Key Figures From India And Cambodia Discuss Digital Transformation And Business Opportunities
The Indian Business Chamber in Cambodia (IBCC) hosted an event titled “Navigating the Digital Future: Opportunities, Innovation, and Growth” on October 24, 2024 at the Sun & Moon Riverside Hotel, bringing together business leaders, government officials, and technology experts from both India and Cambodia to explore the rapidly evolving digital landscape and the significant business opportunities it presents for both nations.
The event was presided over by H.E. Dr. Devyani Uttam Khobragade, Ambassador of India to Cambodia, alongside H.E So Visothy
Secretary of State at the Ministry of Post and Telecommunications (MPTC), and Sophea Eng, Director of Banking Services at the National Bank of Cambodia (NBC).
In his welcoming remarks, Babulal Parihar, President of the IBCC, affirmed the chamber's commitment to enhancing ties between India and Cambodia, including new partnerships related to digital transformation.
“Our gathering today not only acknowledges the long standing relationship between India and Cambodia, but also explores the immense potential for the growth and development in our nations,” he said. “As we look towards the future, the IBCC is committed to fostering robust business, trade and investment opportunities between two nations.”
“India's digital transformation in the past decades has been monumental, particularly to the creation of robust digital infrastructures and inclusive financial ecosystem and cutting-edge technological advancement,” he added.
The collaboration between India and Cambodia in digitalisation can be a game changer for both countries. While India can share its technological expertise and scalable solutions, Cambodia can offer opportunities for growth in the development market. Together, they can foster innovation, improve digital infrastructures, and create a more inclusive and digital economy.
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Navigating The Digital Future – Digital Partnerships Between India And Cambodia
As digital technologies increasingly shape the global economy, the significance of fostering digital innovation and collaboration between countries has never been greater. Cambodia is experiencing rapid growth in its digital economy, with the Cambodia Digital Economy and Society Policy Framework 2021-2035 setting the foundation for the nation to become a regional digital hub.
India, on the other hand, is a global leader in digital payments and fintech, with its Digital India Initiative driving massive transformation across sectors.
Ambassador Khobragade shared how there are ongoing talks between India and Cambodia on potentially bringing India's Digital Public Infrastructure (DPI) model to Cambodia.
“We have expressed our willingness to share our experience of implementing the digital public infrastructure (DPI) in a large, diversified and vast country such as India, with all our friends in the Global South, including Cambodia,” she said.
I'm very happy to share that the Ministry of Electronics and Information Technology of India, and the Ministry of Post and Telecommunications in Cambodia, are discussing a Memorandum of Cooperation (MOC) on India's DPI model. This could transform the socioeconomic ecosystem of developing countries, including Cambodia.
Watch a snippet of Ambassador Khobragade's speech from the event:
Other forms of digital collaboration being pursued by India and Cambodia she shared were:
- Offering India's DPI infrastructure model to the Cambodian Ministry of Health – the Indian ambassador shared that the DPI infrastructure tremendously helped in allowing people in India to reach essential government services and social support in the form of digital cash payments during the COVID-19 pandemic, extending even to the poorest of the poor. Introducing such an infrastructure in Cambodia would have similar benefits to the health sector.
- Digital payment connectivity – The NBC and NPCI International are working towards enabling payments through India's Unified Payments Interface in Cambodia, and KHQR based payments in India. A Memorandum of Understanding (MOU) was signed between the two parties in March 2023 to promote collaboration in the area of cross border payments and remittances between India and Cambodia. The ambassador believes such digital payment connectivity will soon facilitate commercial payments, as well as individual payments, further spurring tourism and businesses between the two countries.
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Panel Discussion: Fintech and the Future of Digital Payments
A key highlight of the event was a panel discussion on “How Digital Payments and FinTech are Changing the Financial Landscape”, moderated by Niraj Gupta, Director of Macro Solutions, and featuring the following speakers:
- Manu Rajan, Division CEO, Wing Bank;
- Stephen Higgins, Managing Partner, Mekong Strategic Capital;
- Rahul M., Director, Digital and Technology, HEINEKEN Cambodia;
- Tomas Pokorny, Chairman of EuroCham Cambodia's Digital & Technology Committee.
These panelists discussed the pivotal role of fintech and digital payments in transforming economies, addressing topics such as financial inclusion, cybersecurity, and the regulatory challenges facing both emerging and established markets.
Parts of this article were adapted from a supplied press release.
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