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Angkor Times
Angkor TimesExperienced
Asked: June 6, 2024In: Money

How Will Cambodia and Canada Boost Their Economic Ties?

Cambodia and Canada to Further Boost Economic Ties Cambodia and Canada are set to strengthen their economic ties to enhance trade and investment between the two nations. This commitment was reaffirmed during a recent meeting between Prime Minister Hun Manet ...Read more

Cambodia and Canada to Further Boost Economic Ties

Cambodia and Canada are set to strengthen their economic ties to enhance trade and investment between the two nations. This commitment was reaffirmed during a recent meeting between Prime Minister Hun Manet and Kelvin K. Mo, Head of the Office of the Representative of the Cambodian Chamber of Commerce in Montreal, Canada, at the Peace Palace on June 5th 2024.

Prime Minister Hun Manet (seventh right) poses for a group photo with the visiting Canadian delegation at the Peace Palace in Phnom Penh, yesterday. AKP
Prime Minister Hun Manet (seventh right) poses for a group photo with the visiting Canadian delegation at the Peace Palace in Phnom Penh on June 5th, 2024. AKP

Meeting Highlights

During the meeting, Mo expressed his gratitude to the Prime Minister for the opportunity to discuss enhancing economic relations. He thanked the Cambodian ministries and institutions for organizing their visit, praising Cambodia’s rapid and sustainable economic development under Prime Minister Hun Manet’s leadership. Mo also highlighted the upcoming 2026 Francophone Summit in Cambodia, which he believes will attract more investors and tourists globally.

Mo’s visit aimed to explore investment opportunities in Cambodia and understand the Royal Government’s strategic policies to attract foreign investments. Prime Minister Hun Manet welcomed the delegation and congratulated Mo on his election as Head of the Office of the Representative of the Cambodian Chamber of Commerce in Montreal.

Economic Bridge

The Prime Minister emphasized the role of representative offices of the Cambodian Overseas Chamber of Commerce, which have been established in countries like the United States, Australia, and Japan, with plans to open in France and the European Union. These offices serve as vital links for business-to-business connections, promoting trade and investment.

The representative office in Montreal acts as a bridge between the people and investors of both countries. Prime Minister Hun Manet urged the Cambodian Chamber of Commerce in Montreal to work closely with the Cambodian Chamber of Commerce (CCC) to expand investment and trade opportunities. The CCC can facilitate trade negotiations and promote the export of Cambodian products to Canada. The Prime Minister also encouraged the Montreal office to cooperate with Cambodia’s Ministry of Commerce to enhance business and trade prospects between the two nations.

Historical Perspective

Cambodia and Canada have shared a strong and long-standing relationship since 1952, re-establishing diplomatic ties in 1993. Canada has been a crucial partner in Cambodia’s pursuit of peace and economic development. Canada is Cambodia’s eighth-largest trading partner, playing a significant role in the country’s economic landscape.

In 2022, the volume of foreign direct investment (FDI) from Canada in Cambodia reached $2.06 billion. Canada provides tariff-free quotas to Cambodia on clothing, footwear, and textiles, which are Cambodia’s main export items. In the first four months of this year, trade between Cambodia and Canada reached $311 million, marking a 23.8 percent increase compared to the same period last year. Cambodia’s exports to Canada reached $293 million, while imports from Canada jumped to $18 million, showing a growth of 209 percent compared to the same period last year. Cambodia holds a trade balance of $275 million with Canada.

Recent Developments

In February, the Canadian and Cambodian Foreign Ministries signed a memorandum of understanding (MoU) to elevate bilateral cooperation, focusing on trade, investment, and tourism flows. Canada has also upgraded its partnership with ASEAN to a strategic partnership level, committing to strengthening the ASEAN-Canada dialogue and accelerating ASEAN-Canada Free Trade Agreement negotiations.

Conclusion

The commitment to enhancing economic ties between Cambodia and Canada is a testament to the enduring relationship between the two countries. With historical ties dating back to 1952 and continuous efforts to strengthen trade and investment, the future looks promising for both nations. As Cambodia continues to develop rapidly, the support and partnership with Canada will play a crucial role in achieving sustainable economic growth.

