Connect with us

Technology

Cambodia’s Banking Evolution: Trust and Innovation at the Forefront

Published

2 years ago

on

PHNOM PENH, Cambodia, March 25, 2025 /PRNewswire/ — In a rapidly changing financial landscape, Cambodia’s banking sector is emerging as a beacon of trust and innovation. Through significant advancements in digital banking, stringent cybersecurity measures, and transparent regulatory frameworks, the nation is positioning itself as a leader in ethical banking practices.

Digital Banking Surge Enhances Financial Inclusion

Recent data from the National Bank of Cambodia (NBC) reveals a notable shift towards mobile banking. In 2024, over 608 million transactions and payments, an increase of 334% from 2023, were made through the Bakong Payment System with the total value of 183 trillion KHR or 457 billion USD, a 127% increase from 2023. This trend underscores a growing consumer preference for accessible and user-friendly mobile platforms, reflecting its widespread adoption. NBC’s Bakong System has been instrumental in this digital transformation. By integrating e-wallets, mobile payments, and online banking into a single platform, Bakong has simplified transactions and broadened financial access, particularly in rural areas.

“Digital payments are transforming financial inclusion in Cambodia, especially for underserved communities. By using mobile banking and platforms like the Bakong system, we are making financial services more accessible, affordable, and secure—particularly for those in rural areas,” said Ms. Dith Nita, Chairwoman of the Cambodia Microfinance Association (CMA). 

Strengthening Cybersecurity and Regulatory Transparency

To maintain financial stability amid rapid digitalization, Cambodia’s banking sector has prioritized cybersecurity and transparent regulatory practices. The Association of Banks in Cambodia (ABC), together with the Cambodia Microfinance Association (CMA) has been proactive in promoting consumer protection, financial literacy, and industry-wide cybersecurity initiatives, thereby fostering a stable and resilient financial environment.

In a significant regulatory development, NBC has introduced a framework that uses blockchain technology, providing clear guidelines to encourage innovation in digital finance while safeguarding financial stability. This move not only positions Cambodia as a responsible player in the global financial ecosystem but also attracts fintech firms seeking a regulated yet flexible environment for growth.

Commitment to Ethical Banking Practices

Cambodia’s financial institutions are dedicated to ethical banking, emphasizing responsible lending and financial inclusion. The NBC-UN Multi-Stakeholder Consultation on Microfinance, held in January 2025, highlighted key reforms such as prohibiting the use of Indigenous Communal Land Titles (ICLTs) as collateral and establishing a Financial Consumer Centre under the ABC and the Cambodia Microfinance Association (CMA) to assist borrowers in financial distress. These measures underscore the sector’s commitment to ethical practices and consumer protection.

ABC Chairman Rath Sophoan said, “As responsible providers, we are committed to ensuring financial access while contributing positively to the well-being of the population, always upholding the principles of transparency, fairness, and social responsibility.”

A Model for Regional Banking Excellence

With secure digital platforms, clear regulatory frameworks, and a steadfast commitment to ethical practices, Cambodia’s banking sector is setting a high standard in the region. As global investors seek stability and transparency, Cambodia is proving itself as a reliable and innovative financial hub.

By balancing technological advancement with ethical banking, Cambodia’s financial institutions are fostering long-term trust, ensuring the country remains a key player in Southeast Asia’s financial landscape—ready for the future, yet firmly grounded in stability.

For further details please contact:
ABC Secretariat
Mr. Sok Chan, Head of Financial Inclusion and Public Relations
Email: abc_fi@abc.org.kh
Phone: +855 92 683 330

CMA Secretariat
Mr. Tongngy Kaing, Head of Communications
Email: hcd@cma-network.org
Phone: +855 95 262 111

About ABC

The Association of Banks in Cambodia was formed in 1994 and is recognized by the Royal Government as the official organization to represent the country’s private banking sector. Our purpose is to promote constructive dialogue amongst member banks, and to serve as an industry voice to the public and the Government.

About CMA

The Cambodia Microfinance Association is an NGO and professional association that aims to ensure the prosperity and sustainability of the microfinance sector in Cambodia. CMA plays a vital role in creating local and international networks as well as seeking equity and loan funds, new technologies and overseeing conflict resolution between microfinance operators. All of these activities have led each member microfinance institution to become stronger and more successful and thereby attract support from the international market to enable industry expansion.

For media inquiries:
TWPR
Ms. Pheng Kim Hoan, Managing Director
Email: kim@twowaypr.com
Phone: +855 10 455 466

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cambodias-banking-evolution-trust-and-innovation-at-the-forefront-302410437.html

SOURCE The Association of Banks in Cambodia (ABC)

Related Topics:
Continue Reading

Technology

Melody Party Offers Over 20,000 Songs and Adds More Than a Thousand New Tracks Monthly, Enhancing Its Online Karaoke Experience

Published

47 minutes ago

on

October 27, 2026

By

SEOUL, South Korea, Oct. 27, 2026 /PRNewswire/ — Melody Party is a music social app featuring a variety of activities, including Mic Grab, Artist Mafia, and Singing Battle. Through its online karaoke feature, SING A SONG, the app brings the traditional karaoke experience online, removing time and location constraints and offering a music experience that combines real-time singing with social interaction.

SING A SONG features an extensive library of more than 20,000 songs, with over a thousand new songs added every month. Its diverse selection includes popular K-pop tracks, classic Korean songs, and karaoke favorites. The feature offers a free-use model, allowing users to start singing their chosen songs without paying a separate fee. This helps reduce the time and cost associated with visiting traditional coin-operated karaoke venues, making it easier to enjoy singing as part of everyday life.

