The government is promoting the digital economy as a new source of economic growth through increased productivity and economic efficiency.
With the key role of digital technology in the banking and finance sector, the Association of Banks in Cambodia (ABC) organised its first 2022 Digital Forum on Cambodia Digital Economy and Society Policy Framework 2021-2035 and Electronic Know Your Customer (eKYC) at Olympia City Hotel on January 20.
President and Group Managing Director of ACLEDA Bank Plc., In Channy said that the digital forum served as a platform for members to exchange notes and share the experience of best practices on the adoption and implementation of the digital economy and the transformation to a cashless society.
Undersecretary of State of the Ministry of Economy and Finance Kong Marry explained that the Cambodia Digital Economy and Society refers to the digital transformation on every socio-economic sector through the utilisation of Information and Communications Technology (ICT) and takes maximum advantage of its advancement.
Digital technology will boost the economic growth and efficiency toward building a civilised society founded on the digital citizen who adopts the digital services with inclusion, trust and safety while still maintaining national identity and culture.
“The role of digital technology in banking, finance, business and other sectors is very important for the country,” Marry stressed.
The Cambodia Digital Economy and Society Policy Framework 2021-2035 also underscored the importance of eKYC.
“MFIs, PSIs and banks are key drivers in promoting the development and adoption of Fin-Tech and Digital Payment space and eKYC in Cambodia,” Marry added.
Meanwhile, Taing Nguonly, Executive Director of Techo Startup Centre, in his presentation, pointed out that eKYC is a process to onboard customers electronically in a secure manner while assessing the identity of those customers.
He said that eKYC will be in demand in the financial sector, public services, telecommunication sector, social protection, insurance, E-Commerce, trading platforms and online transactions, the health sector and many others.
“eKYC is one of the key enablers for digital economy development. In order to catch up with other countries’ digital economy and enhance financial inclusion in Cambodia, the government should have one workable and regulated eKYC used by public and private sectors,” he said.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.