The finance minister has asked South Korea’s Booyoung Group to invest more in Cambodia’s financial technology (fintech) market, which has seen remarkable growth during Covid-19, as the company’s chairman revealed preliminary plans for a university in the Kingdom focusing on fintech and tax.
Economy and Finance Minister Aun Pornmoniroth made the proposal at a meeting with Booyoung Group chairman Lee Joong-keun at the Finance Ministry on Oct. 19, the ministry said in a statement.
The minister recognized Booyoung Khmer II Co Ltd’s “active” involvement in the socio-economic development of Cambodia through its activities in finance, real estate and elsewhere.
“Against the backdrop of the fight against the Covid-19 pandemic, the growth and importance of the digital sector as well as fintech in Cambodia, [I] encourages the company to investigate the possibility of further investing in and providing support for fintech development in Cambodia, among other things,” the statement said.
Pornmoniroth expects the company to continue investing in economic and financial development, providing additional support and cooperation to companies in Cambodia.
Lee acknowledged the key roles played by the Ministry of Finance, especially when it comes to taxation, which he likened to a pillar supporting the economy, both in Cambodia and South Korea.
“Boyoung Group in the Republic of Korea will explore the possibility of opening a university focusing on tax and fintech in Cambodia,” he said in the statement.
Mak Chamroeun, co-founder of local business-to-consumer (B2C) e-commerce platform Smile Shop, expressed gratitude to the South Korean investors who continue to pour money into the kingdom and welcomed the Booyoung Group’s proposal for such a university, which he said will contribute to the development of human resources as the industry grows.
“In the education sector, we really need more investors to participate in the effort to guide and improve the development of Cambodian human capital. FinTech is more than just a sector that can boost the Cambodian digital economy and I really appreciate the consideration that the investor [Booyoung Group] has shown, he said.
In early June 2021, the government launched Cambodia’s Digital Economy and Social Policy Framework 2021-2035 for the Kingdom’s evolving digital socio-economic environment, to pave the way for a thriving digital economy, as a new engine for economic growth.
The policy framework is expected to inject new momentum into the Kingdom’s Information and Communication Technology (ICT) sector and calibrate the pace of development to jump into the digital era, as a promising new source of opportunities to increase productivity, efficiency and economic competitiveness.
The framework will have key economic benefits, the government said then, listing job creation; skill development; an improved investment climate; trade and business activity increases; links in regional and global production and value chains; and more efficient public service provision as examples.