Official Source of Information

For detailed statistics and further information, please refer to the official trade data from the Cambodian Ministry of Commerce.

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Angkor Times
Angkor TimesExperienced
Asked: June 5, 2024In: Work

Who Makes the Cambodian News?

“Who Makes the Cambodian News?” by UNESCO, which assesses women’s presence and portrayal in Cambodian news. “Who Makes the Cambodian News” was conducted by UNESCO, in collaboration with Cambodian media outlets, journalist associations, civil society organizations, and ...Read more

“Who Makes the Cambodian News?” by UNESCO, which assesses women’s presence and portrayal in Cambodian news.

“Who Makes the Cambodian News” was conducted by UNESCO, in collaboration with Cambodian media outlets, journalist associations, civil society organizations, and development partners. This comprehensive study provides insights into the representation of women in Cambodian news and newsrooms, highlighting gender disparities and suggesting various recommendations to improve gender equality in the media landscape.

UNESCO

Introduction and Purpose of the Report

  • The report was commissioned by UNESCO to understand the representation of women in Cambodian news and to provide recommendations to enhance women’s presence and portrayal.
  • A mixed-methods approach was used, involving the analysis of literature and the collection of quantitative and qualitative data.
  • A total of 4,094 news stories from 12 media outlets were analyzed over a period from January 2 to January 31, 2023.

Key Findings

  • Women are significantly underrepresented and misrepresented in Cambodian news.
  • Only 5% of news stories had an exclusively women presence, compared to almost half of the stories having an exclusively male presence.
  • Women make up only 2% of all spokespeople, 7% of all experts, and 12% of all ordinary citizens/vox pops in the news.
  • No editorials or op-eds contained an exclusively women presence.
  • News stories with an exclusively male presence were significantly more likely to feature in primetime bulletins and on the front page compared to stories with an exclusively women presence.

Recommendations

  • The report calls for media owners, managers, senior editors, journalists, and journalist associations to be intentional about improving women’s presence and portrayal in the news.
  • It urges the Royal Government of Cambodia to support the Ministry of Women’s Affairs in monitoring women’s representation in the news and to address gender imbalances.
  • The report suggests that media organizations implement gender-sensitive policies in the workplace and focus on gender in content production.

UNESCO’s Role

  • UNESCO aims to promote gender equality in media through greater pluralism and diversity, empowering women to take up decision-making roles and strengthening gender-sensitive reporting.
  • The organization has developed Gender Sensitive Indicators for Media (GSIM) to provide empirical evidence on women’s presence and participation in news media.

Conclusion

  • The study highlights the importance of balanced and equal coverage in news media for a prosperous and harmonious society.
  • It also provides tangible opportunities for progress and includes an example of a newsroom that successfully enhanced female narratives. Full report can download here: https://unesdoc.unesco.org/ark:/48223/pf0000388025
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Angkor Times
Angkor TimesExperienced
Asked: June 5, 2024In: Money

Why is BKK1 the best place to live in Phnom Penh?

BKK1: Phnom Penh’s Most Sought-After Neighborhood Boeung Keng Kang 1, commonly known as BKK1, remains the most coveted area for property investors in Phnom Penh, Cambodia’s bustling capital. This prime location offers a blend of central positioning, proximity to key ...Read more

BKK1: Phnom Penh’s Most Sought-After Neighborhood

Boeung Keng Kang 1, commonly known as BKK1, remains the most coveted area for property investors in Phnom Penh, Cambodia’s bustling capital. This prime location offers a blend of central positioning, proximity to key landmarks, a variety of amenities, and a reputation for safety, making it a top choice for locals, expatriates, and foreign investors alike.

A Glimpse into Phnom Penh’s Recent History

Phnom Penh, the vibrant capital of Cambodia, has undergone significant transformation in recent years. From its historical roots as a French colonial hub to its rapid modernization, the city has become a dynamic metropolis. Key developments include infrastructure improvements, a surge in real estate projects, and a growing expat community. The city’s evolution is epitomized by areas like BKK1, which have become symbols of Phnom Penh’s growth and international appeal.

