Logo of Phnom Penh Post newspaper Phnom Penh Post - Finance minister asking Booyoung Group of South Korea for fintech boost

Finance minister asking Booyoung Group of South Korea for fintech boost

Content image - Phnom Penh Post
Minister of Economy and Finance Aun Pornmoniroth (right) meeting with Booyoung Group chairman Lee Joong-keun at the finance ministry on October 19. PHOTO SUPPLIED

Finance minister asking Booyoung Group of South Korea for fintech boost

The finance minister has asked South Korea’s Booyoung Group to invest more in the Cambodian financial-technology (fintech) market, which has seen remarkable growth during Covid-19, as the company’s chairman revealed preliminary plans for a university in the Kingdom focused on fintech and taxation.

Minister of Economy and Finance Aun Pornmoniroth made the proposal at a meeting with Booyoung Group chairman Lee Joong-keun at the finance ministry on October 19, the ministry said in a statement.

The minister acknowledged Booyoung Khmer II Co Ltd’s “active” involvement in the socio-economic development of Cambodia through its operations in finance, real estate and elsewhere.

“Against the backdrop of the Covid-19 pandemic battle, the growth and importance of the digital sector as well as fintech in Cambodia, [I] urge the company to look into the possibility of further investing in and providing support for fintech development in Cambodia, inter alia,” the statement cited him as saying.

Pornmoniroth expects the company to keep investing in economic and financial development, and providing additional support and cooperation to companies in Cambodia.

Lee acknowledged the key roles that the finance ministry plays, especially when it comes to taxation, which he likened to a pillar that supports the economy, in both Cambodia and South Korea.

“The Booyoung Group of the Republic of Korea will examine the possibility of opening a university focusing on tax and fintech in Cambodia,” he said in the statement.

Mak Chamroeun, co-founder of local business-to-consumer (B2C) e-commerce platform Smile Shop, voiced appreciation for the South Korean investors continuing to pour money into the Kingdom, and welcomed Booyoung Group’s pitch for such a university, which he said would contribute to human resource development as the industry grows.

“In the education sector, we really need more investors to join in efforts to guide and enhance the development of Cambodian human capital. FinTech is more than just a sector that can level up the Cambodian digital economy, and I truly appreciate the consideration that the investor [Booyoung Group] has shown,” he said.

In early June 2021, the government launched the Cambodia Digital Economy and Social Policy Framework 2021-2035 for the Kingdom’s evolving digital socioeconomic environment, to pave the way for a thriving digital economy, as a new engine of economic growth.

The policy framework is expected to inject fresh momentum into the Kingdom’s information and communication technology (ICT) sector and calibrate the pace of its development to leapfrog into the digital era, as a promising new source of opportunities to boost productivity, efficiency and economic competitiveness.

The framework will have key economic benefits, the government said then, listing job creation; skills development; an improved investment climate; trade and business activity boosts; links in regional and global production and value chains; and more efficient public service delivery as examples.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Knockout! Kun Khmer replaces ‘Muay’ for Phnom Penh Games

    Cambodia has decided to officially remove the word Muay from the programme of the 32nd Southeast Asian (SEA) Games 2023 in May. “Kun Khmer” will instead be used to represent the Southeast Asian sport of kickboxing, in accordance with the wishes of the Cambodian people. Vath

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • New int’l airport nearly half complete as travel industry returns to life

    Construction of a new airport that is slated to serve the capital has passed the 43 per cent completion mark, raising prospects for a proper recovery in the civil aviation and tourism sectors as international travellers return to the Kingdom in increasingly large numbers. The figure

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,