Cambodian financial industry players are working to enhance cross-border payments with the landlocked African country of Rwanda, as well as promote the blockchain-based Bakong system and strengthen international digital and fintech (financial technology) partnerships in general.
A local delegation joined a fintech event in Rwanda from June 20-26 with the goal of showcasing the envisioned revolutionary potential of Cambodian fintech innovations, encouraging cross-border collaboration, and elevating the Kingdom’s fintech scene to new heights.
The team was led by the National Bank of Cambodia (NBC) and co-organised by the Cambodian Association of Finance and Technology (CAFT) and the Association of Banks in Cambodia (ABC).
At the event, CAFT chairman Remi Pell discussed how dominant he believed mobile wallets and payment firms have grown in the Kingdom, as well as the anticipated entry of new regulatory technology (regtech) and insurance tech (insurtech) players as well as digital-only banking platforms known as “neobanks” into the market.
“Notably, the exponential growth of e-commerce and contactless transactions has significantly fostered the widespread adoption of digital payment solutions between merchants and consumers,” he said.
Source : Phnom Penh