The official launch, held on February 24th, was presided over by H.E. Mrs. Cham Nimul, Minister of Commerce, and attended by key figures from various ministries, institutions, academia, and the private sector.

The report reveals significant growth in Cambodia’s e-commerce market, which was valued at $1.51 billion in 2024, up from $1.29 billion in the previous year. Projections indicate that e-commerce revenue is expected to reach $1.78 billion in 2025.

“The Ministry of Commerce is taking decisive steps to become more fit-for-purpose in supporting Cambodia’s E-commerce and digital trade ambitions,” H.E. Minister Cham Nimul stated. “By strengthening its institutional capacity, the ministry aims to provide more dedicated and targeted support to the industry, ensuring that businesses and consumers alike can fully leverage the opportunities presented by digital transformation.”

“The comprehensive report will serve as an important reference for policymakers, businesses, and development partners seeking to advance Cambodia’s E-commerce agenda,” she added. “The 2024 E-commerce Report provides a comprehensive analysis of Cambodia’s E-commerce landscape and outlines key considerations for the expansion of E-commerce and digital trade.”

Produced by PROFITENCE (Cambodia) Co., Ltd., the report is based on extensive consumer surveys and expert interviews, providing actionable recommendations tailored to the Cambodian context. It addresses both the opportunities and challenges faced by businesses and policymakers in the digital trade space.

“As Cambodia continues to deepen its digital integration, the evolution from E-commerce to a broader digital trade ecosystem will be instrumental in ensuring long-term economic resilience and global competitiveness,” the minister said, highlighting the report’s timely release as Cambodia progresses towards LDC graduation in 2029.

The report emphasizes the need for nationwide inclusivity, recommending improvements in infrastructure, strengthened regulations, localized strategies, and enhanced consumer education to ensure equitable access to the benefits of e-commerce and digital trade.

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To answer this, let’s explore the key areas where Cambodia is showing rapid progress and development that hint at a similar path Singapore took.

1. Economic Growth and Development

According to the world bank, Cambodia’s economic landscape has undergone significant transformation over the past two decades. Between 1995 and 2019, the country achieved an average annual GDP growth rate of 7.6%, positioning it among the fastest-growing economies globally. This economic progress has been sustained by strategic investments in sectors such as real estate, tourism, manufacturing, and the growing digital economy.

Foreign direct investment (FDI) has been pivotal, with China as a primary contributor, investing significantly in infrastructure projects, real estate developments, and manufacturing since 2005. As of 2022, Cambodia’s FDI inflows were approximately $3.58 billion, a testament to the country’s growing appeal as an investment destination (Statista, 2022). Other countries, such as South Korea and Japan, have also made substantial contributions, particularly in real estate, agriculture, and finance. This flow of FDI has created job opportunities, expanded Cambodia’s middle class, and fueled demand for urban infrastructure in rapidly developing cities like Phnom Penh and Sihanoukville.

Additionally, Cambodia’s strategic location in Southeast Asia provides easy access to major sea lanes which provides easy access to essential trading routes, enhancing its appeal as a regional hub. In a way similar to Singapore, Cambodia is leveraging its geographical location to attract foreign investments and foster economic integration within ASEAN.

2. Real Estate Boom and Urbanization

Cambodia’s real estate sector is experiencing a period of rapid growth, particularly in its capital, Phnom Penh. High-rise buildings, luxury condominiums, and mixed-use developments are transforming the city’s skyline, indicating a thriving demand for both residential and commercial properties. Districts such as Toul Tum Poung and Boeung Keng Kang (BKK1) have emerged as vibrant hubs for new projects, drawing both local and international investors who recognize Phnom Penh’s potential as a rising urban center (CBRE Cambodia, 2023).

This growth is further supported by major infrastructure projects aimed at enhancing connectivity and accessibility. Notable developments include new road networks, the construction of the Techo Takhmao International Airport, and extensive expressway systems. The Techo Takhmao International Airport, scheduled to open in phases beginning next year, is expected to initially accommodate 13 million passengers, with a projected expansion to 50 million by 2050 (The Sun, 2024).

