Fostering Collaboration and Innovation for Digital Financial Services in ASEAN and Globally

• Time

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  04 Dec 2023

• Location

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  Phnom Penh, Cambodia

• Organizer

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  CAFT, NBC

• Category

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  Coshine News

As a significant milestone in Cambodia's financial technology landscape, the CamTech Summit 2023 was successfully held at the Phnom Penh Banking Research Center. Coshine Software, as a payment processor involved in card issuing, acquiring, payment gateway, and risk control, had the honor of being invited to participate in this summit.

The summit's theme was "Forging Partnerships: Fostering Collaboration and Innovation for Digital Financial Services in ASEAN and Globally" It was jointly organized by the Cambodia Association of Fintech (CAFT) and the National Bank of Cambodia (NBC). Industry leaders, policymakers, and technology experts gathered to collectively explore the future direction of fintech collaboration.

Dr. Chea Serey, the President of NBC, delivered a captivating keynote speech at the summit, emphasizing the crucial role of financial technology in Cambodia's efforts for financial inclusion. She particularly highlighted the significant progress achieved through the technological enhancement of payment systems, showcasing the dynamism and importance of the industry.

Dr. Serey specifically mentioned the tremendous success of Cambodia's digital payment initiative, Bakong, summarizing it as achieving interconnectivity between Cambodian banks and payment companies, gradually linking up with globally unified payment systems. She noted that the success behind this initiative was the result of close collaboration between NBC and the private sector, highlighting the synergistic role of both public and private entities in driving financial technology.

However, Dr. Serey also acknowledged the challenges facing the fintech industry, including digital literacy, cybersecurity, data privacy and protection issues. She commended CAFT for playing a vital role in facilitating important dialogues among decision-makers, regulators, and technology professionals.

Remi Pell, Chairman of CAFT, emphasized the importance of balancing digital innovation with responsibility, especially in the context of significant transformations in the banking industry. He pointed out that events like the CamTech Summit are crucial for promoting, learning, and collaborating on innovations in the fintech sector.

Raymond Sia, Chairman of the Cambodia Banking Association, echoed Pell's viewpoint, emphasizing that digitization is a key factor for growth. He stated, "Cambodia has made significant progress in financial technology innovation. Now, our focus must shift to strengthening consumer protection, promoting financial l knowledge, and ensuring fair access to financial services."

Highlights of the CamTech 2023 summit included:

Innovative Solutions Showcase: Participants experienced firsthand the latest developments in artificial intelligence, finance, and technology through various exhibitors at the summit.
Thought-provoking Content: Local and regional industry leaders engaged in impressive discussions, exploring the current state and future trends of the intersection between finance and technology.

Interactive Workshops: Participants took part in several workshops, gaining practical insights into how collaboration between artificial intelligence, finance, and technology can drive meaningful changes in their lives.

During the discussion sessions, Coshine Software actively participated in exchanges with local financial institutions, banks, and card organizations. The company shared its rich experience in the SaaS services, such as card issuing and acquiring, emphasizing the close integration of technology and finance, especially in the crucial role played in advancing payment systems and digital financial inclusion.

Generating keen interest among attendees, Coshine Software engaged in in-depth discussions with leading local banks and financial institutions to explore the introduction of its advanced payment solutions, thereby promoting fintech innovation in Cambodia.

This exchange not only presented an opportunity but also served as a chance for Coshine Software to deepen its understanding of the Cambodian fintech market. Through sharing experiences and envisioning future collaborations, Coshine Software established closer connections at this summit, laying a solid foundation for future cooperation.