Huawei And CAFT Sign MoU To Strengthen Cambodia’s Fintech Industry Through Cybersecurity, Resilient Banking, And Personal Data Protection
Huawei Technologies (Cambodia) Co., Ltd. and the Cambodian Association of Finance and Technology (CAFT) signed a Memorandum of Understanding (MoU) on September 17, 2024 as part of the CamTech Summit 2024 activities. This partnership aims to significantly enhance Cambodia’s finance and technology sector by focusing on improving cybersecurity, resilient banking systems, and personal data protection practices.
According to a press release issued by CAFT, the MoU represents a pivotal collaboration between the two organisations, with Huawei bringing its global expertise in advanced technologies, and CAFT providing its deep insights into the local finance and technology landscape. Through this partnership, both parties will work together to strengthen cybersecurity standards, share best practices for building resilient banking systems, and improve personal data protection in Cambodia’s rapidly growing FinTech industry.
Speaking at the signing ceremony, Tomas Pokorny, Board Secretary General of CAFT, underscored the importance of this partnership in securing Cambodia’s finance and technological future:
This MoU is a crucial step towards securing the future of Cambodia’s finance and technology industry. As finance and technology companies grow, it’s essential that they are equipped with the right tools and knowledge to protect their systems and customers. With Huawei’s expertise, we can create a safer and more resilient finance and technology ecosystem.
In his remarks, Eason Xu, CFO of Huawei Cambodia, emphasised the company’s commitment to supporting Cambodia’s finance and technology ecosystem.
Many banks have been focusing on digital transformation for several years. However, the recent prolonged service outage and cybersecurity incidents showed that they should also strengthen their ICT infrastructure resilience. This is to provide secure and non-stop banking service to customers with a convenient and trusted environment. Huawei has rich experience in the financial service industry in Cambodia and the Asia Pacific, including Singapore, Thailand and Hong Kong. Regarding the partnership with CAFT, we are here to share with Cambodia, especially the FinTech [sector], our best practices, experience and our end-to-end solutions, to protect Cambodia's financial systems.
Through this MoU, Huawei and CAFT will jointly implement initiatives aimed at improving security standards within Cambodia’s finance and technology sector. Huawei will provide technical expertise, while CAFT will engage local finance and technology companies through training programs, awareness campaigns, and resources designed to bolster security measures.
Beyond cybersecurity, the partnership also aims to build resilient banking systems tailored to the needs of finance and technology companies. Huawei will offer global insights and best practices on resilient banking, and CAFT will ensure this knowledge is disseminated to the industry through workshops and seminars. Additionally, personal data protection is a critical aspect of this collaboration, with both parties committed to strengthening data protection measures and promoting global best practices across the finance and technology industry.
CAFT and Huawei hope this partnership will address the immediate needs of cybersecurity and data protection, while also building a foundation for the sustainable growth of Cambodia’s finance and technology ecosystem. The press release adds that the main goal is to create an environment where finance and technology companies can innovate and expand, knowing strong protections are in place.
The CamTech Summit 2024 will be held from September 18-19 at the Centre for Banking Studies in Phnom Penh. Stay tuned for B2B Cambodia's coverage.
This press release was supplied.