Events Calendar

Signing of MOU with the Fintech Associations of Thailand (TFTA), Taiwan (TFTA) and Singapore (SFA)

Signing of MOU with the Fintech Associations of Thailand (TFTA), Taiwan (TFTA) and Singapore (SFA)

Besides the milestone launch of the Cambodia Fintech Association, we are also pleased to announce the official signing of MOU with the Fintech Associations of Thailand (TFTA), Taiwan (TFTA) and Singapore (SFA). The partnerships will see the associations working together to collaborate on joint projects and initiatives to support fintech innovation and development in Cambodia and the Asia region.

Official Launch of Cambodia Fintech Association on 15 August 2018

Official Launch of Cambodia Fintech Association

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How did the Cambodia Fintech Association Started?

P2P or peer to peer lending is one of the fintech vertical. When Eddie and his partners started a P2P platform in 2014 and told investors that they are going to help them generate up to 18% returns per year by matching them directly to the borrowers, investors wouldn’t believe them. Some questioned, if the solution was ahead of time?

Fast forward 5 years later, what that was started as a technology company have been licensed and regulated as a financial institute by some would say, one of the most stringent regulators in the region.

Fintech startups would have found it difficult to bring their ideas across or to convince that their solutions were better. It was only until recently, with the industry getting more traction, Eddie and his partners thought what if they could gather the like minded to come together such that what might be a lonely journey will become more bearable.

Cambodia is getting more ready on Fintech. As just last year, a Fintech Forum was held in May and recently National Bank of Cambodia has also explored using block-chain technology to track interbank transaction and lending in Cambodia.

With these heartening progress, passionate people started to come together to lend their expertise for the association. Jay Cohen, with legal background volunteered to do the registration and filing of the Association. Bernard with background in marketing volunteered to do the community engagement for us. And Jojo, Wing CEO one of the most veteran and profitable Fintech company in Cambodia has also agreed to lend his expertise to the community.

The Initiatives

While preparing for the official launch, Cambodia Fintech Association has already begun work by establishing bridges with the rest of the overseas associations and have signed the MOUs with Taiwan Fintech Association, Thailand Fintech Association and the Singapore Fintech Association.

In time to come, CFA also hope to assist the NBC for the Fintech outreach initiatives and to act as a channel for regulatory feedback on regulatory consultation paper matters.

Once again, 15th Aug marks the beginning of a chapter for the Fintech Industry in Cambodia and an important milestone for the Cambodia Fintech Association where we look forward to build the Fintech community together with you.

Calling all Fintech companies, veteran or young, financial institutes with Fintech innovations, experimenting or mature, to come forward to share your experiences, be it successfully or a valuable lesson. Because together, we are stronger.

Yahoo: Cambodia joins the club with a newly established fintech association

Cambodia joins the club with a newly established fintech association

The national body will foster better fintech collaboration

Last Wednesday, the Cambodia Fintech Association (CFA) officially launched with a commitment to give better focus more on the country’s fintech community, which includes fintech startups, accelerators, and VCs. The CFA is going to be based in Daun Penh district in Phnom Penh.

CFA’s membership will consist of banks, digital payment companies, and financial operators. Cambodia’s central bank has also explored the use of blockchain technology to track interbank payments.

Joining the non-profit organisation, fintech companies will pay a membership fee for US$100 annually.

“Fintech startups are slowly but surely starting to surface in Cambodia with the progressing startup community,” said CFA vice president Eddie Lee, as reported by Phnom Penh Post.

The CFA has also signed a number of MoUs with other fintech associations in the region, including the Taiwan Fintech Association, Thailand Fintech Association, and Singapore Fintech Association. The next is to register the CFA as part of the Asean Fintech Network.

Chea Serey, the director-general of central banking in National Bank of Cambodia agrees on how the country has been seizing momentum and it is time for a change. “We want people in remote areas to have convenient, affordable, fair and safe access to financial services,” she said.

Original article from Yahoo.

Crowdfund Insider: Cambodia Establishes New Fintech Association

Cambodia Establishes New Fintech Association

The Cambodia Fintech Association (CFA) announced its official launch on Wednesday. The organization revealed it is focused on the country’s fintech community, which are fintech startups, accelerators and VCs. According to its website, the CFA is on a mission to become the national, not-for-profit organization to run for the benefit of its fintech members across all corners of Cambodia.

“We aspire to build Cambodia into the leading Indochine country for Fintech Innovation and Investment in the region. We target to achieve this by collaborating with stakeholders to create the best possible regulatory environment, and by fostering an ecosystem of supportive partners and networks so Fintech companies can thrive and grow in Cambodia.”

