In a move to streamline trade processes and enhance the convenience of acquiring trade licenses and certificates, the Ministry of Commerce (MoC) of Cambodia is broadening its payment platform to include more banking partners. The initiative aims to facilitate smoother transactions for businesses engaging in import and export activities within the Kingdom.
Penn Sovicheat, the Spokesperson and Secretary of State of the MoC, shared insights in a discussion with Khmer Times, highlighting the ministry’s efforts to integrate the payment system with prominent banks like the Cambodian Public Bank and Prince Bank. Additionally, dialogues are ongoing to include other financial institutions such as ACLEDA, the Foreign Trade Bank of Cambodia (FTB Bank), and Phillip Bank into this expanding network.
Since July 1, 2019, the MoC has been actively participating in the Cambodia National Single Window (CNSW) system, piloting the application process for import and export licenses and unprocessed diamond certificates. To support the electronic payment mechanism for the CNSW project, the import and export department of the MoC has established agreements with several banks, officially recognizing payments through Wing Bank, Canadian Bank, and Vattanac Bank.
This initiative reflects a significant shift from traditional cash transactions, aiming to reduce the time, travel, and documentation expenses typically associated with obtaining necessary trade licenses and certifications. The MoC’s proactive approach to expanding its banking collaborations underscores its commitment to simplifying the payment process for the private sector.
Looking ahead, the MoC plans to enhance the ASEAN Trade in Goods Agreement e-Form D (ATIGA e-Form D) and the ASEAN Customs Declaration Document (ACDD), both designed to streamline customs procedures and facilitate the swift exchange of export declaration information.
The integration of electronic, online solutions is poised to elevate the efficiency and transparency of international trade procedures, ensuring cost-effectiveness, consistency, and certainty throughout the regulatory and clearance processes.
As part of the CNSW initiative, six ministries, including the General Department of Customs and Excise and the Ministry of Commerce, initially connected through the Automated System for Customs Data (ASYCUDA) to participate in the Asian Single Window (ASW). The scope of this collaboration has since widened, with additional ministries and institutions joining in the effort to bolster Cambodia’s trade infrastructure and capabilities on a regional scale.
This collaborative endeavor underscores Cambodia’s commitment to fostering an enabling environment for trade, ensuring that businesses have the resources and support needed to thrive in a global marketplace.
