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Asean banking conference to shape strategy for industry

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Asean banking leaders pose for a photo during the 47th Asean Banking Council Meeting in Danang, Vietnam in 2017. ASEAN BANKERS ASSOCIATION

Asean banking conference to shape strategy for industry

The 22nd Asean Banking Conference and the 49th Asean Banking Council Meeting kicks off on Monday in Phnom Penh, Cambodia.

This is the Kingdom’s first time hosting the conference and the second time for the council meeting.

The event is organised by the Association of Banks in Cambodia (ABC) and will be held from November 25 to 27 with the participation of more than 400 investors and banking sector stakeholders.

Asean Bankers Association and Lao Bankers Association chairman Phoukhong Chanthachack said that studies have shown that Asean has the fastest penetration and adoption of mobile and smartphones in the world.

“The conference will strengthen and help to shape our strategic pathways for the banking and finance industry and complement the economic developments in this region.

“This event will also present great opportunities for networking with regional peers and business leaders, as well as others thought leaders outside the region,” he said.

ABC chairman In Channy said that the 22nd Asean Banking Conference is focused on innovation and technology and his association is extremely excited about the learning opportunities and knowledge sharing which the conference’s delegates and speakers would present.

He said that Cambodian society and business – including the banking sector – are embracing and deploying technology that is revolutionising the way people live and interact.

“Cambodia’s banking sector is a hotbed for fintech innovation. We take great satisfaction in seeing homegrown technologies in the subsectors of blockchain, e-commerce, and cashless payments take root.

“This development changes the mindset of the younger generation who are growing up as digital natives,” he said.

He said technology is a valuable tool which creates a more financially inclusive environment, where people have access to a broad range of formal financial services anywhere, anytime.

The total asset in the banking and microfinance sector has increased by 19.2 per cent to $44.8 billion ending the second quarter of this year.

The banking and microfinance (headquarters and branches) have increased up to 2,367 locations with the 2,228 ATMs across the country, according to the report from National Bank of Cambodia (NBC).

Credit in the sector increased 22.4 per cent, up to $27.7 billion ending the second quarter of this year. The total outstanding loan to the banking sector was $21.5 billion while the outstanding loan from the microfinance institutions was $6.2 billion as of the second quarter of this year.

Up to the second quarter of this year, there were 44 commercial banks, 15 specialised banks, seven microfinance-deposit taking institutions, 74 microfinance institutions, 254 rural credit operators, 15 leasing companies, and 16 payment service providers, according to NBC.

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