Cambodia is positioning itself for a digital revolution in the financial sector with the unveiling of its Financial Technology (fintech) Development Policy for 2023-2028. Deputy Prime Minister and Minister of Economy and Finance, Aun Pornmoniroth, believes that embracing the advantages of digital transformation will not only invigorate the country’s socio-economic landscape but also strengthen global socio-economic relationships.
Pornmoniroth, who is also the chairman of the Digital Economy and Business Committee, highlighted the transformative effects of digital technology in business models, communication, public service delivery, and work efficiency. He emphasized that economies, regardless of their development stage, can rapidly transition from traditional industries to contemporary ones.
The minister outlined three key activities to achieve this evolution: the deployment of digital systems as a foundation for economic growth, utilizing digital technology as a catalyst to boost various economic sectors, and leveraging digital means to connect local businesses and investors to international production chains to inspire innovation in product and service offerings.
By executing this policy effectively, Pornmoniroth believes that Cambodia will fully benefit from the digital overhaul in the financial sector, paving the way for the country’s digital, economic, and societal progression.
The fintech policy is symbolized by a fintech tree analogy, with four primary objectives: environmental enhancement and supportive policies (soil), fostering a digital foundation (roots), championing the adoption and evolution of auxiliary technologies (tree), and advocating for the development and innovation of fintech operations (branches).
The fintech policy unveiled by Deputy Prime Minister Aun Pornmoniroth represents an exciting and positive step towards harnessing the opportunities presented by digital transformation in Cambodia. The policy’s focus on empowering local businesses, promoting innovation, and strengthening global connections is set to bring significant benefits to the country’s economy and society.