Central Location and Proximity to Landmarks

BKK1’s strategic location is a major draw. Bounded by Sihanouk Boulevard to the north, Mao Tse Tung Boulevard to the south, Norodom Boulevard to the east, and Monivong Boulevard to the west, BKK1 is often referred to as the “downtown” or “city center” of Phnom Penh.

Independence Monument in Phnom Penh
Independence Monument in Phnom Penh

This centrality means that residents and visitors are within easy reach of several key landmarks:

  • The Independence Monument
  • Tuol Sleng Genocide Museum
  • Royal Palace
  • National Museum of Cambodia
  • Wat Langka Buddhist Pagoda

These attractions contribute to the neighborhood’s popularity among tourists and locals. The area boasts well-paved streets and green spaces, making it a pleasant place to live and explore.

A Hub of Retail and Dining Options

BKK1’s vibrant retail and dining scene is another major attraction. The neighborhood hosts a variety of international and local brands, catering to diverse tastes and budgets. Popular establishments include:

  • Starbucks
  • Burger King
  • Pizza Hut
  • Domino’s
  • 7-11 convenience stores
  • Brown Cafe
  • Coffee Bean & Tea Leaf
  • Paris Baguette

Additionally, numerous homegrown cafes, restaurants, and bars add to the area’s appeal. The growing number of rooftop bars and restaurants offer stunning views and a unique dining experience. Essential services like supermarkets, wet markets, healthcare facilities, banks, gyms, and sports activities are also readily available.

Phnom Penh Park
Phnom Penh Park

The Expat-Friendly Enclave

BKK1 is known for its multicultural community, making it a popular choice among expatriates. According to realestate.com.kh, BKK1 consistently ranks among the top three preferred areas for renters. Its proximity to workplaces, entertainment venues, and amenities makes it an ideal location. Safety is a key priority in BKK1, with well-lit streets, a steady presence of people, and robust security measures around embassies, international schools, and high-end residential complexes.

New Development Projects

The skyline of BKK1 is continually evolving with new condominium projects. These developments offer a range of attractive amenities, including sky bars, swimming pools, saunas, kids’ playrooms, and theaters, enticing new homeowners and investors. According to the Cambodian Valuers And Estate Agents Association (CVEA), land values in BKK1 can reach as high as $8,000 per square meter, significantly higher than the Phnom Penh average of $4,500 per square meter. Some notable developments include:

  • Le Conde BKK1
  • Time Square 302
  • Time Square 306
  • J Tower 3
  • Picasso 2

These projects feature modern amenities, car parking, panoramic city views, and entertainment and fitness facilities, enhancing the standard of living in BKK1.

Conclusion

BKK1’s blend of historical significance, central location, modern amenities, and safety make it an unrivaled choice for property investment in Phnom Penh. As the area continues to develop, it remains at the forefront of residential and investment opportunities, attracting both Cambodians and expatriates. Whether you’re looking to invest, live, or simply enjoy the vibrant atmosphere, BKK1 is the place to be in Phnom Penh.

What do you think about BKK1? Share your experiences or any tips you have for those considering moving to this vibrant neighborhood.

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Angkor Times
Angkor TimesExperienced
Asked: June 5, 2024In: Money

How Are Mobile Phone Sellers Addressing Tax Verification for Second-hand Devices in Cambodia?

Mobile Phone Sellers Call for Tax Verification on Second-hand Devices: A Historical Perspective In recent developments, a significant crackdown on untaxed and undocumented mobile phones in Memot district, Tbong Khmum has led to substantial fines for several businesses. This enforcement ...Read more

Mobile Phone Sellers Call for Tax Verification on Second-hand Devices: A Historical Perspective

In recent developments, a significant crackdown on untaxed and undocumented mobile phones in Memot district, Tbong Khmum has led to substantial fines for several businesses. This enforcement action has prompted shop owners to urge authorities to implement tools to track tax payments on second-hand phones effectively.

