Cambodia to create a national body called to develop the institute of innovative financial technologies. The Cambodian Finteh Association (CFA) will be based in the capital of the country, in the city of Phnom Penh, and its first members will be various banks, financial operators and companies providing payment services.
CFA also signed a number of memorandums of cooperation with finteh associations from other countries in its region, including Taiwan, Thailand and Singapore. CFA plans to join the Asean Fintech Network in the near future.
In March this year, in connection with the launch of its own cryptocurrency, the Cambodian government issued a paradoxical order: financial institutions were prohibited from participating in cryptocurrency transactions, which completely disoriented the country’s cryptocurrency entrepreneurs.