At the center of this real estate expansion is Realestate.com.kh, Cambodia’s leading online real estate platform. By providing a trusted, accessible marketplace, Realestate.com.kh connects developers, agents, and buyers, facilitating property transactions on a national scale. As the exclusive marketing partner for many major projects, Realestate.com.kh is instrumental in driving awareness and building demand for new developments across Cambodia. This role not only aids in promoting high-quality projects but also strengthens investor confidence by ensuring a streamlined and transparent buying process.

Realestate.com.kh’s Connect Center has also been a game-changer, creating a space where agents and developers receive support, professional training, and access to the best tools for reaching potential buyers. This initiative is enhancing service standards across the industry, helping Cambodia’s real estate sector grow more connected, professional, and investor-friendly.

For buyers and investors, this real estate boom represents a promising opportunity. As property values in Phnom Penh continue to appreciate, developments are emerging that combine luxury living with affordability, attracting both high-end investors and young professionals. New projects are being introduced with attractive starting prices, making the dream of urban living more accessible. From affordable condos to upscale residences, the real estate market in Cambodia is evolving to cater to a diverse range of buyers, much like the early years of Singapore’s property development boom.

With these factors in play, Cambodia’s real estate market is poised for sustained growth. Investors looking for high returns are increasingly drawn to the country’s affordable property prices, strategic location, and rapidly expanding urban infrastructure. Realestate.com.kh’s expertise and influence in the market will likely continue to drive this sector forward, solidifying Cambodia’s place as a future economic and urban powerhouse in Southeast Asia.

3. Tourism and Cultural Appeal

Tourism remains a significant driver of Cambodia’s economy. In 2023, Cambodia welcomed approximately 5.43 million international tourists, marking a notable increase of 139.5% from the previous year’s 2.27 million arrivals, highlighting the resilience and importance of the sector (Tourism Cambodia, 2023). While the iconic Angkor Wat continues to attract global attention, Cambodia is diversifying its tourism portfolio with new developments in eco-tourism resorts, cultural heritage sites, and luxury hospitality projects. For instance, eco-tourism initiatives saw a 250% increase in visitors, with 341,621 domestic and foreign tourists recorded in the first four months of 2022 compared to the same period in 2021 (B Consulting Cambodia, 2022).

Singapore’s success as a tourism destination was also built on a mix of cultural heritage, innovative attractions, and exceptional hospitality. Cambodia is following suit, broadening its tourism appeal and creating sustainable tourism experiences that highlight its cultural and natural assets.

4. Emphasis on Digital Transformation

The digital economy is a priority for Cambodia’s government as it works toward a more connected future. Initiatives to promote digital literacy, expand internet access, and encourage technology startups are gaining momentum. Programs like the Cambodia Digital Economy and Society Policy Framework 2021–2035 set ambitious targets for digital transformation, aiming to make Cambodia a leader in Southeast Asia’s digital landscape.

Singapore’s own transformation into a digital economy powerhouse was driven by government support for technology adoption, education, and infrastructure. Cambodia’s current path mirrors this with a focus on digital skills development, e-commerce growth, and tech innovation.

5. Special Economic Zones (SEZs) and Free Trade

Cambodia has established several SEZs, which offer tax incentives and infrastructure support to attract foreign companies. These zones are part of Cambodia’s strategy to create a competitive manufacturing base, particularly in garment manufacturing, electronics, and automotive parts. With the signing of free trade agreements with China and South Korea, Cambodia is positioning itself as a gateway for goods and services into ASEAN markets.

Singapore’s economic success was largely based on its ability to leverage trade agreements and offer business-friendly environments for foreign companies. Cambodia is pursuing a similar strategy, striving to create a more open and efficient economy that attracts global investment.

6. Commitment to Education and Skill Development

Singapore’s rise was fueled by investments in education and a focus on skills development. Cambodia is beginning to make strides in this area as well. The government, with the support of international partners, is investing in education reforms aimed at improving literacy, digital skills, and vocational training. New universities and technical institutes are emerging to meet the needs of a growing workforce that is increasingly connected and tech-savvy.

While Cambodia’s education system still faces challenges, these efforts show a commitment to building a skilled workforce. As more young Cambodians enter the job market with relevant skills, the country’s economy will benefit from a talent pool that supports its growing industries.

