ABA Bank and the Ministry of Economy and Finance to jointly foster Digital Economy and FinTech Development in Cambodia
ABA Bank, the largest Cambodian commercial bank1 and a major provider of modern banking solutions, signed a Memorandum of Understanding (MoU) with the Ministry of Economy and Finance on cooperation within the Digital Economy and FinTech Development framework in Cambodia.
Both parties will work together to promote and support various forms of cooperation contributing to the development of the fintech sector in Cambodia in line with the national principles and global trends.
The MoU signing ceremony was held at the Ministry of Economy and Finance on 26 April. It was witnessed by H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister of the Royal Government of Cambodia, Minister of Economy and Finance and H.E. Dr. Kong Marry, Undersecretary of State and Secretary General of the General Secretariat of Digital Economy and Business Committee.
ABA Bank was represented by Askhat Azhikhanov, Chief Executive Officer, with Yves Jacquot, Chairman of the Board of Directors, and Madi Akmambet, Executive Director, as guests of honor and other distinguished guests.
Following the MoU, ABA Bank confirms its commitment to support and implement the programs in fintech and digital economy fields following the Digital Economy and Society Policy Framework 2021-2035 and Digital Government Policy 2022-2035. The Bank will also participate in using and providing access to IT products such as the e-Invoicing system, the CamDX platform, and the CamDigiKey customer identification system.
As part of the collaboration, ABA Bank officially became a member of Cambodia Data eXchange (CamDX), a decentralized data exchange platform to provide online services to private and public organizations.
Askhat Azhikhanov commented: “We are privileged to partner with the Ministry of Economy and Finance toward the common goal of fostering an innovative and dynamic digital economy in the country.
“ABA has always been committed to leveraging technology and innovation to deliver value-added and efficient financial solutions to the customers. We firmly believe that collaborating with the Ministry of Economy and Finance will enable us to create more opportunities for our customers and accelerate progress in the overall fintech ecosystem,” he added.
Through its innovative digital banking services, ABA hopes to contribute to the development of the Cambodian economy and enhance the digitization of financial and government services in the country.
1 ABA Bank is the largest commercial bank in Cambodia in terms of total assets, gross loans, customer deposits, and profitability based on the National Bank of Cambodia’s Supervision Report 2021.