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.

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