7. Future Outlook

In the years ahead, Cambodia has the potential to emerge as a competitive player in Southeast Asia’s economy. With the right mix of government policies, foreign investments, and local initiatives, Cambodia could indeed chart a path similar to Singapore’s. By embracing modernization while preserving its unique culture, Cambodia has the opportunity to create its own success story and become a dynamic, prosperous nation.

Conclusion: Cambodia’s Journey Toward a Bright Future

While Cambodia may not yet be “the new Singapore,” its transformation is certainly capturing the world’s attention. With robust economic growth, a thriving real estate market, digital transformation, and a commitment to sustainable development, Cambodia is well on its way to becoming an influential player in the region. The next decade will be crucial, as Cambodia continues to build on its strengths and address its challenges.

As investors, citizens, and stakeholders, supporting Cambodia’s vision for the future is essential. Through strategic planning, innovation, and international partnerships, Cambodia can build a future that rivals the success of its Southeast Asian neighbors, including Singapore.

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The consultations, held in Phnom Penh, were attended by over 80 representatives from various government agencies, small and medium-sized enterprises (SMEs), large corporations, and industry chambers. The workshops were facilitated by the ADB Office of the General Counsel’s Law and Policy Reform Program.

During the event, MOC Secretary of State Excellency Chea Ratha and Legal Affairs Department Director Excellency Sam Chetra expressed their appreciation for ADB’s timely support in developing the CETS. They highlighted the scheme’s importance in bolstering Cambodia’s e-commerce ecosystem and enhancing the competitiveness and reputation of local e-commerce businesses.

ADB’s Country Director for Cambodia, Ms. Jyotsana Varma, emphasized the critical role of an e-commerce trustmark in fostering consumer confidence. She explained that such a scheme can help ensure the security of online transactions, promote ethical business practices, and protect consumer rights. Varma further noted that the CETS is particularly valuable for SMEs seeking to expand both domestically and internationally.

Cambodia’s E-commerce Landscape

According to the International Trade Administration (ITA), digital expenditures in Cambodia have been steadily increasing. In 2021, digital expenditures as a share of consumer spending per capita reached 6 percent, nearly matching the Asia-wide average of 7 percent.

E-commerce, e-travel, e-services, and digital media markets contribute to these digital expenditures. In 2021, Cambodia’s e-commerce market generated $970 million, accounting for a substantial 88.6 percent of its total digital expenditure. The fashion sector was the largest segment within the e-commerce market, with revenue reaching $264 million.

The e-commerce market is expected to continue growing at a rate of 16.4 percent per annum, reaching a market volume of $1.8 billion by 2025. This growth is indicative of the increasing popularity and adoption of online shopping in Cambodia.

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The company’s interest in expanding its role in Cambodia’s industrial digitalisation was discussed in a meeting on Aug. 30 between H.E. Hem Vanndy, Minister of MISTI and Mr. Zhang Zhenjun, Vice President of Huawei Asia Pacific.

Huawei expressed its keen interest in collaborating on industrial digitalization initiatives. The company highlighted its commitment to fostering innovation, promoting digital literacy, and empowering local businesses. Huawei has been instrumental in nurturing local talent through various training programs. Over 3,000 Cambodian students and professionals have benefited from these initiatives, acquiring essential skills in app development and digital technologies.

The company aims to support small and medium-sized enterprises (SMEs) by providing accessible and affordable public cloud solutions. Huawei is keen to partner with MISTI to drive digital transformation across various industries, leveraging its expertise in technologies such as wireless networks, solar energy, and smart devices.

Reinforcing its commitment to Cambodia, Huawei’s Vice President, Mr. Zhang Zhenjun, emphasized the company’s long-standing presence in the country and its unwavering support for its development. He highlighted Huawei’s global research and development efforts, which contribute to cutting-edge technological advancements.

MISTI Minister H.E. Hem Vanndy welcomed Huawei’s renewed commitment and encouraged the company to further expand its involvement in Cambodia’s digital ecosystem. He emphasized the importance of affordable and accessible digital services for SMEs to enhance their competitiveness and contribute to the country’s economic growth.

As Huawei continues to invest in Cambodia’s digital future, its partnership with MISTI and its focus on human capital development are poised to play a crucial role in driving the country’s technological progress and economic prosperity.

