PHNOM PENH: Cambodia, being a rapidly growing country in the region with a tech-savvy population, has great potential to reap the benefits of the Financial Technology (FinTech) market.
The global FinTech market has already reached $133.84 billion by 2022 and is expected to grow at a rate of 19.5% annually, reaching $556.58 billion by 2030, attracting massive investment activities from anywhere around the world.
According to Mr. Hor Bunthe, Deputy Chief Executive Officer of Wing Bank, Cambodia has embraced the use of financial technology in its banking sector in recent years due to several significant factors, including its favorable economic conditions and the tech-savvy population, mostly consisting of young people who prefer utilizing new technologies.
Mr. Bunthe emphasized the importance of increasing knowledge about FinTech for Cambodia to seize more investment opportunities and promote digital processes. He stated that the more knowledge the country acquires, the more eager it will be to invest in the field. He also highlighted the need for Cambodia to be a leader, not a follower, in the FinTech market, by keeping an eye on its future trends and investing accordingly.
The COVID-19 pandemic has accelerated the growth of financial technology in Cambodia, playing a crucial role in its economic development and market strengthening. Online banking and other tech-based financial services have replaced traditional business practices.
Financial Technology, or FinTech, refers to the use of computer software or mobile apps to provide and manage financial services and transactions such as digital transfers, payments, and business accounting systems.