Tri-Party MoU Signed to Enhance Banking and Financial Sector in Cambodia

The Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the Cambodian Association of Finance and Technology (CAFT) inked here on Sept. 19 the Memorandum of Understanding (MoU) to enhance the strategic partnership of the three associations in order to promote financial inclusion, FinTech, capacity building, and the FinTech eco-system for Cambodian Banking and Finance businesses.

The MoU signing will be signaling the commitment and joint efforts to further promote the development of the FinTech framework and to contribute with the government to achieve the goals toward the digital adoption and digital transformation of the country “Digitalised Citizens, Digital Business and Digital Government”.

The MoU was signed by ABC’s Chairman Mr. Raymond Sia, CMA’s Chairman Mr. Sok Voeun, and CAFT’s Chairman Mr. Pell Remi Sisophon.

The tri-party MOU is a symbol of the ongoing commitment of the three associations to the financial sector and the Cambodian people. The MoU key agenda includes jointly cooperating to serve as industry partners for the FinTech and Startup community in Cambodia, jointly cooperating to execute and monitor the implementation of the Banking and Financial Institutions Code of Conduct, and jointly cooperating on FinTech adoption activities and capacity building.

Mr. Kith Sovannarith, First Deputy Director General of Banking Supervision, the National Bank of Cambodia (NBC), congratulated the three associations for reaching the MoU, which is the milestone and achievement for the industry.

The MoU will contribute to the NBC’s efforts in promoting Financial Inclusion through the advancement of technology and innovation, Mr. Kith Sovannarith said, adding that the role of FinTech in the banking industry has been growing significantly over the pandemic time.

Mr. Kith Sovannarith also laid stress on innovative banking products and services, such as virtual payment cards, contactless technology, mobile payment, QR Code payment, and online credit rating, which provide a more convenient, affordable, access to finance for SMEs and also people who are previously no access to formal financial services.

Source: Agency Kampuchea Press