac Microfinance Institution Plc, Chailease Royal Finance Plc, Agricultural and Rural Development Bank (ARDB), Mohanokor Microfinance Institution Plc, Shinhan Bank (Cambodia) Plc, Sathapana Bank Plc and ABA Bank.

“CamDX is a platform for data exchange between one information technology system and another information technology system using application programming interface (API).

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“These 14 members have been using CamDX for the exchange of identity data of the government mainly for the electronic know-your-customer (E-KYC) process. Many other banks and companies have expressed interest, and some are in the process of becoming a member,” MEF said.

sangeetha.amarthalingam@kiripost.com