Logo of Phnom Penh Post newspaper Phnom Penh Post - Local SMEs are urged to digitise payments

Local SMEs are urged to digitise payments

Local SMEs are urged to digitise payments

Cambodian businesses need to adapt and digitise their financial operations if they want to remain competitive regionally and around the world, industry insiders said yesterday.

Over 200 small- and medium- sized enterprises (SMEs) attended the first annual Tech Startup and SME Forum, hosted yesterday in Phnom Penh, which encouraged SMEs in the Kingdom to streamline online payments, promote their products and improve consumer experience.

According to Tram Iv Tek, minister of posts and telecommunications, the adoption of technology by startups and entrepreneurs could mean the difference between success and failure in a competitive market.

“We want to encourage SMEs to take advantage of the technology available to them, and to create digital applications that will help promote business operations,” he said, adding that high smartphone usage in the Kingdom has provided opportunities for business owners to access a wider user base.

“SMEs have to catch up with the growth of technology. If they can’t, they will not be able to compete with others in the regional and international markets who are meeting customers’ changing demands,” he said.
Thomas Hundt, CEO of Smart Axiata, added that it was crucial that Cambodia’s businesses lead the technological push forward to encourage economic growth.

“Technology will empower SMEs to grow their respective sectors,” he said.

“If businesses make this a priority, they will develop the Cambodian ecosystem.”

MOST VIEWED

  • 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,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • Second Hungary business forum set for H2

    Cambodia has asked Hungary to provide GSP- (Generalised System of Preferences) Plus facilities for when the Kingdom sheds its least-developed country (LDC) label, as the two countries prepare to hold a second business forum in the second half (H2) of this year to expand trade

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports