The Cambodian Association of Finance and Technology (CAFT) and the American Chamber of Commerce in Cambodia (AmCham) have entered into a partnership to support local fintech and start-up businesses, and promote financial inclusion and social responsibility in the community.
A memorandum of understanding (MoU) was signed to this end in the capital on September 16 by CAFT chairman Remi Pell and AmCham president Anthony Galliano.
Under the MoU, the two associations have agreed a number of tangible actions including reciprocal membership and event discounts, as well as serving as industry partners for fintech and start-up communities.
They are to jointly promote events and activities, and work together on CAFT’s upcoming CamTech Summit, organised in collaboration with the National Bank of Cambodia, Association of Banks in Cambodia and Cambodian Microfinance Association, and set to be held in parallel with the World Fintech Festival and linked to the Singapore Fintech Festival.
Proclaiming that US firms lead the world in technology, CAFT’s Pell underlined that the partnership would bring valuable expertise to the table for tech development in Cambodia.
He said the US “is representative of some of the largest and leading technology companies in the world and the intent is to tap into AmCham’s expertise and leverage their membership in achieving our goals”.
Presenting AmCham as a long-standing promoter and supporter of Cambodian and US businesses, the business body’s chief sees the MoU as another step in the joint development of the Kingdom’s fintech sector.
Galliano said: “AmCham remains committed to work with the public and private sector in the promotion and support of business and commerce in the Kingdom.
“This is a great opportunity for the chamber to elevate the fintech sector and raise awareness of the commercial tech successes in the Kingdom, and at the same time leverage the expertise of the world’s leading technology companies, who are part of our membership, for the good of the country.”
In June, the government launched the Cambodia Digital Economy and Social Policy Framework 2021-2035, which is expected to inject fresh momentum into the Kingdom’s information and communication technology (ICT) sector and calibrate the pace of its development to leapfrog into the digital era, as a promising new source of opportunities to boost productivity, efficiency and economic competitiveness.
There are currently seven mobile and fixed service providers operating in the Kingdom, according to the Telecommunication Regulator of Cambodia (TRC).
The number of active mobile phone subscriptions in the Kingdom was 20,816,616 as of the end of April, up 1.64 per cent from 20,481,051 at the end of May 2020, the latest data from the TRC show.
At the same time, the number of landline and fixed-line subscriptions numbered just 42,577 as of end-April, down 18.87 per cent from 52,480 at end-May 2020.
The TRC previously reported that the number of mobile internet subscriptions recorded a 2.36 per cent year-on-year drop to 14,863,435 in May 2020, whereas fixed broadband internet subscriptions logged a 33.07 per cent climb to 249,132.