2023-2028 Fintech policy in place in Cambodia

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Mixed results for CSX index on October 5th On October 5, 2023, the CSX index decreased slightly by 0.04%, closing at 454.4 points. Both the PPSP and CGSM increased, by 0.46% and 0.41%, respectively. However, there were decreases in PWSA, GTI, PAS, ABC, PEPC, and MJQE of 0.55%, 1.32%, 0.33%, 0.20%, 0.86%, and 0.93%, respectively. The only stock on the main board to close unchanged was PPAP. On the growth board, JSL slipped by 1.67% while DBDE did not change. 51,963 shares, or KHR 365 million, were traded, a decrease of 37.9% from the previous day. (Source: YSC Research)

Economy and Industry

2023-2028 Fintech policy in place in Cambodia  Cambodia has launched the Cambodia Financial Technology Development Policy 2023-2028 to promote the development of fintech in the country. The policy was launched at a workshop attended by officials from various sectors, including the Ministry of Economy and Finance, banks, educational institutions, insurance companies, and private companies. The policy aims to boost the digital economy and society in Cambodia, benefiting from the digitalisation of the financial sector. The policy was launched during a period of significant growth in digital payment, with mobile payments increasing as people shifted from cash-based to digital transactions. The National Bank of Cambodia (NBC) reported a 34% increase in registered e-wallet accounts and transactions, with a total of $272.8 billion. (Source: Khmer Times)

NBC is bringing the cross-border payment system to three more nations The National Bank of Cambodia (NBC) is planning to expand its Bakong blockchain-based payment system to Singapore, China, and India by the end of this year. The Bakong system is currently used for cross-border transactions with Thailand, Laos, and Vietnam. NBC is also expanding the system to help migrant workers make timely remittances with low fees. The Bakong payment system has contributed significantly to financial inclusion, with the number of transactions using it increasing to 35.48 million worth $12.5 billion in the first semester of this year. In 2022, NBC launched the KHQR code payment service to promote mobile retail payments in the country. The KHQR system is a universal quick response (QR) code system that requires a single QR for receiving payment from any mobile app, including the Bakong app. During the Covid-19 crisis, the Bakong system helped promote social welfare and prevented the spread of the virus by facilitating contactless e-payments. (Source: Khmer Times)

The EoDB index for Cambodia is still optimistic Cambodia's ease of doing business (EoDB) index remains positive despite external challenges such as global inflation and the Russia-Ukraine conflict, according to the Business Confidence Survey 2023 by the European Chamber of Commerce (EuroCham). However, local challenges persist, such as diminished access to financing and the availability of skilled workers. Despite the low labor costs providing a competitive edge, businesses still struggle to find a skilled workforce. The need for a skilled workforce has intensified over the past year, and the Covid-19 pandemic significantly influenced the 2021 survey. Despite these challenges, 62% of respondents plan to further invest in Cambodia, primarily focusing on business expansion, marketing and communication, and human resources. The private sector's pivotal role in the national economy's progression is highlighted, with the country's peace, security, political, and economic stability being emphasized. (Source: The Phnom Penh Post)

Corporate News

ThaiBev intends to expand by 7 billion baht, building a new factory in Cambodia Singapore-listed food and beverage company ThaiBev plans to invest 7 billion baht in domestic and international expansion, including constructing a new beverage factory in Cambodia, logistics facilities, and a biogas factory. The company aims to strengthen its brand and improve its competitive position in the industry. ThaiBev's CEO, ThapanaSirivadhanabhakdi, emphasizes sustainable growth through three strategic pillars: development, sustainability, and enablement. The company plans to invest 4 billion baht in Cambodia's first brewery factory, with a production capacity of 50 million hectoliters per year. ThaiBev also plans to invest 800 million to 1 billion baht in expanding its food business, focusing on popular brands KFC and Oishi. The company reported revenues of 216 billion baht for the first nine months of the year. (Source: Khmer Times)

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