Cambodia Investment Review
In a bid to deepen Cambodia’s transition toward sustainable finance, the Securities and Exchange Regulator of Cambodia (SERC) and the International Finance Corporation (IFC) co-hosted a high-level capacity-building workshop on July 8, 2025, focusing on Green, Social, Sustainability, Sustainability-linked and Transition Bonds (GSS+ Bonds). The full-day workshop took place at the Hyatt Regency Phnom Penh and brought together over 120 participants from across the financial and public sectors.
Held under the high presidency of H.E. Sou Socheat, Director General of the SERC, and Ms. Towfiqua Hoque, IFC’s Country Resident Representative in Cambodia, the event aimed to equip market participants with the foundational knowledge and technical skills to structure, issue, and benefit from GSS+ bonds—financial instruments that are playing an increasingly important role in driving sustainable development worldwide.
Strengthening Cambodia’s Sustainable Finance Ecosystem
The event follows growing regional interest in sustainable finance, with ASEAN members accelerating efforts to align capital markets with green growth goals. In his opening address, H.E. Sou Socheat emphasized that Cambodia’s journey toward a sustainable securities market hinges on collaboration between regulators, market players, and development partners.
Read More: Cambodia Highlights Capital Market Progress at ASEAN+3 Bond Forum in Japan
“As the regulator, the SERC stands ready to support this transition by providing guidance, strengthening oversight, and working closely with stakeholders to uphold market integrity and investor confidence,” he said.
He noted that through targeted capacity-building efforts, Cambodia aims to not only open new funding opportunities for issuers but also strengthen its broader sustainable finance ecosystem.
The workshop aligns with earlier statements by Cambodia’s Ministry of Economy and Finance that sustainable finance will be a central component of future capital market development. This initiative also dovetails with regional frameworks such as the ASEAN Green Bond Standards and international best practices promoted by institutions like the International Capital Market Association (ICMA).
IFC: Thematic Bonds Are a Strategic Tool for Growth
Ms. Towfiqua Hoque of IFC underscored the importance of developing robust capital markets to support Cambodia’s sustainability ambitions.
“As Cambodia accelerates its transition toward a more resilient and sustainable future, capital markets play a pivotal role in financing green and sustainable economic development,” she said. “Thematic bonds are powerful instruments to attract both local and international investors.”
IFC, a member of the World Bank Group, has played an active role in promoting sustainable finance in emerging markets and has committed to supporting Cambodia’s capital market development by equipping institutions with technical expertise and practical knowledge. The organization has previously backed the issuance of thematic bonds in markets like Vietnam and Indonesia.
Broad Participation from Cambodia’s Financial and Regulatory Ecosystem
Attendees included senior officials from key government bodies such as the Ministry of Environment, the National Bank of Cambodia, and various departments within the Ministry of Economy and Finance. Representatives from the Insurance Regulator of Cambodia, the Cambodia Securities Exchange, and the National Social Security Fund also joined.
The private sector was strongly represented by commercial banks, microfinance institutions, fund managers, insurers, listed companies, and law firms. Sector associations such as the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association, and the Cambodia Association of Securities Firms were also in attendance.
Expert insights were provided by speakers from HSBC, Moody’s, RHB Securities (Cambodia), and Prudential Cambodia. These presentations offered technical perspectives on structuring sustainable bond frameworks, understanding ESG rating methodologies, and navigating disclosure requirements.
Unlocking New Funding Channels
The GSS+ bond market is expanding rapidly in Asia, as governments and corporations seek financing instruments that support environmental and social goals. By promoting GSS+ bond issuance, Cambodia hopes to tap into growing pools of ESG-aligned capital, particularly from institutional investors seeking credible sustainability-linked instruments in frontier markets.
The workshop aimed to shift perceptions of ESG compliance from a regulatory burden to a strategic advantage. For issuers, GSS+ bonds offer access to diversified funding sources, enhanced reputation, and alignment with global investor expectations.
The event marks another step forward in Cambodia’s broader push to modernize its financial system and align with global sustainability standards. As interest in ESG instruments grows across ASEAN, Cambodia is positioning itself to participate more actively in the sustainable investment landscape.
For more on Cambodia’s capital market developments, see our earlier coverage of the Cambodia Securities Exchange’s market expansion and the country’s broader economic transformation initiatives.
