The Cambodian Association of Finance and Technology (CAFT) and the American Chamber of Commerce in Cambodia (AmCham) will join forces to combat development issues and assist in the growing of Cambodia’s Financial Technology sector.
The two associations held a working lunch outlining current issues facing the sector as they agreed to tangible actions signing a Memorandum of Understating (MoU) at Phnom Penh’s Backyard Café today.
Some of the topics discussed was the need for greater access to ‘fair deal capital’ for young startups and help with formal registration requirements as well as catering to foreign companies engaging in e-commerce here that now must comply with new requirements and tax legislation.
The MoU outlined reciprocal membership and event discounts, serving as industry partners for the Fintech and Startup communities, joint promotion of events and activities, and cooperation on the upcoming CAFT’s CamTech Summit in cooperation with World Fintech Festival by Singapore Fintech Festival, National Bank of Cambodia, Association of Banks in Cambodia and Cambodian Microfinance Association.
Remi Pell, Board Chairman of CAFT said at the signing, “the United States is representative of some of the largest and leading technology companies in the world and the intent is to tap into AmCham’s expertise and leverage their membership in achieving our goals.”
Anthony Galliano, AmCham President said that the chamber is committed to working with the public and private sector in the promotion and support of business and commerce in the Kingdom.
“This is a great opportunity for the Chamber to elevate the Fintech sector and raise awareness of the commercial tech successes in the Kingdom, and at the same time leverage the expertise of the world’s leading technology companies, who are part of our membership, for the good of the country,” Galliano added.
In November, the association will be involved in a five-day event that will be held in parallel with the World Fintech Festival with Cambodia being one of its partner cities. The tech festival will be a hybrid event (offline and online) that showcases Cambodia’s Finance and Tech industry.
The first day will feature a showcase of tourism and tech in Siem Reap, second day real estate and tech in Sihanoukville and third day agriculture, tech and trade-in Battambang. Day four and five will continue in Phnom Penh, a partner city to World Fintech Festival 2021, with live sessions broadcasted in more than 40 countries including Singapore.
Last year, CAFT merged with the Cambodia Fintech Association and is now considered the leading single voice for the industry, making it easier for government regulators and organizations to work with them.
Since the merger, CAFT has also become a member of the Association of Banks in Cambodia, allowing it to receive government support more broadly.
Cambodia’s Payment Service Institutions (PSIs) have been looking to distinguish themselves as the central bank expand its own digital payment application now claimed to register over 200,000 users.
The mobile application ‘Bakong’ was launched last year and is Cambodia’s first integrated payment system and was designed to allow customers to perform several functions, such as using an e-wallet and making mobile payments, online transactions, and financial applications.
In response, some market players are already undergoing diversification in the rapidly moving Financial Technology (FinTech) industry.
It is estimated that the Kingdom’s digital payment market was worth around $3.5 billion last year.