• Sat. Oct 1st, 2022

Mobile banking makes transactions more efficient

ByCindy J. Daddario

Sep 19, 2022

The growing use of mobile banking services by Cambodians has made financial transactions more efficient, convenient and faster, the Ministry of Economy and Finance said.

The banking sector in Cambodia has grown rapidly over the past two decades and continues to develop strongly, the ministry said in a statement issued recently.

“During the Covid-19 pandemic, the modernization of the banking system was seen as a necessary step to further develop the banking sector,” the ministry added.

FinTech plays an important role in financial transactions, including payments, savings and loans,” he said.

To address digitalization in the banking sector, the Ministry of Economy and Finance, the Committee of Economy and Digital Affairs and the National Bank of Cambodia will co-organize a workshop on “The role of the banking sector and technologies in the digital economy in Cambodia”. this week.

The workshop, which will be held on September 22, aims to disseminate government policies, laws and regulations on digitalization and the banking sector as well as its recent development.

It also aims to identify the current trend, challenges and opportunities of digitalization in the banking sector in Cambodia and to collect contributions from various stakeholders in the banking sector for the development of FinTech development policy in Cambodia.

Cambodia recorded a total of 707.57 million online payment transactions worth $113 billion in 2021, up 46.7% and 19%, respectively, from 482.14 million. transactions worth $95 billion in 2020, according to the National Bank of Cambodia report.

Currently, 69 financial institutions provide mobile payment services in the country, the report said, citing that there were a total of 13.6 million mobile payment users in 2021, up 42% from 9 .56 million in 2020.

Prime Minister Hun Sen recently said that the COVID-19 pandemic over the past two years has accelerated digital transformation in the Kingdom.

The pandemic has led to a huge increase in e-commerce, mobile payment and e-learning, he said.

“Now everything has gone online, even a taxi service. The pandemic crisis has created opportunities for Cambodia to maximize the benefits of digitalization,” he said.

Cambodia has about 17.8 million internet subscribers, according to Cambodia’s telecommunications regulator.