Cambodia Investment Review
On 16 December 2024, ABA Bank, the largest commercial bank in Cambodia, proudly signed the MOU with the inter-ministerial Digital Economy and Business Committee (DEBC) to support as a banking partner the registration of the informal economy actors through the newly launched Digital Platform for Onboarding Informal Economy.
The Digital Platform is an initiative developed by the BEDC, the Ministry of Industry, Science, Technology and Innovation (MISTI), and the Ministry of Economy and Finance (MEF). It aims to facilitate informal economy actor registration, enabling them to obtain the certificate from the Royal Government of Cambodia.
Facilitate All Informal Economy Populations
The MOU signing ceremony was held under the honorable presence of Samdech Thipadei Hun Manet, Prime Minister of Cambodia. Esteemed attendees included H.E Hem Vanndy, Minister of Industry, Science, Technology and Innovation, H.E Dr. Kong Marry, Secretary of State of MEF and Secretary General of the General Secretariat of DEBC, Askhat Azhikhanov, Chief Executive Officer of ABA Bank, Zhiger Atchabarov, Chief Operating Officer of ABA Bank, top management of other banks-participants, and other distinguished guests.
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Following the MOU, ABA will facilitate all informal economy populations, from micro-enterprise employees and occasional workers to self-employed individuals, to register with the Digital Platform voluntarily and free of charge at any ABA Bank branch. In addition, the Digital Platform is integrated into ABA Mobile’s Services section, enabling participants of the informal economy sector to register via their smartphones conveniently and for free.
In obtaining informal economy status, one can receive a range of benefits, including tax incentives, skill development, healthcare benefits, and other support programs to be announced by the Royal Government in due course.
By signing the MOU, ABA Bank is honored to contribute to the implementation of the National Strategy for Informal Economy Development 2023-2028 introduced by the Royal Government to develop the informal economy into the formal system, making it a significant driving force in improving people’s livelihoods while ensuring sustainability, robustness, and resilience to crises.
Launching The Digital Platform For Onboarding Informal Economy
“We at ABA Bank commend the Royal Government for their innovative effort in launching the Digital Platform for Onboarding Informal Economy. We remain committed to supporting the development of the country’s economy,” stated Zhiger Atchabarov, ABA Chief Operating Officer. “By leveraging our extensive branch network and mobile banking app, we aim to make the registration process accessible and convenient for all participants in the informal economy, further fostering national economy growth,” he concluded.
ABA Bank encourages all eligible individuals to visit their nearest ABA branch or use ABA Mobile to register with the Digital Platform and be an official part of the informal economy population.
For more information about the Digital Platform for Informal Economy Development, visit www.informal.digitaleconomy.gov.kh.
