Cambodia’s tech news in
December 2023 | November 2023 | October 2023
The quarterly Cambodia tech snapshot for Q4 2023 briefly captures items covering: the successes of the Kingdom’s Bakong central bank digital currency project; Cambodia’s ongoing issues with cross-border cryptocurrency-focused crime syndicates; Cambodia’s Fintech Policy for 2023 to 2028; and more.
Other editions: Asia’s tech news, daily (via LinkedIn, Facebook & Twitter/X); and Indo-Pacific technology newsletters, weekly.
Also available:
Critical technologies news across Q4 2023
EY: 2024 Geostrategic Outlook – ongoing geopolitical complexity
December 2023
- Cambodia: A brief overview of the recent CamTech Summit 2023, an attempt to bring together policymakers, regulators, businesses and tech industry figures
- Cambodia: An overview of the recent Pitch Perfect 2 event, and an introduction to 4 of the Kingdom’s tech startups, working on AI-backed HR-tech, coffee industry agri-tech and more
- Cambodia: Central bank head claims Bakong CBDC now has 10M user accounts; looks to grow payments, adding China to Thailand, Laos, Vietnam; and inks MOUs including with Solomon Islands
- Cambodia: “Tether is banned in Cambodia but is frequently used to move money in and out of China… for gambling, and laundering money… also appeals to crime groups running online gaming and cyber scams in Southeast Asia…” >>>
Like all cryptocurrencies, Tether (or USDT) – a so-called stablecoin because its value is tied to the US dollar – is officially banned for trade in Cambodia.
Yet security experts say it has fast become an integral part of the country’s shadow economy; with a low fee and no restrictions to move, hide and launder money at speed.
Even those running Phnom Penh’s ecosystem of bricks-and-mortar crypto exchanges and online USDT exchanges admit they are running a parallel financial service in the developing economy.
One Cambodia-registered financial platform, Huione Pay, has a branch which looks like any other bank, except the tellers discuss USDT exchange options with customers. But its main activities occur online.
“In a sense, the perfect operating conditions for criminals have been created in border areas and special economic zones of the region,” said Jeremy Douglas, the United Nations Office on Drugs and Crime’s regional representative. He explained that cryptocurrency – particularly USDT traded on the TRON exchange platform – was heavily used by cyber criminals and the region’s governments were not able to keep up.
Cambodia Data Exchange Platform
November 2023
- Cambodia: “Two prominent Chinese government hacking groups are targeting at least 24 Cambodian government organizations through cloud backup services, according to a new report.”
- Cambodia: National Bank inks MOU with China’s Alipay+ enabling KHWR payments via the Bakong CBDC system to merchants using the global Alipay network
Recorded Future: Chinese Cybercrime in Neighboring Countries
October 2023
- AirAsia Cambodia partners the Kingdom’s Oriental Bank digital banking institution with payment solutions for flight bookings and in-flight payments
- Cambodia: An overview of the opportunities and challenges in the Kingdom’s agri-tech sector
- Cambodia Securities Exchange and Cambodia Securities launch SMEs & Startups Go Public program, aiming to develop the Kingdom’s stock market sector
- Cambodia Digital Awards 2023 are now open for nominations, supported by Smart Axiata, Huawei and CBRD Fund
- Cambodia: An overview of the Kingdom’s Fintech Policy directive 2023-2028, aiming to boost development in areas including peer-to-peer lending and crowdfunding
Cambodia’s Project Bakong CBDC digital currency
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