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This is part of Visa’s commitment to empower Cambodian SMBs and boost tourism, a crucial growth sector for the economy, by helping more merchants offer seamless contactless payments, said the company in a news release dated May 10.

The toolkit, available at https://www.visa.com.kh/en_KH/run-your-business/accept-visa-payments.html, offers merchants detailed, step-by-step instructions in Khmer and English, including a script for cashiers on how to initiate and complete digital payment transactions, it said, adding that the toolkit describes how most Visa cards have the contactless feature as identified by the symbol and includes instructions on how customers can tap the terminal with their card themselves to make payment – an experience preferred by consumers post COVID-19.

According to the news release, Visa’s latest Global Travel Intentions (GTI) study found that 97 percent of Asia Pacific travellers opt to go cashless when travelling, with the number of travelers bringing cash on their trips decreasing by 60 percent post-pandemic. Only 31 percent of respondents brought cash during their travels in 2023, as compared to 79 percent in 2020, reaffirming the growing importance of digital payments in enhancing the overall travel experience.

By partnering with Visa, merchants can leverage the trust inherent in Visa’s brand name, which was named the world’s most valuable payments brand and the sixth most valuable brand in the world. Visa’s enhanced dispute resolution process protects small businesses and consumers through the network’s promise of zero liability for fraud or misuse, building trust and improving the efficiency of Cambodia’s burgeoning digital payments and e-commerce sector.

Contactless payments also help facilitate cross-border transactions, which in turn help bolster Cambodia’s tourism industry, one of the important growth pillars of the country’s economy. Cambodia’s tourism revenue and foreign arrivals more than doubled in 2023 from the previous year.

The Ministry of Tourism recently launched the “Visit Siem Reap 2024” campaign and other tourism-related initiatives to attract more tourists. As part of Visa’s efforts to promote tourism in the country, Visa partners with the Pacific Association of Tourism (PATA) to drive the Tourism Destination Resilience Programme, which aims to build a more resilient and sustainable tourism industry in Cambodia. Today, travellers visiting Cambodia can use their Visa cards at more than 23,500 merchant locations across the country.

“Consumers around the world are shifting to contactless payments because they make transactions fast and secure. The National Bank of Cambodia (NBC) has been at the forefront of responding to this consumer need through their forward-looking expansion of cross-border linkages in the region,” said Ms. Ivana Tranchini, Visa Country Manager for Cambodia. “Visa is committed to empowering businesses with the latest payment technologies and enabling contactless payments to support the growth of tourism in Cambodia. With our new toolkit, we hope to facilitate the widespread adoption of digital payments among SMBs, addressing the needs of the travel ecosystem and aligning with the preferences of today’s travelers.”

Contactless cards use the same security as chip cards by generating a transaction-specific, one-time-use code, thus protecting payment information. Contactless payments also improve throughput for merchants and reduce the handling of cash, while faster transaction times mean shorter lines and less chance of lost sales. AKP

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The event was presided over by H.E. Dr. Devyani Khobragade, Ambassador of India to Cambodia; Secretary of State at the Cambodian Ministry of Industry, Science, Technology, and Innovation H.E. Sun Seng Hout, and Secretary of State at the Cambodian Ministry of Post and Telecommunications H.E. So Visothy.

According to a news release from the Embassy of India in Phnom Penh, the event provided the participating companies with opportunities to forge business and strategic alliances, strike market tie-ups, and create win-win propositions to take their businesses on a growth trajectory.

The ICT products and services projected by the visiting Indian ICT delegation included Edu-tech, e-commerce, mobile web applications, identity verification, customer onboarding solutions, staff augmentation, ERP/ CRM solutions, international contact centers, blockchain, embedded verticals, WMS software, quality management software, cloud consulting, UI/ UX, machine learning, mobile computing, Fintech, Agritech, Metaverse, VFX mobile editing, digital transformation, consulting infrastructure solutions, Health IT, ticketing machines, banking solutions, skill development, scientific and lab equipment, among others.

Speaking on the occasion, H.E. Dr. Devyani Khobragade said that with an objective to enhance trade and investments, the two sides are working on a Bilateral Investment Treaty and discussing a Preferential Trade Agreement.