 

Cambodia Fintech Association also reported it undertakes four major streams of work on behalf of its members, which are the following:

Champion: Advise government and regulators on policy change that supports Fintech innovation and growth
Assist: Provide research, legal/regulatory help, service provider discounts and other benefits that help our members build and scale their Startups
Match: Get customers to buy, investors to invest, and talent to get involved in Fintech solutions
Bridging: Connect ventures (capital), talents (education) and other stakeholders within the Cambodia Fintech ecosystem and provide connections to overseas hubs through our network Events and Partners

According to the Phnom Penh Post, CFA Vice President, Eddie Lee, stated that Cambodia is currently progressing in its fintech, but startups are slowly starting to surface in the country. Lee also explained that CFA has also signed a Memorandum of Understanding with the Taiwan Fintech Association, Thailand Fintech Association and Singapore Fintech Association to establish bridges with similar groups in the region. He added that the next step is to register the CFA with the Asian Fintech Network

Original article from Crowdfund Insider.

Khmer Times: Fintech association launched

Fintech association launched

In a move to support the development of innovative financial technologies and connect businesses in the industry, the Cambodia Fintech Association (CFA) launched Wednesday in a ceremony that was attended by main industry players as well as regulators.

Eddie Lee, vice president of the newly formed association, said CFA seeks to bring together all industry stakeholders – from startups to established tech firms – to build a community and foster cooperation.

“I thought it will be nice to gather everyone together as a community,” he said.

“The idea of building an information technology and media centre in Cambodia has always been part of us. While we could build the hardware infrastructure, it wouldn’t be complete without the software and in this case, the community,” Mr Lee said.

He said the development of the local fintech industry is advancing slowly but surely.

“The National Bank of Cambodia is exploring using block-chain technology to track interbank transaction and lending in Cambodia.

“With all these passionate innovations, we started to see more people coming together to lend their help,” he added.

Chea Serey, NBC’s director general, said that with Cambodia soon becoming a lower-middle income economy, fintech technology will be crucial for eliminating poverty and reducing the country’s unbanked population.

“Technology brings people closer, allowing them to share information that can ultimately lift people out of poverty.”

She said lifting people’s living standards should be the end goal of the technology. “I want to see this technology in remote areas helping low-income, unbanked people leave poverty behind,” she said.

“We want to see people in remote areas with more convenient, more affordable, and safer access to financial services.

“NBC is exploring all aspects of fintech, watching, learning and implementing,” she said, adding that last year, in collaboration with the Asian Development Bank, the central bank organised the country’s first-ever fintech forum in Phnom Penh.

She said the local fintech industry is still at very early stages of development in the Kingdom, growing at a rapid pace, but so far limited to the banking sector, particularly remittances and payments.

She said she is looking forward to closer interaction between the regulator and industry players to “better understand each other.”

“We will continue to build the infrastructure and regulatory frameworks to keep up with innovation,” she added.

Mr Lee said CFA will act as a bridge, connecting Cambodia with overseas associations. He said CFA has already signed agreements with fintech associations in Thailand, Singapore and Taiwan.

“The next step will be to register CFA with the Asean Fintech Network. We will then be connected to all fintech associations in Southeast Asia,” he said.

According to the Telecommunication Regulator of Cambodia, the number of internet subscribers has now reached 12 million. There are 20 million mobile phone connections in the Kingdom.

Original article from Khmer Times.

Finextra: Cambodia establishes fintech association

Cambodia establishes fintech association

Cambodia has become the latest country to launch a national body designed to foster more fintech collaboration with the launch of the Cambodia Fintech Association (CFA).

The CFA will be based in the Cambodian capital’s Daun Penh district and its membership will initially comprise of banks, digital payment companies and financial operators.

“Fintech startups are slowly but surely starting to surface in Cambodia,” said CFA vice president Eddie Lee. In addition to the launch of the CFA, Cambodia’s central bank has also explored the use of blockchain technology to track interbank payments, said Lee.

The CFA has signed a number of MoUs with other fintech associations in the region, including the Taiwan Fintech Association, Thailand Fintech Association, and Singapore Fintech Association. It is also planning to register the CFA as part of the Asean Fintech Network, said Lee.

Original article from Finextra.

The Phnom Penh Post: Kingdom establishes an association for fintech

Kingdom establishes an association for fintech

Credit: Heng Chivoan

The Cambodia Fintech Association (CFA) was officially launched on Wednesday with the aim of facilitating collaboration among players in the Kingdom in its nascent financial technology sector.

The CFA will operate out of a 464 square metre coworking space in the capital’s Daun Penh district. It counts digital payment companies, banks and financial operators among its members.

CFA vice-president Eddie Lee said Cambodia is progressing in its financial technology, noting that the Kingdom’s central bank has explored using blockchain to track interbank transactions.

“Fintech startups are slowly but surely starting to surface in Cambodia,” he said.

Lee said a CFA representative has signed Memoranda of Understandings with the Taiwan Fintech Association, Thailand Fintech Association and Singapore Fintech Association to establish bridges with similar groups in the region.

He said the next step would be to register CFA as part of the Asean Fintech Network.

National Bank of Cambodia director-general of central banking Chea Serey said at the CFA’s launch ceremony that fintech development in the country has been gaining momentum, and brought many people into the fold of traditional financial services.

She added that fintech is giving people in remote areas access to banking services and offering them more opportunities to move out of poverty.

“We want people in remote areas to have convenient, affordable, fair and safe access to financial services,” she said.

Original article from The Phnom Penh Post.