Vijian Paramasivam
As technological advancements continue to evolve at an unprecedented pace, Cambodia has embarked on a strategic journey toward digital transformation. Under the guiding framework of the Rectangular Strategy IV 2018-23, the nation has set a robust target to transition into a fully digital economy.
The forward-thinking initiative places Cambodia on the front lines among its ASEAN peers. However, the swift pace of technological development necessitates continuous revisions of digital strategies, particularly in the essential telecommunications and finance sectors.
The “TecFin Future Conference 2023”, hosted by Indian Chamber of Commerce in Cambodia, gathered a noteworthy cohort of experts across banking, fintech, telecommunications, payment services, and data analytics. Their common objective: to appraise the impacts of innovative technologies on consumers and gauge the associated costs.
The dual nature of new technologies
Sok Puthyvuth, the Secretary of State for the Ministry of Posts and Telecommunications, acknowledged the rewarding journey so far, saying, “Digital technology has become a catalyst for the growth of Cambodia.” However, transitioning to the next phase of digital adoption isn’t without its obstacles. The country must bolster its digital investments, enhance its technology infrastructure, develop quality human capital, refine its regulatory framework, and foster leaders capable of navigating the digital age.
The dual nature of new technologies was highlighted by Ziad Shatara, CEO of Smart Axiata, who reminded attendees, “As huge amounts of data are processed at one center, it is a great attraction for hackers,” thereby underlining the necessity for significant investments in cybersecurity and human resources development.
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The deployment of robo-advisors, a cutting-edge AI tool in financial planning, calls for mindful management. Despite their potential, Bekzod Ruzmetov, Head of Internet for Business, Data Analytics, and R&D at ABA Bank, warns, “Financial institutions offering robo advisory should be very selective because we are protecting people’s money.”
Ivana Tranchini, Visa’s Country Manager, further stressed that consumer trust remains fundamental, noting, “We can put any technology we have in the market and see how it goes, but if we don’t have the fundamental trust of the consumer, none is going to stay.”
A shared belief in education and upskilling
Yet, amidst these hurdles, there is a shared belief that upskilling staff, revamping education, and promoting digital literacy are key for driving digital transformation. Wing’s Chief Marketing Officer, Tim Grintal, encourages leaders to cultivate a culture of digital literacy and agility within their teams, deeming them “necessary skill sets that any leader needs to have to drive digital transformation in their company.”
Francois Du Toit, independent director at Macro Computing Solutions Co Ltd, concurred, emphasizing that leaders need to create an environment conducive to innovation and risk-taking. He sternly warned that without such a mindset, “digital transformation or innovation will remain distant dreams.”
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Cambodia’s digital journey, while fraught with challenges, holds the promise of fueling economic growth, streamlining operations, and enhancing consumer experiences. However, achieving these goals requires careful planning, substantial investment, infrastructural upgrades, and a strategic approach prioritizing consumer protection, human capital development, and regulatory agility.
As evidenced by the insights from the TecFin Future Conference 2023, the road to a digital economy is indeed steep, but with thoughtful strategies, constructive dialogue, and a consumer-centric approach, Cambodia is well-positioned to successfully steer its digital transformation in the telecom and finance sectors into a prosperous future.
