ABA​ Bank​ and​ the​ Ministry​ of​ Economy​ and​ Finance​ to​ jointly​ foster​ Digital​ Economy​ and​ FinTech​ Development​ in​ Cambodia

26/Apr/2023

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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.