Cambodia is carving its path as a regional player in digital finance, as demonstrated by its active participation in the Singapore FinTech Festival (SFF) 2024. Held from November 6 to 8, the event attracted 65,000 attendees from 134 countries, with Cambodia fielding a delegation of 40 representatives from leading financial institutions. The festival provided Cambodia with an invaluable opportunity to spotlight its rapid advancements in financial technology and foster global partnerships.

Bakong: A Game-Changer for SMEs

A major highlight of Cambodia's presence was the contribution of H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC), to a panel discussion moderated by Pat Patel, Executive Director of the Global Finance & Technology Network. Joined by high-level speakers, including the Minister of ICT and Innovation of Rwanda and senior executives from Ant International, Amazon, and GCash, Dr. Serey shed light on the pivotal role of Cambodia's Bakong digital payment system.

Launched during the COVID-19 pandemic, Bakong has significantly bolstered financial inclusion for Cambodia's small and medium-sized enterprises (SMEs). Dr. Serey elaborated on how digital payments have unlocked access to essential banking services for SMEs, transforming financial invisibility into visibility. She noted:

Enhancing SME Access to Finance

To deepen its support for SMEs, the Cambodian government and NBC are implementing a multi-faceted strategy. Key initiatives include the establishment of an SME Bank and a Credit Guarantee Scheme to provide greater access to financing. Cross-border payment partnerships with regional FinTech leaders like Alipay+ and the development of the Financial Transparency Corridor (FTC) with the Monetary Authority of Singapore (MAS) further underscore Cambodia's commitment to innovation.

During the festival, a dedicated workshop on the FTC brought together prominent stakeholders such as MAS, Liquid Group, Proxtera, and UNDP, alongside five leading Cambodian banks. The collaboration aims to leverage cutting-edge technology to address persistent barriers to financial inclusion while spurring economic growth in both Cambodia and Singapore.

Cambodia's Strategic Advantage in the FinTech Space

Reflecting on Cambodia's participation, Sophoan Rath, Chairman of the Association of Banks in Cambodia (ABC), emphasized the strategic value of partnerships with Singapore.

Sophoan also pointed to Cambodia's lack of legacy systems in banking as a competitive advantage.

A Promising Future in Digital Finance

Cambodia's proactive engagement at SFF 2024 reflects its ambition to position itself as a regional leader in digital finance. With initiatives like Bakong and the FTC laying the groundwork, and partnerships with global players accelerating technological integration, Cambodia is poised to capitalize on its potential and drive inclusive growth in the digital economy.

For investors and innovators seeking to explore Southeast Asia, Cambodia's commitment to a digitally inclusive financial system offers compelling opportunities—a story worth following as the country's FinTech journey unfolds.