Logo of Phnom Penh Post newspaper Phnom Penh Post - CAFT, top post agency partner up on fintech

CAFT, top post agency partner up on fintech

Content image - Phnom Penh Post
NBC on October 27, 2020 launched an inter-bank mobile payment platform, known as the “Bakong System”, aiming to give a powerful impetus to rural financial sector development and nurture financial inclusivity in the Kingdom. Hong Menea

CAFT, top post agency partner up on fintech

The Ministry of Post and Telecommunications and the Cambodian Association of Finance and Technology (CAFT) have joined hands to increase cooperation on the promotion of digital technology and facilitate more effective communication in the banking and financial sector.

The two organisations signed a memorandum of understanding to this end just days after CAFT launched the latest version of the Banking and Financial Institutions’ Code of Conduct (CoC) on March 4, in collaboration with the Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA).

CAFT president Remi Pell said that the role of financial institutions is to stimulate the economy and support small businesses to thrive easily, and that development of technology and innovation in relevant sectors significantly contribute to achieving an inclusive, stable and sustainable digital economy.

He said the MoU signing was a demonstration of efforts by relevant financial institutions to improve, not only to maintain sustainability, but to increase consumer confidence through the introduction of the CoC for the industry.

“There are a number of challenges we face in our industry, not just in the Cambodian context, but globally – cyber fraud and privacy data issues,” Pell said.

Cambodia Microfinance Association (CMA) Communications Department director Kaing Tongngy told The Post that technology has a vital role to play in the banking and financial system, and that its evolution has considerably changed the way services in the field are provided.

He added that digital technology has helped reduce costs, increase the efficiency of services, and expand the scope of the banking and financial sector, especially during the Covid-19 pandemic.

“During the lockdown in 2021 due to the outbreak of Covid-19, the banking and financial sectors were still providing much-needed services to customers, as we mainstreamed our knowledge of the use of digital technology … technology has really facilitated our work a lot,” Tongngy said.

NBC on October 27, 2020 launched an inter-bank mobile payment platform, known as the “Bakong System”, aiming to give a powerful impetus to rural financial sector development and nurture financial inclusivity in the Kingdom.

Bakong enables interoperability between banks and financial institutions that is safe and cost-effective.

The Asian Development Bank (ADB) reported in mid-2021 that Cambodian tech and digital businesses achieved $470 million in revenue for 2019.

Broken down by sectors, e-commerce accounted for 27.6 per cent, e-services 7.8 per cent, digital media 10.2 per cent, advertising technology 12.7 per cent, transportation 3.8 per cent and online travel 37.9 per cent.

MOST VIEWED

  • Bareknuckle champion wants Kun Khmer fighter

    Dave Leduc, who is the current openweight Lethwei boxing champion in Myanmar, has announced that he will travel to Cambodia this year to challenge SEA Games gold medallist Prum Samnang any time that is convenient, after their planned match later this month in Slovakia was

  • Five-year-old Hanuman dances his way into hearts of Cambodia

    A young talent from a new-established settlement has emerged, captivating the online world with his mesmerising performances of the traditional Cambodian monkey dance. Roeun Kakada is a five-year-old prodigy who has taken the social media sphere by storm with his exceptional dance skills and dedication

  • Fresh Covid warnings as Thai hospital fills

    A senior health official reminds the public to remain vigilant, as neighbouring countries experience an increase in Covid-19 cases, with the latest surge appearing to be a result of the Omicron XBB.1.5 sub-variant. Or Vandine, secretary of state and spokeswoman for the Ministry of Health,

  • Honda shutters Siem Reap football club

    Japanese football legend Keisuke Honda, the owner of Siem Reap football club Soltilo Angkor FC, has been forced to shut the club down, after it failed to attract sponsorship for the upcoming season. Honda, the former manager of the Cambodia men's national football team, said

  • Hun Sen warns of regional tensions

    ASIA is becoming a dangerous geopolitical hotspot, with several countries announcing that they intend to send naval vessels towards Southeast Asia and on to the South China Sea, warned Prime Minister Hun Sen. “Heated geopolitical issues can easily escalate, namely to war. I am not

  • PM declares ASEAN Para Games open

    The 12th ASEAN Para Games officially kicked off on the evening of June 3 at Morodok Techo National Stadium in Phnom Penh, with a spectacular opening ceremony featuring fireworks and performances by some of the Kingdom’s most accomplished talents. Tens of thousands of sports fans