FinTech

FinTech Workshop Responds to Growth in Digital Economy

In response to the continued rapid growth of Cambodia’s banking sector coupled with a surge in mobile banking, the Ministry of Economy and Finance is gearing up to host an informative workshop
A money exchange shop in Phnom Penh. Kiripost/Siv Channa
A money exchange shop in Phnom Penh. Kiripost/Siv Channa

As more Cambodians tap into the benefits of mobile banking, the Ministry of Economy and Finance is preparing to host a workshop to address the role of the banking sector and FinTech in Cambodia's digital economy.

According to a press release issued by the Ministry of Finance and Economy, Cambodia's banking sector has risen fast over the previous two decades and continues to thrive. During the Covid-19 epidemic, modernization of the financial system was seen as a crucial step in the banking sector's development.

“FinTech plays an important role in financial transactions, including payments, savings, and lending. The increasing use of mobile banking by Cambodians has been driving financial transactions to be more efficient, more convenient, and faster,” it said.

In response to the rapid growth of Cambodia's banking industry, the workshop seeks to disseminate the government's policies, rules, and regulations on digitalization and the banking sector, as well as its recent developments.

Additionally, it aims to identify existing trends, challenges, and potential for digitization in the sector. It will also gather input from various banking stakeholders for the development of Cambodia's FinTech policy.

The workshop is co-organized by the Digital Economy and Business Committee and the National Bank of Cambodia (NBC) and will be held at the Hyatt Regency Phnom Penh Hotel on September 22.

It will be attended by high-ranking officials from the Ministry of Economy and Finance, the Digital Economy and Business Committee, NBC, members of the working group on writing Cambodia's FinTech Development policy, associations, and financial institutions.

The Digital Economy and Business Committee arranged workshops in late-April and mid-June to gather adequate input to guarantee the draft policy's conciseness, flexibility, and inclusivity.