A new memorandum of understanding (MoU) signed yesterday will grant local fintech firms access to some of the largest companies in Silicon Valley.
The American Chamber of Commerce (AmCham) and Cambodian Association of Finance and Technology (CAFT) signed a reciprocal agreement that will have an immediate impact on both associations.
AmCham President Anthony Galliano said at the signing ceremony that CAFT will immediately align with the chamber’s internet communication technology board.
“This agreement comes at just the right time… We hope to leverage relationships with big American tech companies to support Cambodian companies [because] they are doing business here increasingly,” Galliano said.
Reforms to Cambodian tax laws will require big tech companies rendering services to citizens to register in the Kingdom. As a result, the likes of Facebook, Apple, Netflix and Google may increase their presence in the Kingdom.
Galliano noted that Cambodia “will probably see a wave of companies” entering the Kingdom to comply with the new tax laws.
“Hopefully, this will signal to those companies that AmCham is officially ready to embrace them to come to Cambodia and partner with a legitimate association in terms of fintech,” said CAFT Chairman Remi Pell.
“AmCham’s members are more blue chip, major tech companies but, from CAFT’s perspective, we have a large membership of just startups and innovators. Maybe there is some synergy there to explore some opportunities like perhaps building digital payments into companies,” Pell added.
A copy of the MoU reviewed by Khmer Times showed the agreement outlines several fields of interest, including promoting startups, marketing, promoting firms in the global and domestic markets as well as education.
CAFT Secretary-General Tomas Pokorny said the MoU was drafted in just three days and signalled both parties were ready to “execute and deliver”.
Already, AmCham and some of its members will have a platform at November’s CamTech festival.
The festival will highlight startups and innovation from the capital as well as Siem Reap, Battambang and Preah Sihanouk provinces.
“CAFT is still a small association but it is growing. We are working to stay true to our mission of advocacy and are working with fintech and technology startups for a better ecosystem. We are increasingly entering education and supporting Cambodian businesses. We hope to see the experience and reach of American businesses help Cambodian companies not only grow but also establish a better ecosystem for international cooperation,” said Pokorny.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.