SERC & ADB Hold First Annual Securities Conference

The Securities and Exchange Regulator of Cambodia (SERC), in collaboration with the Asian Development Bank (ADB), hosted the Annual Securities Conference 2025 on October 7, under the theme “The Evolution of Cambodia’s Securities Sector: Sustainability, Innovation, Inclusion, and Resilience” at the Sokha Hotel, Phnom Penh.

The conference brought together government leaders, development partners, investors, and representatives from the private sector to discuss Cambodia’s, and the broader region’s, vision for deepening capital markets and strengthening investor confidence.

H.E. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Chairman of the Non-Bank Financial Services Authority (NBFSA), presided over the event and delivered remarks reaffirming the government’s commitment to developing the financial sector under Cambodia’s long-term economic strategy.

He explained that the government’s reform agenda, under the Pentagonal Strategy–Phase I, emphasises economic diversification, competition, and innovation through modern financial instruments such as green bonds, social bonds, sustainable bonds, and sustainability-linked bonds.

The Deputy Prime Minister also highlighted ongoing initiatives to expand the non-bank financial services sector, including the establishment of a futures market operator and mechanisms to support digital asset trading:

We are also developing the derivatives market as a platform for financial risk management and as a mechanism for determining future exchange rates. This involves establishing a strong legal framework, building supporting infrastructure, and creating an attractive environment for liquidity providers.

“As Cambodia continues on its path towards building a resilient, inclusive, and highly competitive economy and society, the government places strong emphasis on diversifying financial resources. The securities sector plays a vital role in driving economic development and assisting the government in achieving these goals,” concluded H.E. Aun Pornmoniroth.

Launching a 10-Year Roadmap to Develop the Securities Sector

The conference also marked the official launch of the 10-Year Roadmap for the Securities Development Master Plan 2025–2035, which was initially released in July.

Speaking to B2B Cambodia, H.E. Sou Socheat, Director General of the SERC, said the roadmap aims to guide collective efforts to expand the market, improve governance, and prepare companies for public listing.

“This roadmap will help everyone understand how they can work with the SERC to develop the securities sector,” said the SERC Director General. “It includes plans to increase the number of listed companies by working closely with businesses, encouraging them to enter the market, facilitating infrastructure development, and gaining support from relevant stakeholders so that our companies are ready to be listed.”

The plan envisions expanding the number of listed companies, introducing new instruments—such as derivatives, commodities, and carbon credits—and developing a more robust bond and collective investment scheme (CIS) market.

H.E. Sou Socheat also emphasised that entering the securities market will require careful preparation and strong compliance standards:

Entering the market cannot happen immediately. Companies must meet sufficient qualifications and maintain these standards after listing to ensure that buying and selling activities remain safe for investors. There must be balance—if the requirements are too strict, there will be nothing to buy; but if they are too loose, investors may buy something that is not secure.

He reaffirmed that the SERC will continue to collaborate with all stakeholders to promote responsible market participation, investor education, and international cooperation.

“We encourage companies to strengthen their structure and list their shares step by step, in line with the roadmap. The best protection for investors is their own knowledge—when they understand the sectors, the trading process, and the financial health of companies, they can invest safely,” said the SERC Director General.

Continued Support From Development Partners

Anthony Robert Gill, Head of Country Operations at ADB Cambodia, remarked on the ADB’s contribution to the preparation of the 10-year roadmap, in partnership with the SERC, underlining the organisation’s continued support for the development of Cambodia’s capital market. 

“The Asian Development Bank is proud to have supported the preparation of this development strategy in close collaboration with the SERC,” said Gill. “This forms part of ADB’s broader commitment to helping Cambodia strengthen its financial sector, mobilise resources for development, and build resilience in the face of global uncertainties.”

He commended Cambodia’s financial progress over the past two decades, noting the rapid growth of the banking and microfinance sectors and the steady expansion of the Cambodia Securities Exchange (CSX).

“Now, with the development strategy in place, Cambodia is well positioned to accelerate the next stage of its capital market development,” he said.

Gill also emphasised the regional dimension of Cambodia’s ambitions, pointing out that ASEAN countries are increasingly turning to capital markets to drive sustainable development.

“Regional cooperation—through harmonisation of standards, cross-border trading, and fintech innovation—offers opportunities for Cambodia to connect more deeply with its neighbours and attract a wider pool of investors,” he added.

Cambodia’s Capital Market Development 10 Years On

The Annual Securities Conference 2025 marked more than ten years since Cambodia established its capital market. 

Despite some progress, the market remains small compared to others in the region, with a market capitalisation of USD 2.75 billion, representing about 5.73 per cent of Cambodia’s GDP. 

Currently, 25 companies are listed on the CSX—11 equity listings and 14 bond issuers.