The state-run Techo Startup Center (TSC) and the Cambodian Association of Finance and Technology (CAFT) have entered into a memorandum of understanding (MoU) to promote technology in the Kingdom.

The MoU was signed on July 16 by CAFT chairman Remi Pell and TSC executive director Taing Nguonly, according to a press release obtained by The Post on July 19.

“The MoU is designed to achieve the common target of developing new technology, finance, new businesses … and other key areas that will push up the development of the technology sector in Cambodia.

“This MoU is also designed to enhance the quality of entrepreneurs and investors in Cambodia as well as abroad who are interested in investing in Cambodia,” the release said.

It said the cooperation will also focus on the development of a digital framework for financial and other new technologies, new businesses and entrepreneurs in Cambodia, in line with the global digitalisation current of the 21st century.

The TSC and CAFT also aim to jointly develop a sandbox to foster digitalisation in the areas of financial and entrepreneurship technology, and cooperation between the private and public sectors.

Nguonly said the MoU reflects the bilateral efforts to promote and facilitate the creation and development of new businesses in the field of financial and digital technology ecosystems.

“We will start this cooperation through the centre’s business acceleration programme in the near future,” he said.

CAFT executive director Weena Llona stressed that in order to enter into the modern era, the partnership must focus on young people and talented individuals.

“We are pleased to partner with Techo Startup Center to boost Cambodia’s entrepreneurial growth towards the development of world-class technology, financial technology [fintech] and entrepreneurship,” she said.

The TSC is a public administration institution under the auspices of the Ministry of Economy and Finance, and is tasked with accelerating the rate of new business venture formation and growth, by increasing entrepreneurial capacity and innovation through its programmes and services.

The CAFT aims to support and transform Cambodia into the Indochina leader in fintech innovation and investment.