The workshop on the Role of Insurance Sector and FinTech in Digital Economy was held here at Sofitel Phnom Penh Phokeethra on June 15 to disseminate the government's policies and regulations on digitalisation and insurance and gather more input on the insurance sector.

Co-organised by the Digital Economy and Business Committee, the Insurance Regulator of Cambodia, and the Insurance Association of Cambodia, this workshop was presided by H.E. ROS Seilava, Secretary of State, Ministry of Economy and Finance, and Chairman of the working group on drafting Cambodia's Financial Technology Development Policy, with the participation of top government officials, distinguished delegates from relevant government bodies, representatives from insurance companies, banks, microfinance institutions, and private companies, in a total of 124.

In his opening remarks, H.E. ROS Seilava, said although the insurance sector has been growing and has potential, the insurance technology (InsurTech) in Cambodia is still in the nascent stage and has been encountering some challenges, including the lack of regulatory frameworks for digital insurance-related businesses, the lack of support infrastructures, such as regulatory sandbox and the access to the internet in the rural areas, the lack of support from key actors in the InsurTech ecosystem, including public, private and development partners, and low financial and digital literacy among Cambodian people.

Four presentations and a panel discussion provided all participants with comprehensive knowledge on the role of the insurance sector and FinTech in digital economy development and best practices in fostering InsurTech development in the region. The presentations were on Cambodia Digital Economy and Society Policy Framework 2021-2035 and the Development of FinTech Policy, the Digital Enablers in FinTech, the Development Trend and Challenges in Regulating the Digital Insurance Business in Thailand, and good practices of digital insurance models in the region. After the presentations, a panel discussion on the Current Development and Challenges of Digital Insurance Business and the Role of the Insurance Regulator in Cambodia was held to gather inputs from key stakeholders and participants.

At the conclusion of the workshop, H.E. BOU Chanphirou, Director General of the Insurance Regulator of Cambodia, delivered closing remarks which mentioned the next concrete actions, including continuing research activities and cooperation among stakeholders.

"In the next steps, the committee has to continue cooperating with relevant government bodies, private companies, banks and microfinance institutions, and stakeholders with regard to organising workshops or meetings. These actions aim to promote synergy and co-creation, particularly in drafting the coherent, sharp, holistic, and agile Cambodia's Financial Technology Development Policy, which can ultimately respond to the needs of all stakeholders. The committee will organise workshops or meetings with relevant sectors, including banking and decentralised finance sectors to gather more input," he commented.

Source: Agency Kampuchea Press