Cambodia Investment Review

ABA Bank teams up with MoEF to foster Kingdom’s Digital Economy and FinTech Development

ABA Bank teams up with MoEF to foster Kingdom’s Digital Economy and FinTech Development

Tom Starkey

A Memorandum of Understanding (MoU) between Advanced Bank Asia (ABA) and the Ministry of Economy and Finance (MoEF) was signed yesterday, marking the beginning of an exciting new cooperation within the Digital Economy and FinTech Development framework in Cambodia, following the Digital Economy and Society Policy Framework 2021-2035 and Digital Government Policy 2022-2035.

Read more: ABA Bank Leverages Technology to Drive Impressive Financial Success and Contribute to Cambodia’s Growth

ABA Bank, the largest Cambodian commercial bank and a major provider of modern banking solutions, will work with the MoEF to promote, support various and contribute to the development of the Fintech sector in Cambodia in line with the national principles and global trends, as well as implementing programs in Fintech and digital economy fields and providing access to IT products such as the e-Invoicing system, the CamDX platform, and the CamDigiKey customer identification system.

A new model of collaboration between public and private

Speaking at the ceremony, H.E. Dr. Kong Marry, Undersecretary of State and Secretary General of the General Secretariat of Digital Economy and Business Committee, said he is honoured to represent the MoEF in this MoU.

“This signing represents a new model of collaboration between the state and private sector, which aims to do three things. Firstly, share knowledge, experience and training, secondly, see participation in the use of digital enablers and finally, support activities and other programs both financially and non-financially for the development of the digital economy and financial technology in Cambodia,” he said.

“Such collaboration will create a model of synergy and co-creation between government and the private sector, which will lead to the development of new services and products aimed at enhancing the provision of more efficient public services based on technology and innovation,” he added.

ABA Bank was represented by Askhat Azhikhanov, Chief Executive Officer, with Yves Jacquot, Chairman of the Board of Directors, and Madi Akmambet, Executive Director. Askhat Azhikhanov said the bank feels privileged to partner with the MoEF toward the common goal of fostering an innovative and dynamic digital economy in the country.

“ABA has always been committed to leveraging technology and innovation to deliver value-added and efficient financial solutions to the customers. We firmly believe that collaborating with the Ministry of Economy and Finance will enable us to create more opportunities for our customers and accelerate progress in the overall fintech ecosystem,” he said.

“Through its innovative digital banking services, ABA hopes to contribute to the development of the Cambodian economy and enhance the digitization of financial and government services in the country,” he added.

Committed to leveraging technology and innovation

During the ceremony, H.E. Akka Pundit Sopheacha also presented Cambodia Data eXchange (CamDX) certificates to all 14 members of the decentralised data exchange platform – including ABA – from the private sector, which provides online services to private and public organisations.

Speaking on CamDX, H.E. Dr. Kong Marry said, “CamDX is a digital enabler that allows data to be exchanged from one information technology system to another, making it one of the first of its kind for the govenment. CamDX will be used to further promote the development of the financial and banking sector in Cambodia,” he added.

The MoU signing ceremony was witnessed by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister of the Royal Government of Cambodia, Minister of Economy and Finance.

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