The Ministry of Economy and Finance and Advanced Bank of Asia Ltd (ABA) are teaming up to accelerate development of financial technology (fintech) and the “digital economy” ecosystem in the Kingdom.

To this end, ministry undersecretary of state Kong Marry and ABA CEO Askhat Azhikhanov on April 26 signed the “Memorandum of Understanding [MoU] on Collaboration within the Framework of Digital Economy and Financial Technology Development in Cambodia”.

The deal aims to promote knowledge and experience sharing, training, and use of “digital nurseries”, as well as activities and digital platforms designed to foster the development of fintech and digital-economy solutions in the Kingdom, Marry noted at the signing ceremony.

“Such cooperation will create a model of synergy and co-creation between the government and the people, which will lead to the development of new services and products to promote and provide more efficient public services based on technology and innovation,” he said.

ABA’s Azhikhanov told the event that the partnership with the ministry is consistent with the two signatories’ common goal of fostering a dynamic economy.

“We firmly believe that collaborating with the Ministry of Economy and Finance will enable us to create more opportunities for customers and accelerate overall progress in integrated fintech systems,” the Kazakh businessman said.

“Following the MoU that we signed today, ABA is ready to support and implement policies and programmes in fintech, digital economy and digital society,” he said.

Azhikhanov also seemed to suggest that the two institutions are also looking to promote the Cambodia Data eXchange (CamDX) platform, through customer identification, e-invoicing and information-exchange systems and other means.

Launched on June 15, 2020 and modelled after Estonia’s X-Road, the CamDX platform is a decentralised but unified data-exchange layer between information systems that provides a standardised and secure way to produce and consume services, according to its website.

In mid-2021, the government launched a 15-year policy framework for the Kingdom’s evolving digital socio-economic environment to pave the way for a thriving digital economy, as a new engine of economic growth.

The Cambodia Digital Economy and Social Policy Framework 2021-2035 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.