Cambodia recognises that digital systems have played an important role in reducing the impact of Covid-19, as an effective solution to support public and commercial activities.
Minister of Public Works and Transport Sun Chanthol made the remark at a World Economic Forum event held via video conference on June 29 under the theme “Recovery of Business Activity: Revitalising the Regional Economy with a Sustainable Supply Chain”.
Addressing world leaders at the event, Chanthol highlighted the Kingdom’s “readiness” to embrace the regional digital economy.
“Cambodia has set its priority on promoting digital systems to ensure the smooth flow of goods, services, skills, capital and data.
The Kingdom needs to focus on legal and institutional cooperation to more effectively adapt to the digital revolution in trade, investment, trade facilitation, small and medium enterprises and skills development,” he said.
Chum Monika, managing director of digital payment tech giant Visa Inc in Cambodia, told a news conference early in June that since the outbreak of Covid-19, digital payments in ASEAN countries have been on the rise.
She noted that a recent survey of Visa card users’ payment habits found that 44 per cent of respondents carry less cash in their wallets than before the pandemic.
“Security and the financial environment are the main reasons for the use of digital payments,” Monika added.
The survey covered more than 7,500 people in ASEAN countries, including the Kingdom.
Chanthol affirmed that to achieve its vision towards a digital economy, Cambodia is committed to implementing the Automated System for Customs Data (Asycuda), linking to the Port Electronic Data Interchange (EDI) Autonomous System, to facilitate efficient transportation and trade.
At the same time, he said, the Kingdom also adopted the Law on E-Commerce and officially launched the ASEAN Single Window online business registration system domestically.
But perhaps more importantly, the Kingdom recently rolled out the Cambodia Digital Economy and Social Policy Framework 2021-2035, he noted.
The evolving digital landscape will better enable ASEAN countries to join forces and transform the regional bloc into a single digitally-connected community, which they can leverage to accelerate the recovery of socio-economic development, he stressed.
According to the National Bank of Cambodia (NBC), more than 59 per cent of Cambodians currently conduct payment transactions online, which the central bank says reflects its stalwart backing of digital payment services in line with its pursuit of a more supportive financial environment in the Kingdom.