Cambodia Investment Review
The Ministry of Post and Telecommunications (MPTC) and the Telecommunication Regulator of Cambodia (TRC) have been working to strengthen SIM registration procedures, ensuring that telecom companies follow updated regulatory guidelines for better data management. Telecom operators are promoting the adoption of electronic Know Your Customer (eKYC) processes to improve identity verification in Cambodia’s telecommunications sector. This approach is intended to make customer verification more efficient and reduce the risk of fraud.
eKYC, an electronic version of the traditional KYC process, is designed for user authentication and data acquisition. It offers several advantages over conventional methods, including improved efficiency, reduced operational costs, and enhanced customer experience.
For telecom companies, the implementation of eKYC during the SIM card activation process is crucial as it allows them to authenticate users’ identities and link them to their corresponding SIM cards. This linkage helps prevent SIM card swapping attempts, protecting customers’ identities and ensuring the integrity of telecom services.
In Cambodia, eKYC is becoming a key component in digital identity verification. The key metrics for eKYC include:
- Name
- Address
- Date Of Birth
- National Id Number/Passport Number, and
- Live Facial recognition
Currently, only the national ID and passports are accepted as identity documents for eKYC system in Cambodia, with driving licenses not yet applicable.
Robust Measures In Place To Prevent Fraud And Identity Theft
Telecom companies emphasize the robust measures in place to prevent fraud and identity theft. The Central Bank and Ministry of Finance have implemented stringent authentication and assessment protocols through the CamDigiKey mechanism. Thorough identity checks are essential due to Cambodia’s regulatory requirements, with suspicious activities being monitored and reported to ensure compliance with KYC norms.
Smart Axiata, one of the leading telecom providers in the Kingdom of Cambodia, has taken step ahead proactively to adopt the eKYC to enhance customer registration across its distribution channels in the Kingdom of Cambodia. Smart’s Smart FaceCheck eKYC employs advanced live facial recognition technology to ensure secure and accurate identity verification. This not only helps in preventing SIM card fraud but also improves the overall customer experience by simplifying the registration process.
Find out more about Smart’s Smart FaceCheck eKYC here.
Smart’s adoption of eKYC is part of a broader initiative to enhance the telecommunications infrastructure in Cambodia. By leveraging eKYC, Smart aims to streamline customer onboarding, reduce operational costs, and improve data accuracy. The implementation of eKYC processes is a significant step towards enhancing security and efficiency in customer verification, marking an exciting time for digital identity verification in Cambodia.
Enabling Ease of Registration And Authentication
By adopting eKYC, Smart is not only improving its operational efficiency but also contributing to a more secure and reliable telecommunications environment in Cambodia. The move towards digital identity verification is expected to set a new standard in the industry, providing a safer and more convenient experience for customers.
As eKYC gains traction in Cambodia, its benefits across various sectors, including telecommunications, digital banking, insurance, and fintech, are becoming increasingly evident. In the telecom industry, eKYC enhances security, prevents fraud, and ensures regulatory compliance, while in banking, it streamlines the customer onboarding process, improves financial inclusion, and strengthens trust. Other industries, such as insurance and fintech, are also adopting eKYC to enhance customer experiences, reduce operational costs, and meet regulatory requirements. Overall, eKYC is playing a pivotal role in securing transactions and shaping the future of Cambodia’s digital economy.
