Workshop on the role of insurance and financial technology in Cambodia's digital economy
Phnom Penh: On June 15, 2022, the Digital Economy and Business Committee, the Insurance Regulator of Cambodia, and the Insurance Association of Cambodia, co-organized the workshop on the Role of Insurance Sector and FinTech in Digital Economy, which was presided over His Excellency ROS Seilava, the Secretary of State, Ministry of Economy and Finance, and Chairman of the working group on drafting Cambodia’s Financial Technology Development Policy, with the participation of top government officials, distinguished delegates from relevant government bodies, representatives from insurance companies, banks, microfinance institutions, and private companies, in a total of 124.
This workshop was organized with the four primary purposes:
(1) to continue to collect additional and specific inputs in the insurance sector, (2) to disseminate Cambodian policies and regulatory frameworks related to digitalization in the insurance sector, and (3) to identify current trends, challenges, and opportunities in the insurance sector. Cambodia, and (4) define the role of digital data exchange nurseries in Cambodia for the insurance sector.
On this special occasion, HE Ros Seilava gave an opening speech on the workshop regarding “Although the insurance sector has been growing and has potential, the insurance technology (InsurTech) in Cambodia is still in the nascent stage and has been encouraging some challenges, including the lack of regulator frameworks for digital insurance-related businesses, the lack of support infrastructures, such as regulatory sandbox and the access to the internet in the rural areas, the lack of support from key actors in the InsurTech ecosystem, including public, private and development partners, and low financial and digital literacy among Cambodian people,”.
As a result, the workshop proceeded smoothly and achieved the expected outputs, with interactive and lively discussion among presenters, panelists and participants, and a spirit of sharing and attentiveness. Through the discussions and sharing of concepts, innovative ideas and experiences from stakeholders, the Digital Economy and Business Committee received valuable input to build an effective and holistic foundation for Cambodia’s Financial Technology Development Policy.
