NBC identifies technology as important for promoting financial inclusion
NBC identifies technology as important for promoting financial inclusion As the
National Bank of Cambodia (NBC) strives to ensure the delivery of formal financial
products and services to all segments of the population, the role of technology in
promoting financial inclusion will be the theme of the central bank’s Fourth Annual
Macroeocnomic Conference in November. Chea Serey, director general of the NBC, said
technology could play a significant part in closing gaps and ensuring that all Cambodians
have access to financial services at an affordable cost. According to an Asian
Development Bank (ADB) study released in February, only 13% of Cambodians have
bank accounts and fewer than 4% save with a formal institution. The ADB estimated that
Cambodia’s GDP could increase by more than 32% if this financial inclusion gap was
closed, identifying digital enablement as a powerful tool to solve this. The NBC’s 2016
data shows 96% of Cambodia’s adult population have mobile phones and 48% have
access to the internet. (Source: Khmer Times)
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