Cambodia launches fintech development policy as govt aims to maintain financial stability and promote innovation

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PHNOM PENH (Bernama-Xinhua): The Cambodian government led by Hun Manet launched Financial Technology (Fintech) Development Policy 2023-2028, aiming to enhance financial inclusion as well as maintain financial stability and promote innovation.

Cambodian Deputy Prime Minister Aun Pornmoniroth, also minister of economy and finance, presided over an event on the issue in Phnom Penh, which was attended by high-ranking officials from relevant ministries and public institutions, and representatives of banking and financial institutions.

Speaking at the event, Pornmoniroth said the South-East Asian country has experienced rapid development in Fintech, which is a catalyst to support and stimulate socioeconomic development.

He said the use of digital technology has enabled local businesses and investors to connect to regional and global production chains, as well as to innovate in the production of goods and services.

"This policy is an important roadmap to promote the use of technologies in the financial industry," he said.

"I firmly believe that the effective implementation of this policy will enable Cambodia to make the maximum use of Fintech to boost its digital economic and social development," he added.

The rise in Fintech has given a big boost to the development of mobile payments in Cambodia.

According to the National Bank of Cambodia (NBC), there were a total of 19.5 million e-wallet accounts in 2022, up from 13.6 million in the year before.

The country recorded 1 billion online payment transactions with a total amount of 272.8 billion U.S. dollars last year, NBC said.