Memorandum of understanding on ‘Collaboration Within Framework of Digital Economy and Financial Technology Development in Cambodia’ inked to promote the creation of new innovative products and services in Cambodia.

The Ministry of Economy and Finance signed a memorandum of understanding (MoU) with Wing Bank (Cambodia) Plc on “Collaboration Within the Framework of Digital Economy and Financial Technology Development in Cambodia” on January 10, 2024.

The signing ceremony was presided over by Minister of Economy and Finance H.E. Dr. Aun Pornmoniroth.

H.E. Dr. Kong Marry, secretary of state at the Ministry of Economy and Finance represented the government body, while Wing Bank was represented by its CEO Han Peng Kwang and Neak Oknha Kith Meng, who is Chairman of Wing Bank, and Chairman and CEO of the Royal Group of Companies.

The MoU signing ceremony was attended by the management of the Ministry of Economy and Finance, the Royal Group of Companies and Wing Bank, as well as representatives from the private sector, including financial institutions, associations and other relevant organisations.

The MoU aims to promote and support the development of the digital economy and financial technology in accordance with the policies, strategies, laws and regulations in force in the Kingdom of Cambodia.

H.E. Dr. Kong Marry highlighted the importance of the private sector’s role in engaging with the Royal Government for the development of Cambodia’s digital economy and society.

The secretary of state also encouraged further collaborations to establish a model of synergy and co-creation to promote the creation of new innovative products and services based on technology and innovation.

Neak Oknha Kith Meng expressed enthusiasm at joining hands with the Royal Government to promote the development of Cambodia’s digital economy and financial technology.

“This collaboration between Wing Bank and the Ministry of Economy and Finance is testament to the important collaborations between government institutions and the private sector in promoting the economy and providing better living for all Cambodians.

“Boosting the digital economy is not only an investment in technology, but is also part of a joint vision of providing access to digital solutions that enhance Cambodian people’s daily lives and financial wellbeing,” said 
Neak Oknha Kith Meng.

As part of efforts to contribute to the promotion of Cambodia’s digital economy and society, the Ministry of Economy and Finance and Wing Bank have previously collaborated closely on a range of projects, particularly in the startup and financial technology fields.

These have included the acceptance of bank guarantees, contract implementation in public procurement, and e-payment solutions on the Online Business Registration Portal and for non-tax and tax revenue collections, as well as payroll solutions.

This latest collaboration between the Ministry of Economy and Finance and Wing Bank is another turning point, one allowing both institutions to expand improved collaborations through the sharing of knowledge and experience, as well as participation in the use of digital platforms.

These are key to supporting the digital economy and the financial technology sector in Cambodia, as well as promoting other activities and programmes, both financial and non-financial.