Digitalization Helps Businesses Stay Competitive and Boost Economy

The Association of Banks in Cambodia (ABC) organized its first 2022 Digital Forum on Cambodia Digital Economy and Society Policy Framework 2021-2035 and Electronic Know Your Customer (eKYC) at Olympia City Hotel on January 20.

The forum, inaugurated by H.E Dr. Kong Marry, Undersecretary of State of Ministry of Economy and Finance, was also telecast live over Zoom. Among the guests of honor was H.E Dr. Taing Nguonly, Executive Director of Techo Startup Centre, who was accompanied by Dr. In Channy, Chairman of ABC, and association council members.

ABC Chairman Dr. Channy addressed more than 100 guests at the event and virtually, as he welcomed the distinguished participants from the Ministry of Economy and Finance and member banks. In his opening speech, he highlighted the outstanding achievements made by ABC members in terms of promoting the digital agenda in the past year.

Dr. Channy also expressed that the digital forum served as a platform for members to exchange notes and share experience of best practices on the adoption and implementation of digital economy and the transformation to a cashless society.

Delivering his keynote address, Undersecretary of State of the Ministry of Economy and Finance H.E Dr. Kong Marry, explained that Cambodia Digital Economy and Society refers to the digital transformation on every socio-economic sector through the utilization of and take a maximum advantages on the advancement of Information and Communications Technology (ICT) and digital technology to boost the economic growth and  efficiency towards building a civilized society founded on the digital citizen who adopt the digital services with inclusion, trust, safety, and still maintaining our national identity and culture.

“The role of digital technology in banking, finance, business and other sectors is very important for the country,” H.E Marry stressed. In addition, the Cambodia Digital Economy and Society Policy Framework 2021-2035 underscored the importance of eKYC.

“MFIs, PSIs, and banks are key drivers in promoting the development and adoption of Fin-Tech and Digital Payment space and eKYC in Cambodia,” H.E Marry said. Meanwhile, H.E Dr. Taing Nguonly, Executive Director of Techo Startup Centre, in his presentation, pointed out that eKYC is a process to onboard customers electronically in a secure manner while assessing the identity of those customers.

He forecast that eKYC will be in demand in the financial sector, public services, telecommunication sector, social protection, insurance, E-Commerce, trading platform and online transactions, health sector and many others. “eKYC is one of the key enablers for digital economy development. In order to catch up with other countries’ digital economy and enhance financial inclusion in Cambodia, the government should have one workable and regulated eKYC used by public and private sectors,” he said.

ABC