Cambodian businesses need to adapt and digitise their financial operations if they want to remain competitive regionally and around the world, industry insiders said yesterday.

Over 200 small- and medium- sized enterprises (SMEs) attended the first annual Tech Startup and SME Forum, hosted yesterday in Phnom Penh, which encouraged SMEs in the Kingdom to streamline online payments, promote their products and improve consumer experience.

According to Tram Iv Tek, minister of posts and telecommunications, the adoption of technology by startups and entrepreneurs could mean the difference between success and failure in a competitive market.

“We want to encourage SMEs to take advantage of the technology available to them, and to create digital applications that will help promote business operations,” he said, adding that high smartphone usage in the Kingdom has provided opportunities for business owners to access a wider user base.

“SMEs have to catch up with the growth of technology. If they can’t, they will not be able to compete with others in the regional and international markets who are meeting customers’ changing demands,” he said.

Thomas Hundt, CEO of Smart Axiata, added that it was crucial that Cambodia’s businesses lead the technological push forward to encourage economic growth.

“Technology will empower SMEs to grow their respective sectors,” he said.

“If businesses make this a priority, they will develop the Cambodian ecosystem.”