A senior official at the Cambodia Securities Exchange (CSX) has stated that their recent integration with the Ministry of Economy and Finance’s Cambodia Data Exchange (CamDX) platform will enable the public to instantly open trading accounts. The development is seen as an important step in facilitating public participation in the stock market.
Hong Sok Hour, CEO of CSX, told The Post that the primary aim of joining the system is to simplify the online account opening process. The initiative will help the public to easily create online accounts, reducing confusion and preventing unauthorised access.
He said that by becoming a CamDX member, CSX gains immediate access to the Electronic Know Your Customer (E-KYC) system, which verifies identity cards on the spot.
“With this service, anyone in the country or overseas with a valid Khmer identity card registered with the Ministry of Interior can open a trading account instantly and start trading right away,” he explained.
“Therefore, with this online registration, we have now networked with the Securities and Exchange Regulator of Cambodia (SERC) to enable [individuals] to immediately obtain an investor identity. We are also connected to CamDX for instant verification of customer credentials,” he added.
He also noted future plans to link with other banks for immediate money transfers or share purchases.
CSX and SERC integrated the investor identification number system of SERC with the online trading account registration system of the CSX on October 25.
According to Sok Hour, the interconnection has established a comprehensive system for opening online trading accounts and a new procedure for securities companies to request investor identification numbers and create accounts for traders instantly within a single system.
Five securities companies have registered to use the new system, including RHB Securities, Cana Securities Ltd, SBI Royal Securities Plc, Cambodia Securities and Campu Securities Plc.
“From the start of this year to the end of 2023, we anticipate acquiring a total of 13,000 new investors. However, in 2024, following the simplification of the online account opening process, we expect the number of new [traders] to rise to between 30,000 and 50,000,” he said.