Financial experts discussed the significance of sustainable finance, financial technology (FinTech) and financial inclusion in economics at a conference organised by the Association of Banks in Cambodia (ABC) recently.
Held under the theme, ‘We work together for the sustainability of the banking industry’, the conference at the Hyatt Regency in Phnom Penh discussed various aspects of sustainability in the banking sector.
In his opening remarks, ABC chairman Raymond Sia pointed out that sustainability is important as it deals with the future. “Growth and sustainability can co-exist, but we all need to be mindful and disciplined and make collective and conscious efforts to ensure that the growth continues, but not at the expense of sustainability,” he said.
“This conference today is a very important event where we are promoting the key agenda which is essential for the ABC in line with CMA for developing our banking industry in Cambodia. It promotes financial literacy, financial inclusion and FinTech growth. There will be FinTech sessions in the coming days with panel speakers from Asean countries,” Sia said.
Talking about digital adoption in the country, he said, “I believe digital adoption in Cambodia is very high compared to other Asean markets. The reason is that the Cambodian market has very young users who are digital savvy with the latest digital technology. Cambodia is open to adopting new technology and new skills,” he pointed out.
Kith Sovannarith, first deputy director general, banking supervision, National Bank of Cambodia, said that the country’s banking sector managed to grow robustly during the challenging times, as demonstrated by asset growth of 17 percent, credit growth of 23 percent and deposit growth of 16 percent.
He also emphasised the importance of close cooperation between regulators, operators, relevant associations, development agencies, and multinational institutions such as the IMF, World Bank, and the UN.
The conference also held discussions on the progress of Cambodian sustainable finance along with a panel discussion on sustainable finance: sustainable banking — what it means for Asean, mainstreaming green finance products, processes, and policies to mobilise capital for the SDG, market perception and available resources to facilitate mainstreaming of sustainable finance in Cambodia.
Sustainability and growth were the key themes of the conference, which brought leaders of the banking industry, experts and authorities and discussed the current trends in the industry.