Cambodia's financial technology (fintech) sector is poised for significant growth, as evidenced by the country's active participation on November 20, 2023 in the Singapore Fintech Festival (SFF).
The Cambodian Association of Finance and Technology (CAFT) – in collaboration with the National Bank of Cambodia (NBC) – has also organised the November 29-30, 2023 CamTech Summit.
The delegation at the SFF included representatives from major financial institutions such as ABA Bank, ACLEDA and Phillip Bank, as well as the Cambodia Internet Startup Association (CISA), media representatives and business leaders.
At the SFF, Cambodian representatives engaged with global fintech leaders from companies including Liquid Group, Visa and Huawei Cloud to explore opportunities in cross-border trades and payments for partnerships between banks and payment providers in the region.
A significant milestone was the signing of a memorandum of understanding (MoU) between the National Bank of Cambodia and Alipay.
The MoU seeks to facilitate efficient and secure cross-border QR code payment transactions, enabling seamless financial exchanges between Cambodia and the global market.
Concurrently, the launch of cross-border real-time payment systems connectivity between Singapore and Malaysia as well as Singapore and Indonesia represents a transformative development for digital payments in the region.
Cambodia's representatives at the Singapore Fintech Festival – held as part of the November 29-30 CamTech Summit – made significant strides that set a promising trajectory for the country's fintech sector.
These accomplishments are expected to foster ongoing partnerships with fintech events in the region and globally, further propelling Cambodia's financial technology landscape.