She elaborated on various initiatives including India setting up a Centre of Excellence in Software Development & Training in Cambodia, and a Pilot Project on a Common Service Centre to facilitate digitalization of various government services at the village level.

H.E. Ambassador laid stress on both sides’ efforts in setting up a Joint Business Council to facilitate private sector-led initiatives and in establishing direct linkages between the two nations. India and Cambodia are working towards linking payment systems enabling UPI payments in Cambodia, she added.

For his part, H.E. Sun Seng Hout said that Cambodia has endorsed numerous strategic policies strengthening the use of digital technologies, including digital economy, digital government, digital commerce, online registrations for industry and enterprise, and promoting technology to support economic growth.

He expressed thanks to the Embassy of India and visiting delegates for arranging the meeting to bring together business executives to share expertise and knowledge. H.E. So Visothy said that the Royal Government of Cambodia has launched the Cambodia Digital Economy and Society Policy Framework 2021-2035 and Cambodia Digital Government Policy 2022-2035 for building a vibrant digital economy and society, to promote digital adoption and transformation, to accelerate new economic growth, to make a digital government, and to provide effective and inclusive public services.

He added that one of the strategic goals of the Cambodia Digital Government Policy is to promote partnerships between the public and private sectors.

To further strengthen the IT relations between India and Cambodia, a large Cambodian delegation was invited to visit India for INDIASOFT 2024, the largest IT global networking event in India, to be held in New Delhi, India from Jan. 17 to 19, 2024. INDIA SOFT 2024, comprising the International Exhibition and Conference, is aimed to facilitate joint ventures, collaboration, and strategic alliances for outsourcing with overseas buyers. The event will provide participants an opportunity to broaden their vision and forge business partnerships. AKP

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In a report published Wednesday, the BIS said 93 percent of 86 central banks surveyed late last year were working on CBDC payment mechanisms. More than half were running concrete tests or working on pilots. The latest survey comes three years after former Bank of Japan Policy Board member Sayuri Shirai found that the National Bank of Cambodia was among three central banks leading the world in retail CBDC development.

The others were the People’s Bank of China and Sveriges Riksbank in Sweden. UNCERTAINTY FADING “Uncertainty about short-term issuance of a CBDC is fading,” the BIS report said. In addition to Cambodia, the survey found that central banks and monetary authorities in Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand are now “engaged in some form” of CBDC work.

Among all central banks surveyed, work on retail CBDCs was more advanced than on wholesale CBDCs — with almost a quarter piloting a retail CBDC. “More than 80 percent of central banks see potential value in having both a retail CBDC and a fast payment system, mostly because a retail CBDC has specific properties and may offer additional features,” the report said. “The survey suggests that there could be 15 retail and nine wholesale CBDCs publicly circulating in 2030.” EMERGING MARKET AND DEVELOPING ECONOMIES ‘MORE ADVANCED’ THE BIS said 58 of the central banks surveyed were in emerging market and developing economy (EMDE) jurisdictions and 28 in advanced economies.

EMDE central banks are “more advanced” in their CBDC work, the report said, noting that the four current “live” CBDCs have all been issued in EMDE jurisdictions — by central banks in the Bahamas, Eastern Caribbean, Jamaica, and Nigeria. Moreover, the share of EMDE central banks piloting CBDCs is almost twice as high as in advanced economies. MORE ISSUES EXPECTED OVER NEXT THREE YEARS The share of central banks likely to issue a retail CBDC within the next three years grew to 18 percent, up from 15 percent in the last survey in 2021. The likelihood of wholesale CBDC issues doubled from 8 percent to 16 percent over the same period.

For retail CBDC issues, the survey found that motives among EMDE and advanced economy central banks were converging. “Domestic payments efficiency and payments safety have become nearly equally important as motivations in both,” the report said. Both “also attach about the same weight to the financial stability and cross-border payments efficiency reasons.” FINANCIAL INCLUSION MOTIVATIONS But there are two key differences — retail CBDC work in EMDE central banks is “more often driven by financial inclusion-related motivations” compared with central banks in advanced economies.