In terms of functionality, SING A SONG supports pitch adjustment and independent volume controls for vocals and accompaniment, allowing users to customize their singing experience according to their preferences. Users can also create online karaoke rooms, invite friends to sing together in real time, and enjoy voice chat and social interaction.

By continuously expanding its song library and offering diverse music-based interactive experiences, Melody Party continues to strengthen its music ecosystem. Through SING A SONG, the platform aims to create an accessible, highly interactive online music social space.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/melody-party-offers-over-20-000-songs-and-adds-more-than-a-thousand-new-tracks-monthly-enhancing-its-online-karaoke-experience-302920097.html

SOURCE Melody Party

Continue Reading

Technology

Drawing new strength from 20-year legacy, IAACA calls on global counterparts to join annual conference to fortify integrity

Published

47 minutes ago

on

October 27, 2026

By

MARRAKECH, Morocco, Oct. 27, 2026 /PRNewswire/ — The International Association of Anti-Corruption Authorities (IAACA), an independent and non-political anti-corruption organisation with over 190 member anti-corruption authorities (ACAs) worldwide, will co-host IAACA Annual Conference 2026 in Marrakech, Morocco next month together with the Independent Commission Against Corruption of Hong Kong, China (ICAC) and the National Authority for Probity, Prevention and Fight Against Corruption of Morocco (INPPLC) to chart a path for the global graft fight and explore cutting-edge approaches to tackle emerging corruption challenges.

Themed “Building on 20 Years of Legacy: Drawing Strength from the Past, Guarding Global Integrity for the Future”, the international event will not only mark the 20th anniversary of the IAACA, but also provide a dynamic forum for IAACA members to exchange insights and enhance co-operation.

Calling on international counterparts to participate in the conference scheduled for November 25, IAACA President Mr Woo Ying-ming, who also serves as ICAC Commissioner, said that “As the IAACA marks its 20th anniversary, the conference will bring together global anti-corruption community at a pivotal moment for collective action. I anticipate that the valuable insights and new approaches generated through the international synergy will chart a resilient strategic path for us to navigate integrity risks and draw strength from our shared legacy to guard global integrity for generations to come.”

During the conference, renowned international experts from the United Nations Office on Drugs and Crime (UNODC), Basel Institute on Governance, the International Anti-Corruption Academy, and global anti-corruption and law enforcement agencies and institutions will shed light on harnessing artificial intelligence in the fight against corruption, safeguarding integrity within global climate and biodiversity frameworks and analysing global corruption measurement and systemic effectiveness.

Following the conference, the ICAC, the INPPLC, the IAACA and the UNODC will co-organise a training seminar on leveraging AI in combating corruption.

While the ICAC and INPPLC will share how AI and new technology can reshape the future of anti-graft enforcement and corruption prevention, the UNODC will provide a global perspective on using AI models in financial crime investigations and addressing the operational relevance, legal robustness and adaptability across jurisdictions.

For details of the conference and training, please visit:
https://www.icac.org.hk/icac/iaaca-morocco-2026/index.html

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/drawing-new-strength-from-20-year-legacy-iaaca-calls-on-global-counterparts-to-join-annual-conference-to-fortify-integrity-302920101.html

SOURCE International Association of Anti-Corruption Authorities (IAACA)

Continue Reading

Technology

Viettel moves 100 million subscribers to home-grown cloud-native charging in three months – with zero downtime

Published

47 minutes ago

on

October 27, 2026

By

HANOI, Vietnam, Oct. 27, 2026 /PRNewswire/ — Viettel High Technology Industries Corporation (Viettel High Tech), part of Viettel Group, has migrated more than 100 million subscribers and some 5,000 tariff plans at Viettel, Vietnam’s largest mobile operator, to vOCS 4.0, its in-house cloud-native charging system. The three-month cutover ran on a live national network with no service disruption.

Replacing a charging system is one of the riskiest projects an operator can undertake, which is why many stick with legacy platforms. Viettel High Tech reduced the risk through real-time data synchronization, parallel running and a phased cutover, with instant rollback at every stage.

The project won the Telecom Review Excellence Awards 2026 prize for Best Technology Deployment in Asia, a first for a Vietnamese company.

What it means for operators:

Scale: more than 300,000 transactions per second at latency below 5 milliseconds, across 2G–5G and fixed services on one platformLower cost: up to 50% less hardware investment than the previous generation, by sharing infrastructure with the networkAgility: new tariff plans in hours instead of days, new features three times faster and deployments about 30% fasterResilience: two active data centers about 2,000 km apart and automatic recovery in under two minutes

Viettel High Tech developed every core layer in-house, from a telecom-grade cloud-native platform and NFV-MANO orchestration to real-time charging, subscriber and balance management.

“Passing rigorous tests of real-time self-diagnosis and self-recovery is what allows an operator to keep its promise of 24/7 service to customers,” said Luu Manh Ha, CEO of Viettel Networks, which operates the system on Viettel’s network in Vietnam. “Above all, owning the charging system means an operator is not dependent on foreign vendors – it safeguards digital sovereignty and preserves business flexibility.”

“The charging system is where an operator’s business strategy turns into revenue in real time,” said Nguyen Minh Quang, CEO of Viettel High Tech. “We believe vOCS 4.0 is ready to help operators worldwide capture the value of 5G and digital services.”

In 2017, vOCS 4.0’s predecessor, vOCS 3.0, replaced a foreign vendor’s platform for 90 million Viettel subscribers. Across both generations, vOCS serves more than 220 million subscribers in 11 countries. Viettel High Tech now offers vOCS 4.0 to operators worldwide.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/viettel-moves-100-million-subscribers-to-home-grown-cloud-native-charging-in-three-months–with-zero-downtime-302920106.html

SOURCE Viettel Group

Continue Reading

Trending