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The Cambodian Digital Revolution – update
Cambodia’s fast-paced growth and development is evident in all sectors and is mainly due to an impressive digital revolution. The government has embraced this revolution intelligently and effectively, strengthening collaboration with the private sector, and is committed to taking its digital economy to the next level while transforming itself into a digital government by 2035.
In this article, we will look at some of the biggest headlines related to the digital revolution in Cambodia.
Recent government policies to structure the digital revolution
In June 2021, Cambodia announced the implementation of a Digital Economy and Digital Society Policy 2021-2035, accompanied by the publication of a comprehensive document prepared by the Ministry of Posts and Telecommunications (MPTC). The core of this document is to provide a clear policy framework by identifying objectives and principles and how to achieve them through an implementation framework and coordination mechanisms. More recently, the MPTC has gone further with the publication of the Digital Government Policy for 2022-2035, which again sets out objectives, strategic goals and priority actions for implementation with a National Digital Economy and Society Council.
These strategies include promoting the development of a digital government infrastructure, the establishment of digital governance and the creation of digital public services, as well as digital capacity building and innovation.
The Ministry of Finance gets involved in the digital economy with its own tech incubator: Tech Startup Centre
The Cambodian government is also building forward-looking institutions to ensure an effective transition to a digital economy with a vibrant tech ecosystem. In July 2020, the Ministry of Finance launched a new public administration called Techo Startup Centre (TSC) with four divisions, namely Administration and Finance Division, Startup Development Division, Technology and Innovation Division and FinTech Division. Through internships and mentoring, research and startup development, the TSC is a very useful institution to address the many challenges that accompany the transition to a digital economy, but also an important asset to unlock the potential of the local market by providing much needed support to homemade Cambodian startups. Ultimately, these inter-institutional public-private initiatives will have a significant impact on the country’s development, as they form the foundation for its future.
Cambodia Academy of Digital Technology: a catalyst for the digital sector
Another major player in the Cambodian technology ecosystem is the Cambodia Academy of Digital Technology, (CADT) “a flagship national research and education institution for digital technology and innovation, which trains digital talent and innovators to lead Cambodia towards a digital society”.
The CADT hosted the French Tech APAC Gathering earlier this year which brought together key players in the Cambodian tech and startup ecosystem – public sector leaders, key players in the private sector, French Tech Phnom Penh and French Tech communities in the APAC region, investors and students to discuss the Cambodian ecosystem. The event was to provide an opportunity to develop personal and business relationships between startups and entrepreneurs from the APAC French Tech communities, the Cambodian Tech & startup community and foster business opportunities.
The CADT also recently partnered with USAID’s Digital Workforce Development Project to launch a new project called “Khoding Hero”. This initiative aims to bring digital skills to students in remote rural areas of Cambodia. The contrast between the countryside and the modernisation of the big cities remains stark, with a large gap to fill for students who do not have access to the same level of education depending on their location. This programme is therefore timely in keeping up with the rapid development of Phnom Penh and in fostering national unity.
TechCreate Group enters the Cambodian market to support the digital sector
On 22 August, a digital acceleration forum was organised by the Cambodian Banking Association and Singapore-based tech services provider TechCreate Group. This prestigious company, which specialises in many key digital sectors such as digital payment solutions, IT, security and infrastructure solutions, is now investing in the Kingdom through a local entity.
They want to bring their knowledge and experience to Cambodia and participate in the country’s digital transformation. As of now, they intend to help local banks fully exploit their digital capabilities and potential with some of the finest digital payment solutions.
How can our experts help?
Cambodia’s digital economy has managed to attract a lot of attention in the first few months of 2022, with major events and announcements proving once again that the revolution is underway. Every week the digital sector is making headlines in the country and everyone involved is firmly convinced that the outcome will be a major success.
If you are interested in getting started in the Cambodian digital ecosystem, why not book a consultation with one of our experts.
Please note that this article is for information purposes only and does not constitute legal advice.
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