How Are Mobile Phone Sellers Addressing Tax Verification for Second-hand Devices in Cambodia?
How Are Mobile Phone Sellers Addressing Tax Verification for Second-hand Devices in Cambodia?

On May 31, 2024, the General Department of Customs and Excise of Cambodia (GDCE) clarified that 356 new smartphones and 955 second-hand mobile phones were seized due to the lack of customs clearance and legal documentation. These confiscated devices are currently held at the office of the investigation and suppression of smuggling area six in Huoch village, Krek commune, Ponhea Krek district, awaiting legal proceedings.

The Legal Framework and Public Concerns

According to Article 8 of the Law on Customs Duties, mobile goods are classified as “special goods” and are subject to customs duty. The GDCE assured that second-hand mobile phones purchased domestically would be returned to their owners, alleviating some public concerns. However, the import duty on used “push-button Nokia” mobile phones remains a contentious issue. These phones are subject to a 15.5 percent import duty and a $5 declaration fee, totaling $0.775 per phone, contrary to allegations of a $93 tax.

Shop Owners’ Reactions and Calls for Digital Solutions

The crackdown has led to significant distress among shop owners. Piseth, a shop owner, shared a picture on Facebook of an empty display cabinet, lamenting that customs officials had seized his second-hand phones. Similarly, Ratha Memot, another shop owner, expressed his frustration but chose not to comment further as he addressed the situation.

Eng Soheng, a phone shop owner at Depo Market, highlighted the challenge of verifying tax payments on second-hand phones, as they often lack clear documentation. Soheng suggested that the GDCE implement a digital system to scan phone code numbers, which would help track the tax status of phones, even if they have changed hands multiple times.

Historical Context and Previous Efforts

The call for a digital tracking system is not new. In September 2021, Cambodia’s customs department launched a system to track mobile phone imports and SIM cards to improve tax collection. This system manages the international mobile equipment identity (IMEI) of mobile phones and other SIM card utilities, ensuring proper taxes are paid. This initiative came as Cambodia saw a surge in mobile phone and internet users.

Market Insights and Popular Mobile Brands in Cambodia

According to data from the telecommunications regulator for the Ministry of Posts and Telecommunications, the number of mobile phones purchased in Cambodia reached 20,708,146 in May 2021, with 17.26 million internet users, including mobile internet users. Most mobile phones imported to Cambodia come from Vietnam, China, Hong Kong, Korea, and the United States, with Vietnam accounting for 70 percent of the total imports. The most popular brands include Apple, Oppo, and Samsung.

The Path Forward

Despite the current challenges, shop owners like Tong Seanghor at Depo Market believe in a more informed approach by the GDCE. He suggests that customs officers should educate and inform sellers about customs law practices rather than abruptly seizing goods. Seanghor advocates for a comprehensive program to raise awareness about customs laws and help sellers comply with regulations.

At Toul Kok Market, shop owner Seang Hong shared his concerns about the future, particularly with second-hand mobile goods. He proposed the development of a user-friendly tool to verify if taxes have been paid on second-hand phones, ensuring fair tax collection practices.

Conclusion

The recent events have underscored the need for a robust system to verify tax payments on second-hand mobile phones in Cambodia. As shop owners navigate the complexities of customs regulations, the call for a digital tracking system becomes increasingly pertinent. This approach would not only streamline the process but also provide much-needed clarity and security for both sellers and buyers in the mobile phone market.

Popular Phone Brands in Cambodia:

  • Apple
  • Oppo
  • Samsung
  • Nokia
  • Huawei
  • Xiaomi
  • Vivo
  • Realme
  • OnePlus
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Angkor Times
Angkor TimesExperienced
Asked: June 4, 2024In: Work

How will $79.5 million from the World Bank transform education in Cambodia?

