First Cambodia collaboration with Huawei recently hosted an event that marked a significant milestone in the technological landscape: Huawei Innovation Day - AI-Powered Storage, Network, and Security Solutions. This collaborative event was not just a gathering but a vibrant showcase of cutting-edge technology that is leading the charge in the digital transformation journey.
Madam Sokun Hour's memoir, "My Real-Life Journey with First Cambodia," is more than just a personal narrative; it's a beacon of inspiration for aspiring entrepreneurs and business leaders. The book delves into the heart of what it means to build a company from the ground up in the face of adversity, and how the values of honesty and perseverance can pave the way to success.
The financial landscape in Southeast Asia, especially in Cambodia, is rapid digital transformation. According to recent reports by the National Bank of Cambodia, the total value of transactions conducted through digital payment platforms reached $492 billion in 2023 which is 16 times the total GDP. The payment via Bakong has dramatically increased from its introduction to 27.6 million accounts and around 2.9 million merchants countrywide[1], while the value of gross digital payments according to World Economic Forum, across the six largest ASEAN economies is forecast to $1.2 trillion by 2025[2]. This growth is a sign of a growing demand for faster, more efficient, and transparent cross-border payments.
The digital revolution is passing across Cambodia and the entire ASEAN region. The latest e-Conomy SEA 2023 report says that over 470 million people in ASEAN use the internet, and that number is expected to rise continuously, with mobile data traffic expected to grow 3 times by 2030. According to NBC Annual Report 2023, Digital payment services have made significant contributions to promote financial inclusion, as the number of e-wallet accounts was recorded at 19.7 million, and the value of payment services increased by 18% about USD 75.8 billion, equivalent to 2.4 times the GDP, with a total of over 600 million transactions. So, a flood of data is on the rapid growth, which brings both opportunities and challenges.
