New regional partnership to support the fintech ecosystem in Cambodia

Cambodia’s key financial technology players are taking a major step in accelerating innovation within the country’s dynamic fintech ecosystem.

On April 28, the Cambodian Association of Finance and Technology (CAFT) signed an MoU with Singapore’s ASEAN Financial Innovation Network which will give Cambodia’s fintech entrepreneurs access to collaborative tools and knowledge sharing through the APIX exchange.

“This MoU will provide an opportunity to address concerns regarding activities, local compliance, standards and cross border compatibility to support the enhancement of regional innovation for ASEAN market integration as well as strengthening collaboration between CAFT and AFIN to promote the development of innovation in Cambodia and Singapore,” said Her Excellency Chea Serey, assistant Governor & Director General of the National Bank of Cambodia, during the MoU signing virtual event. The National Bank, along with the Monetary Authority of Singapore, are supporting the MoU.

The new partnership will expand opportunities for regional collaboration and open access for Cambodian fintech entrepreneurs to APIX, a cross-border, open architecture API marketplace and platform for collaboration between FinTechs and financial institutions, to integrate and test fintech solutions together.

Sanjay Chakrabarty, CEO of Prudential Cambodia, which is sponsoring the MoU and the CAFT-AFIN partnership said the initiative is a great achievement for Cambodia’s financial technology sector. “This is a very important milestone as we onboard multiple fintech companies and APIs. We understand that for these young companies, there will be a paradigm shift in terms of how they access resources and global stage. It’s a Pan Asian platform that they will access and I’m sure they will learn how to leverage and benefit from it. I think that as a result, in Cambodia, we will see a growth in the fintech industry.”

The virtual MoU signing was streamed live on CAFT, Prudential Cambodia and Bakong Facebook pages.

The participants, including H.E. Chea Serey, Remi Pell, CAFT Secretary General Tomas Pokorny, Sopnendu Mohanty of MAS and Sanjay Chakrabarty, CEO of Prudential Cambodia, discussed future opportunities and collaboration and emphasized the need for quick technology adaptation during the Covid-19 pandemic.

“For the past few years, we have discussed a great deal about the topic of 4.0 industrial revolution and the need for firms and countries to keep up with digital innovations. The pandemic of 2020 has put the world to the test bringing technology adoption much sooner than expected, particularly within the public sector and the SMEs. In the midst of the lockdown and recession, firms need to review their business models, banks in particular, standing at the hearts of the economies, need to be agile in adapting to the new environment, ” said Her Excellency Chea Serey.

“With Singapore’s status as a global financial hub and a fintech leader that has inspired the region, we are happy for this opportunity to access the great source of knowledge and finance through APIX. I am sure our Singaporean partners will have plenty to learn from some of our amazing fintech entrepreneurs in Cambodia as well,“ said Remi Pell, Chairman of CAFT, during the event.