World Bank Provides Nearly $80 Million to Cambodia to Promote Over 1,000 Educational Institutions Nationwide The World Bank has committed an additional $79.5 million in financing to expand its ongoing efforts to improve the accessibility and quality of education in ...Read more

World Bank Provides Nearly $80 Million to Cambodia to Promote Over 1,000 Educational Institutions Nationwide

The World Bank has committed an additional $79.5 million in financing to expand its ongoing efforts to improve the accessibility and quality of education in Cambodia. This initiative will benefit 1,590 educational institutions throughout the country, according to a press release dated May 30, 2024.

How will $79.5 million from the World Bank transform education in Cambodia?
How will $79.5 million from the World Bank transform education in Cambodia?

This new funding will build on a project initially approved in January 2022, which began with a financing package of $69.25 million. The additional funds include a $60 million loan from the International Development Association (IDA), a World Bank fund aimed at assisting the world’s poorest countries, and $19.5 million from the Global Partnership for Education (GPE).

Mariam Salim, the World Bank Country Manager for Cambodia, emphasized that the additional funding aims to further combat educational poverty and develop the human resources necessary for Cambodia’s economic growth and development. She stated that the funding would extend project activities to more educational institutions nationwide, including 500 secondary schools, 1,000 primary schools, and 90 kindergartens.

The enhancement projects at these institutions will include:

  • Expanding school management practices to additional schools
  • Providing further training and professional development opportunities for teachers, administrators, and school staff
  • Building and renovating more classrooms, laboratories, and school buildings with weather-resistant designs
  • Utilizing educational technology to increase quality study time
  • Updating textbooks and developing teacher guides aligned with the national curriculum
  • Strengthening planning, monitoring, and evaluation processes at all levels

This project is designed to assist children from disadvantaged backgrounds, including those from poor families, indigenous communities, remote areas, or those living with disabilities, ensuring they have access to quality education.

Historical Contributions of the World Bank to Cambodia’s Development

The World Bank has played a pivotal role in Cambodia’s development since the country rejoined the institution in 1992, following decades of conflict and isolation. Over the years, the World Bank has provided extensive support across various sectors, contributing to Cambodia’s remarkable progress.

  1. Infrastructure Development: The World Bank has financed numerous infrastructure projects, including the rehabilitation of roads, bridges, and rural infrastructure, significantly enhancing connectivity and accessibility across the country.
  2. Health Sector Improvements: Through various projects, the World Bank has supported improvements in healthcare services, including maternal and child health, disease prevention, and health system strengthening.
  3. Agriculture and Rural Development: The World Bank has funded projects aimed at boosting agricultural productivity, improving irrigation systems, and supporting rural communities, which are vital for Cambodia’s predominantly agrarian economy.
  4. Education Sector Enhancements: Beyond the current funding initiative, the World Bank has a long history of supporting Cambodia’s education sector, focusing on expanding access to education, improving the quality of teaching and learning, and supporting policy reforms.
  5. Social Protection Programs: The World Bank has assisted in developing social protection systems to support vulnerable populations, including cash transfer programs and social safety nets.
  6. Economic Reforms and Governance: The World Bank has provided technical assistance and funding to support economic reforms, strengthen governance, and improve public financial management, contributing to macroeconomic stability and sustainable growth.

Through these comprehensive efforts, the World Bank has been instrumental in Cambodia’s journey towards economic development and poverty reduction. The latest funding for educational institutions is another significant step in this ongoing partnership, aimed at fostering a brighter future for Cambodia’s young generation.

Source: https://www.worldbank.org/en/news/press-release/2024/05/31/world-bank-approves-additional-79-5-million-to-boost-education-quality-and-access-in-cambodia

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Angkor Times
Angkor TimesExperienced
Asked: June 4, 2024In: Money

Is Digital Transformation Essential for the Sustainable Growth of Cambodia’s SMEs?

Small and medium enterprises (SMEs) in Cambodia play a vital role in the nation’s economy, contributing 58% to the GDP and providing over 70% of employment. These enterprises are the backbone of Cambodia’s economic and social development. However, in today’s ...Read more

Small and medium enterprises (SMEs) in Cambodia play a vital role in the nation’s economy, contributing 58% to the GDP and providing over 70% of employment. These enterprises are the backbone of Cambodia’s economic and social development. However, in today’s fast-paced business environment, digital transformation is becoming crucial for these SMEs to not only survive but also to thrive and grow sustainably.

