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Cambodia Launches Policy to Integrate Financial Technology

PHNOM PENH: The Ministry of Economy held an outreach workshop on "Cambodia Financial Technology Development Policy 2023-2028" to promote the development of financial technology (Fintech) in Cambodia and disseminate the policy widely.

Speaking at the official opening of the seminar on October 4, Minister of Economy Aun Pornmoniroth said that Cambodia's financial technology development policy has three main principles: promoting financial innovation, maintaining financial stability, and enhancing financial inclusion.

He believes that implementing the outlined policies will accelerate economic development and create a livelier digital society for the Kingdom. He noted that there are two main actors responsible for spearheading the new policies: the National Bank of Cambodia and the regulators under the Non-Bank Financial Services Authority, who are to coordinate with relevant ministries and institutions.

Aun Pornmoniroth also gave recommendations the ministries, institutions and private business owners to make their involvement more effective including practical work activities, researching, gaining experience and building their knowledge on a regular basis, as well operating with a spirit of reactiveness, ownership and responsibility.

The Financial Technology Development Policy 2023-2028 is part of the larger Digital Economy and Society Policy 2021-2035 vision which aims to build a vibrant digital economy and society by building a strong foundation for digital transformation among individuals, regional offices, the government and businesses to accelerate new economic growth and promote social welfare.

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