The financial technology (FinTech) has played an important role in financial transactions in Cambodia during the pandemic, thanks to the development of financial sector in the country, said senior official of the Ministry of Economy and Finance.
The financial industry in Cambodia has transformed rapidly contributing to the growth of FinTech consumption in financial transactions, said H.E. Vongsey Vissoth, Minister attached to the Prime Minister and Permanent Secretary of State, Ministry of Economy and Finance.
“FinTech transformed the entire financial industry in Cambodia by providing and receiving financial services, especially during the COVID-19 pandemic,” H.E. Vongsey Vissoth said at the FinTech Stage of Cambodia Tech Expo 2022, held here recently.
During the COVID-19 pandemic, with a rise in FinTech and Internet usage, the mobile payments has increased remarkably in Cambodia, he added.
Cambodia recorded a total of 707.57 million online payment transactions worth US$113.67 billion in 2021, up 46.7 percent and 19 percent, respectively, from 482.14 million transactions worth US$95.31 billion in 2020, according to the National Bank of Cambodia’ report.
FinTech Stage of Cambodia Tech Expo 2022 took place at Cambodia Tech Expo 2022 for three consecutive days from Nov. 11 to 13 at Koh Pich Convention and Exhibition Centre, with an aim to support and foster the digital economy and fintech development in Cambodia.
Source: Agency Kampuchea Press