The Ministry of Economy and Finance. Heng Chivoan
The finance ministry is set to officially launch a distributed ledger platform on November 13 in the latest move aimed at enabling the budding Cambodian financial technology (fintech) sector to harness the potential of emerging technologies to drive innovation in the broader financial industry.
The Ministry of Economy and Finance said in a statement that Cambodia Distributed Ledger (CamDL) is a “hybrid permissioned blockchain” designed to provide the public with a platform for testing, understanding, experimenting and developing Decentralised Applications (Dapp), or those in the Web3 space, to solve daily challenges in the industry and broader community.
“The launch of CamDL will contribute to protecting consumers, improving financial stability and promoting financial integrity, as well as help build the digital economy in Cambodia,” the ministry said, adding that “hybrid permissioned blockchain” is a type of blockchain that allows access to the public with limited conditions.
“This platform will serve as the first decentralised financial sector ecosystem in Cambodia, under regulation by the Royal Government, which will allow stakeholders to access, test and collaborate on new innovations using the ‘Test and Learn’ model,” it added.
Mak Chamroeun, vice-head of Cambodia Internet Startup Association (CISA), said he welcomed any move by the government with the potential to improve the business climate and modernise the digital and innovation ecosystem.
“I really appreciate the efforts and leadership of Ministry of Economic and Finance, which has been trying to uplift the Cambodian digital economy to another level by promoting Web3 and blockchain technology. This new CamDL initiative will provide more practical opportunities to fintech start-ups, with more safeguards.
“I believe that CamDL will be user-friendly and lead to the creation of more fintech start-ups. CISA commits to join in the efforts with the [finance ministry] to promote CamDL, Web3 and fintech services,” he said.
According to the ministry, by using CamDL, software developers and the general public can conduct hands-on experiments and study “more clearly and in-depth” to maximise benefits and minimise risks arising from new technologies. It underlined that all stakeholders in the decentralised financial ecosystem can use and benefit from the platform.
