Logo of Phnom Penh Post newspaper Phnom Penh Post - e-KYC, CamDigiKey V2.0 set up, linking interior ministry

e-KYC, CamDigiKey V2.0 set up, linking interior ministry

Content image - Phnom Penh Post
National Bank of Cambodia (NBC) assistant governor Chea Serey (left) and Techo Startup Center (TSC) chairman Kong Marry at July 4’s signing ceremony. NBC

e-KYC, CamDigiKey V2.0 set up, linking interior ministry

Cambodia has established electronic know-your-customer (e-KYC) guidelines to verify, match or identify customers to avoid the risk of fraud and other technological crimes when customers open an account using the Bakong system.

National Bank of Cambodia (NBC) and the Techo Startup Center (TSC) of the Ministry of Economy and Finance introduced the guidelines during a memorandum of understanding (MoU) signing ceremony.

The event on July 4, also saw the launching of CamDigiKey version 2.0, a mechanism to verify identities in the e-KYC process.

KYC rules ensure that financial service professionals authenticate and assess the identity, suitability and risks involved with maintaining a business relationship with a client.

Kong Marry, ministry undersecretary of state and chairman of the Inter-Ministerial Working Group on e-KYC, said the MoU with the NBC was to promote the use of e-KYC in the financial and banking sectors via mobile app.

He added that the CamDigiKey mechanism for accessing most services will be by logging in a username and password, therefore a service must have an account.

“In the past, the private sector, especially the banking sector, had submitted proposals to the government through the government-private sector forum to verify the identity of customers by linking to government data.

“The economy ministry responded to it by setting up the e-KYC system to be used as a mechanism to connect to the Ministry of Interior’s identification information,” he said.

NBC assistant governor and director-general Chea Serey said currently, banking and financial institutions that register customers via Bakong have implemented the e-KYC procedure using the manual approach method.

This was required by the institution to identify customers according to the individual rules of each institution.

However, Serey added that practices such as traditional ones are not yet easy, and may also lead to the risk of fraud and other cyber crimes due to the lack of a joint system capable of properly verifying the authenticity of customer identity.

“The MoU focuses on building an e-KYC in the banking and finance sector, participating in the implementation and use of the e-KYC system and mutual sharing of experiences in both technical and business aspects,” she said.

The Cambodia Digital Key system, or CamDigiKey, is Cambodia’s first e-KYC system, which is designed with the principles of paperless and e-verification and maintains privacy and data security.

MOST VIEWED

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Rare plant fetches high prices from Thai, Chinese

    Many types of plants found in Cambodia are used as traditional herbs to treat various diseases, such as giloy or guduchi (Tinospora cordifolia) or aromatic/sand ginger (Kaempferia galangal) or rough cocklebur (Xanthium Strumartium). There is also a plant called coral, which is rarely grown

  • Cambodia returns 15M Covid jabs to China

    Prime Minister Hun Sen said Cambodia will return 15 million doses of Covid-19 vaccines to China for donation to other countries. The vaccines in question were ordered but had not yet arrived in Cambodia. While presiding over the Ministry of Health’s annual meeting held on

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide