The Cambodia Securities Exchange (CSX) has officially launched phase two of its online trading account registration system. The development is expected to increase the number of trading accounts on the CSX to 50,000 by the end of the year and to continue doubling by the end of 2024.
The November 16 kickoff coincided with the “My First Stock 2023” event organised by CSX, held in Phnom Penh.
According to the local bourse, the second phase allows investors to instantly create an account via the PhsarHun mobile app. The process makes it easier and faster for would-be investors to obtain a trading account, allowing them to deposit money and trade immediately.
Hong Sok Hour, CEO of CSX, stated that in alignment with the government’s vision, the exchange has advanced to a new generation, CSX 3.0, by facilitating the immediate opening of online trading accounts post-verification.
He said the move marks a significant development for the bourse, which has already opened around 44,000 trading accounts, and expects the numbers to reach 50,000 by the end of 2023 and 100,000 by 2024.
“Before the launch, investors faced several days of procedures to obtain an investor identification number and trading account, which hindered the development of the country’s securities market,” he stated.
Sou Socheat, director-general of the Securities and Exchange Regulator of Cambodia (SERC), emphasised the stock market’s role as a vital investment channel as it allows citizens to invest with minimal capital and diversify their portfolios confidently.
“Launching an online securities trading account aligns with the government’s Pentagonal Strategy - Phase I,” he added.
Hean Sahip, secretary of state at the Ministry of Economy and Finance and chairman of CSX, highlighted the exchange’s commitment to modernisation and technology in the sector.
He said the roll out of the “CSX Trade” mobile application in May 2022 exemplifies this commitment, enabling investors to trade securities easily and access timely sector-related information.
“The launch of the second-generation … system signifies significant progress in Cambodia’s securities sector, in line with digital transformation,” he stated.
He acknowledged that despite the limited number of listed companies and moderate trading activity, the market is progressing robustly through continuous development of new products and services, promotion and investor education.