Exclusive Q&A with Vongsey Vissoth, permanent secretary of State at the Ministry of Economy and Finance
With the rush towards so-called Industry 4.0 and the National Bank of Cambodia (NBC) casting a greater focus on the development of ecommerce and a digital economy, the Kingdom has seen a huge expansion of cashless payment services.
The technology not only enhances payment systems, it could also push Cambodians to own bank accounts, thereby promoting savings and financial stability
The various initiatives launched to improve financial literacy among Cambodians have yet to show the desired results as significant challenges remain.
The National Bank of Cambodia has instituted a multi-pronged approach to incrementally push for more riel usage and ultimately be the arbiters of the Kingdom’s monetary policies.
The rise of lending institutions has skyrocketed. Traditional commercial and specialised banks are seeing people line up for consumer loan products to buy cars and real estate.
The mechanism for cross-border trade settlement with the Cambodian riel within Asean countries and China is in place, says the National Bank of Cambodia in urging traders and investors to take advantage of it.