EMDE central banks also “assign a higher weight to monetary policy implementation as a reason to explore or develop a CBDC.” As for stablecoins and other crypto assets, the survey found that they are “rarely used for payments outside the crypto ecosystem.

“Some 60 percent of surveyed central banks reported that they have stepped up their CBDC work in response to the emergence of crypto assets,” the report said. CRYPTO MARKET RISKS “The turbulence in the crypto market in 2022 and the beginning of 2023 has shown that crypto assets pose risks when not properly designed and regulated. “Continued monitoring will help central banks to identify emerging risks and promptly address such risks with effective standards, oversight, and policies.”

SURVEY DEFINITIONS The BIS defines a CBDC as “a digital payment instrument denominated in the national unit of account, which is a direct liability of the central bank.” A retail CBDC is for use by households and firms for everyday transactions whereas a wholesale CBDC is for transactions between banks, central banks, and other financial institutions. Crypto assets are defined as “a type of private sector-issued digital asset that depends primarily on cryptography and distributed ledger or similar technology.”

In contrast to CBDCs, they don’t represent a claim on a central bank. Set up in Switzerland in 1930 to settle German reparations arising from World War I, the BIS is the world’s oldest international financial institution. Long dominated by advanced economies, membership expanded rapidly after the Asian financial crisis of 1997 to include dozens of EMDE central banks. Current membership covers 63 jurisdictions.

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The number of registered e-wallet accounts increased to 20.2 million as of June this year, read the report.

The total number of transactions jumped to 333.7 million in the first half of this year from 211.2 million in the same period in 2022 with a total amount of US$58.2 billion, a year-on-year increase of 98.3 percent, it pointed out.

Cambodia’s payment system has been modernized by incorporating a series of new technologies aimed at enhancing payment efficiency and security to facilitate the exchange of goods and services more easily and quickly, improve the financial environment and support the integration of payment systems into the region, said recently outgoing NBC Governor H.E. Chea Chanto.

“Inter-bank payments in Cambodia have become easier, in response to changes in the behavior of companies, enterprises, and consumers, who increasingly rely on online shopping and electronic payments in the age of digital technology,” he said.

NBC’s report stated that 35 payment service institutions (PSIs) have been licensed and two banking and financial institutions (BFIs) have been authorized to operate payment businesses.

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The meeting was chaired by His Excellency Dr. Tan Monivann, Vice President of the CCC, on behalf of Duke Kith Meng, President of the CCC.

The meeting was also attended by members of the National Advisory Group from the Ministry of Commerce, led by Subhadeep Chowdhury, Director of Profiten Cambodia, and other representatives from the Association of Banks in Cambodia​ (ABC), Cambodia Logistics Association, the Cambodia Digital Technology Association (CDTA), IEBuy Trading Company, SBI Bank, and more.

The purpose of the meeting was to review the progress of the implementation of the e-commerce law in Cambodia and discuss strategies for how to improve the law and provide strategic guidance to the National Advisory Group in its implementation.

During the meeting, members provided input and recommendations on the challenges, past and present, in the application of the e-commerce law in Cambodia.

The meeting was productive and resulted in a number of valuable insights and recommendations that will be used to inform the future of e-commerce in Cambodia.

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Signed by Cambodia Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen on July 26., the 12-page sub-decree becomes effective immediately.

The document is applicable for ministries, subnational administrations, other public bodies, legal entities benefiting from public finance, licensed firms and associations, and Cambodians and foreigners using CamDigiKey data.

It defines the specific roles and responsibilities of competent bodies, including the Ministry of Economy and Finance, Cambodia Data Exchange (CamDX), and the Ministry of Interior in CamDigiKey management.

The sub-decree describes the request for the creation of the CamDigiKey account, its data authentication and utilization, and its safety assurance through information technology and data security.

It also spells out key technical terms and provides guidance on conflict settlement.

Ministers in Charge of the Office of the Council of Ministers, Economy and Finance, and Civil Services, as well as ministers and heads of other institutions related, are responsible for implementing the sub-decree.

CamDigiKey is a secure yet easy mobile application that is used to authenticate oneself digitally. By registering on CamDigiKey, users obtain a valid digital identity through which users can log into any Cambodian government portal for example Online Business Registration.

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