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Cambodia: Mobile banking makes transactions more efficient
The increasing use of mobile banking by Cambodians has been driving financial transactions to be more efficient, more convenient and faster, the Ministry of Economy and Finance said.
The banking sector in Cambodia has grown rapidly over the last two decades and continues to develop strongly, the ministry said in an announcement issued recently.
“During the Covid-19 pandemic, modernisation of the banking system was seen as a necessary step in furthering the development of the banking sector,” the ministry added.
FinTech plays an important role in financial transactions, including payments, savings and lending,” it said.
To address the digitalisation in the banking sector, the Ministry of Economy and Finance, the Digital Economy and Business Committee, and the National Bank of Cambodia will co-organise a workshop on ‘The Role of Banking Sector and FinTech in Digital Economy in Cambodia’ this week.
The workshop, to be held on September 22, is aimed to disseminate the government’s policies, laws, and regulations on digitalisation and the banking sector as well as its recent development.
It is also aimed to identify the current trend, challenges, and opportunities of digitalisation in the banking sector in Cambodia and gather input from different stakeholders in the banking sector for drafting Cambodia FinTech development policy.
Cambodia recorded a total of 707.57 million online payment transactions worth $113 billion in 2021, up 46.7 percent and 19 percent, respectively, from 482.14 million transactions worth $95 billion in 2020, according to the National Bank of Cambodia’s report.
Currently, there are 69 financial institutions providing mobile payment services in the country, the report read, citing that there were a total of 13.6 million mobile payment users in 2021, up 42 percent from 9.56 million in 2020.
Prime Minister Hun Sen has recently said that the COVID-19 pandemic in the last two years has sped up digital transformation in the Kingdom.
The pandemic has led to a tremendous surge in e-commerce, mobile payment and online learning, he said.
“Now, everything has moved online, even a taxi service. The pandemic crisis has created opportunities for Cambodia to maximise the benefits of digitalisation,” he said.
Cambodia has approximately 17.8 million Internet subscribers, according to the Telecommunication Regulator of Cambodia.
Source: https://www.khmertimeskh.com/501153714/mobile-banking-makes-transactions-more-efficient/