Cambodia Investment Review

CamTech Summit 2023: Spearheading Digital Banking and Private Sector Innovation

CamTech Summit 2023: Spearheading Digital Banking and Private Sector Innovation

Cambodia Investment Review

Marking a significant milestone in Cambodia’s fintech landscape, the CamTech Summit 2023, centered around digital banking and private sector innovation, concluded with resounding success at the Centre for Banking Studies in Phnom Penh.

The summit, themed ‘Forging Partnerships: Fostering Collaboration and Innovation for Digital Financial Services in Mekong and Beyond,’ was a vibrant confluence of industry leaders, policymakers, and technology experts, organized by the Cambodian Association of Finance and Technology (CAFT) in collaboration with the National Bank of Cambodia (NBC).

Dr. Chea Serey, Governor of NBC, opened the summit with a compelling keynote address, accentuating the fintech sector’s vital role in Cambodia’s financial inclusion efforts. She underscored the significant strides made in enhancing payment systems through technology, a testament to the sector’s dynamism and importance.

Remarkable Success of Bakong Payment System

A focal point of Dr. Serey’s address was the remarkable success of Bakong, Cambodia’s digital payments initiative. She described Bakong as a pioneering effort in interoperability that has set a precedent internationally. “This success owes much to the close cooperation between the NBC and the private sector,” Dr. Serey noted, illustrating the synergy between public and private entities in advancing financial technology.

Read more: Cambodian Fintech Delegation Showcases Digital and Fintech Revolution at Rwanda’s Inclusive Fintech Forum

However, Dr. Serey also highlighted the challenges confronting the fintech sector, including issues like digital literacy, cybersecurity, data privacy, and protection. Recognizing CAFT’s role, she commended the organization for facilitating a platform that enables crucial dialogues between policymakers, regulators, and technology professionals.

Remi Pell, Chairman of CAFT, focused on the importance of balancing digital innovation with responsibility. He emphasized the dramatic transformation brought about by the pandemic in the banking sector, and the dual nature of opportunities and challenges it presented. Pell pointed out that events like CamTech Summit are vital for fostering advocacy, learning, and collaborative innovation in the fintech arena.

Dr. Chea Serey, Governor of National Bank of Cambodia.

Echoing Pell’s sentiments, Raymond Sia, Chairman of the Association of Banks in Cambodia, spotlighted digitalization as a crucial factor for growth, aligning with the national Pentagonal Strategy. “Cambodia has made remarkable leaps in fintech innovation. Now, our focus must shift to enhancing consumer protection, financial literacy, and ensuring equitable access to financial services,” he asserted.

The summit also featured insightful panel discussions and presentations from various subject matter experts, providing updates on the latest regional and global trends in fintech, and exploring the opportunities and challenges therein.

Cambodia’s Growing Prominence in The Fintech Sector

During the press conference Zhao Zhongyang (Kim), General Manager of Government and Enterprise Business at Huawei spoke about Huawei’s global reach, particularly its involvement in over 2,000 financial institutions across 60 countries. “With more than half of the world’s top 100 banks as our clients, we are keen to partner with financial institutions in Cambodia to advance digital financial services,” he stated, highlighting Huawei’s focus on talent development in Cambodia.

Read more: AmCham and CAFT partner to assist local FinTech community

Zokhir Rasulov, Chief Digital Officer at ABA Bank, representing ABA Bank, reiterated the bank’s commitment to fintech innovation in Cambodia’s banking sector and its alignment with NBC’s financial inclusion initiatives.

A press conference with prominent figures including Remi Pell; Tomas Pokorny Board Director of CAFT; Zhao Zhongyang (Kim), General Manager of Government and Enterprise Business at Huawei; and Zokhir Rasulov, Chief Digital Officer at ABA Bank, sharing their perspectives.

Tomas Pokorny Board Director of CAFT, serving as a panel moderator, expressed his gratitude towards the summit’s sponsors, supporters, and attendees, acknowledging their contributions to the event’s success.

The CamTech Summit 2023 stands as a testament to Cambodia’s growing prominence in the fintech sector, offering a glimpse into the future of digital banking and the pivotal role of private sector investment and innovation. The discussions and collaborations witnessed here pave the way for a more inclusive, technologically advanced, and sustainable financial ecosystem in Cambodia and the broader Mekong region.

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