Logo of Phnom Penh Post newspaper Phnom Penh Post - Finance ministry, ABA ink fintech, digital economy deal

Finance ministry, ABA ink fintech, digital economy deal

Content image - Phnom Penh Post
The ABA’s Azhikhanov (left) and finance ministry’s Marry sign the MoU on April 26. MEF

Finance ministry, ABA ink fintech, digital economy deal

The Ministry of Economy and Finance and Advanced Bank of Asia Ltd (ABA) are teaming up to accelerate development of financial technology (fintech) and the “digital economy” ecosystem in the Kingdom.

To this end, ministry undersecretary of state Kong Marry and ABA CEO Askhat Azhikhanov on April 26 signed the “Memorandum of Understanding [MoU] on Collaboration within the Framework of Digital Economy and Financial Technology Development in Cambodia”.

The deal aims to promote knowledge and experience sharing, training, and use of “digital nurseries”, as well as activities and digital platforms designed to foster the development of fintech and digital-economy solutions in the Kingdom, Marry noted at the signing ceremony.

“Such cooperation will create a model of synergy and co-creation between the government and the people, which will lead to the development of new services and products to promote and provide more efficient public services based on technology and innovation,” he said.

ABA’s Azhikhanov told the event that the partnership with the ministry is consistent with the two signatories’ common goal of fostering a dynamic economy.

“We firmly believe that collaborating with the Ministry of Economy and Finance will enable us to create more opportunities for customers and accelerate overall progress in integrated fintech systems,” the Kazakh businessman said.

“Following the MoU that we signed today, ABA is ready to support and implement policies and programmes in fintech, digital economy and digital society,” he said.

Azhikhanov also seemed to suggest that the two institutions are also looking to promote the Cambodia Data eXchange (CamDX) platform, through customer identification, e-invoicing and information-exchange systems and other means.

Launched on June 15, 2020 and modelled after Estonia’s X-Road, the CamDX platform is a decentralised but unified data-exchange layer between information systems that provides a standardised and secure way to produce and consume services, according to its website.

In mid-2021, the government launched a 15-year policy framework for the Kingdom’s evolving digital socio-economic environment to pave the way for a thriving digital economy, as a new engine of economic growth.

The Cambodia Digital Economy and Social Policy Framework 2021-2035 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.


  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Famed US collector family return artefacts to Cambodia

    In the latest repatriation of ancient artefacts from the US, a total of 33 pieces of Khmer cultural heritage will soon return home, according to the Ministry of Culture and Fine Arts. In a September 12 press statement, it said the US Attorney’s Office for the

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Kampot curfew imposed to curb ‘gang’ violence

    Kampot provincial police have announced measures to contain a recent spike in antisocial behaviour by “unruly’ youth. Officials say the province has been plagued by recent violence among so-called “gang members”, who often fight with weapons such as knives and machetes. Several social observers have

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Manet touches down in Beijing for high-level meetings

    Prime Minister Hun Manet arrived in Beijing on September 14 for his first official visit to China, where he is slated to attend the 20th China-ASEAN Expo and meet other leaders including Chinese President Xi Jinping. Upon his arrival, Manet laid a wreath at the Monument