Chea Serey: Cambodian banking system benefits from fintech boom

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[INNEWS Comprehensive Report] Recently, Chea Serey, Governor of the National Bank of Cambodia, said at the 2023-2028 Cambodia FinTech Development Policy Seminar that the rapid development of FinTech has brought many benefits to Cambodia’s banking system, especially digital payments. System, which is fast, simple and low-cost, has completely changed the traditional payment method.

Chea Serey pointed out that the financial banking system has made steady progress in terms of infrastructure and quality over the past 20 years. In addition, it also plays an important role in economic development and promoting regional and global integration. At the same time, in the era of digital globalization, financial technology has developed rapidly, becoming a catalyst for global coverage and closer and interdependent social and economic interconnection. In fact, financial technology has revolutionized remittance and payment services at home and abroad, making cross-border transfers faster, less expensive and more transparent, especially for Cambodians working overseas.

Chea Serey emphasized that financial technology has become an important tool to reduce the economic burden of the middle and lower classes and increase the penetration of financial services. Through the advanced cross-border payment system, it not only breaks down the payment barriers between Thailand, Laos, Vietnam and other countries, but also enables foreign workers to send living funds to their families in a low-cost, simple, fast and safe way. Fintech has played an incomparable role in reducing the difficulty of financing and improving access to financial services for low-income people and those who cannot access general financial services.

According to the latest data in the first half of 2023, the Bakong payment system (Bakong) has more than 35 million transactions, with a total transaction volume of US$12.5 billion, accounting for 67% of the gross domestic product (GDP), while the total digital currency accounted for the same period. 892% of GDP.