The Cambodian Ministry of Economy and Finance (MEF) and Advanced Bank of Asia Ltd (ABA) Bank have entered into a Memorandum of Understanding (MoU) to advance digital economy and fintech initiatives in the country.

Signed by Dr. Kong Marry, MEF undersecretary and secretary-general for the Digital Economy and Business Committee, and ABA Bank CEO Ashkat Azhikhanov, the MoU aims to promote cooperation in knowledge 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, Dr. Kong noted at the signing ceremony.

Dr. Kong highlighted that the partnership will foster synergy between the government and the private sector, leading to innovative products and services that enhance the efficiency of public services. The MEF has previously collaborated with ABA Bank on multiple digital and fintech projects.

During the signing event, MEF minister Dr. Aun Pornmoniroth presented Cambodia Data eXchange (CamDX) membership certificates to 14 members, including financial institutions and insurance companies.

CamDX serves as a data exchange platform using application programming interfaces (APIs) and has primarily been utilized for the government’s electronic know-your-customer (E-KYC) process. The MEF noted that more banks and companies have shown interest in joining the platform.