Boost for P2P as Cambodia unveils new fintech plan
Peer-to-peer lending and crowdfunding are at the heart of a new plan to boost Cambodia’s fintech sector.
The newly-released Cambodia Financial Technology Development Policy 2023-2028 has laid out the government’s plans to increase financial inclusion, efficiency, competition, and investment, and to create a robust regulatory environment which will aid with the growth of fintech businesses such as P2P lenders.
The government hopes that by investing in its burgeoning fintech sector and clarifying regulations around fintech lenders, it will drive more foreign direct investment into the country, and build up the Cambodian small- and medium-sized enterprise sector.
Read more: Shojin seeks £4.9m for its last private fundraise ahead of IPO
“I firmly believe that the implementation of the policy will help Cambodia to benefit from the digitalisation of the financial sector and it will provide opportunities to all parties to contribute to the development of Cambodia’s digital economy and society,” said Aun Pornmoniroth, Cambodia’s minister of economy and finance, and the chairman of the digital economy and business committee.
According to the National Bank of Cambodia, a lack of regulations and policies were seen as the largest potential obstacles to the growth of fintech.
Read more: Qatar introduces first loan-based crowdfunding regulations
The government plans to address these issues by tightening the regulations around crowdfunding and fintech lending platforms.
It has also created a fintech regulatory sandbox to encourage new fintech companies to test new products and services.
According to a report by Boston Consulting Group and QED Investors in 2021, Asia-Pacific is likely to outpace the United States and become the world’s top fintech market by 2030.
Read more: Fasanara Capital partners with fintechs to tokenise private debt investments