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.
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.