Despite their significant contribution, Cambodian SMEs face numerous challenges. These include limited access to both local and international markets, financial resources, and advanced operational models. They also grapple with technical skills shortages, complex regulatory frameworks, high input costs, and difficulties in accessing business development services like capacity building, business networking, and financing from the Royal Government of Cambodia (RGC) and development partners.

Angkor Wat
Angkor Wat

Recognizing the importance of SMEs, the RGC has implemented various policies and established institutions to support their digital adoption. These initiatives aim to foster sustainable business practices, enhance economic efficiency, and boost productivity through digital innovation. Embracing digital technologies is therefore a strategic necessity for Cambodia to empower its SMEs towards sustainable growth.

The Cambodian Government’s Initiatives

The RGC has made significant strides in promoting digital adoption among SMEs. In May 2021, the Cambodia Digital Economy and Society Policy Framework 2021-2035 was adopted. This framework outlines key measures such as Digital Reliability and Confidence, Digital Citizen, Digital Government, Digital Business, and Digital Infrastructure. Digital Business, a primary focus of the policy, is integrated into the National Pentagonal Strategy-Phase 1 within the Pentagon 5 (Development of Economy and Society).

In 2022, the Digital Government Policy 2022-2035 was launched, aiming to develop a vibrant digital economy and society. Its goals include establishing a digital government to improve the quality of life and foster trust through better public service provision. This policy is guided by principles like delivering services directly to citizens (G4C), businesses (G2B), and facilitating interactions between government entities (G2G). Institutions like Khmer Enterprise (KE) and the Techo Startup Center (TSC) were established to support sustainable business practices.

The Importance of Digital Transformation

Operational Efficiency

Digital tools and solutions significantly enhance operational efficiency. By adopting digital technologies, SMEs can streamline processes, reduce costs, and improve resource allocation. Cloud-based accounting systems, for instance, simplify financial management, allowing businesses to focus on core activities. A survey by the Cambodian Development Resource Institute (CDRI) found that 19% of MSMEs saw a reduction in operating costs and 29% experienced an increase in profit through digital adoption. Furthermore, 29% witnessed a rise in labor productivity, and 40% reported that digitalization simplified their operations, especially financial management.

Market Expansion, Competitiveness, and Inclusion in Global Value Chains

Digitalization opens new markets for SMEs, enabling them to reach customers beyond geographical boundaries, participate in e-commerce, and explore export opportunities. A strong online presence, through websites and social media, boosts visibility and customer engagement. Digital transformation also equips SMEs with the tools needed to compete effectively in the global economy. Technology-driven strategies such as automated inventory management, data analytics, and optimized supply chains enhance competitiveness.

The SME-eBiZNest initiative of the Go4eCAM project, a joint effort by Khmer Enterprise (KE), the United Nations Development Fund (UNDP), the Ministry of Commerce, the Enhanced Integrated Framework (EIF), and the Australian Government, has helped SMEs boost their online presence and international opportunities. Since 2020, the program has trained and provided grants to over 175 SMEs to embrace digital and e-commerce platforms. KE CEO H.E. Dr. Chhieng Vanmunin noted that the program structure offers efficient mechanisms to provide funds and training, helping SMEs to go digital, especially in the challenging context of the COVID-19 pandemic.

Challenges and Ways Forward

Simplified Policies and Collaboration

To foster digital adoption, policies must be simple and easily understandable. Dr. Taing Nguonly, executive director of the TSC, emphasizes the need for clear guidelines and accessible support mechanisms. Collaboration among stakeholders, government agencies, financial institutions, industry associations, and SMEs is crucial. Joint efforts can create an ecosystem conducive to digital transformation, including training programs, mentorship, and access to capital.

Long-Term Vision

Digital transformation is a long-term process requiring continuous adaptation, skill development, and investment. The CDRI report suggests several policy priorities to enhance MSMEs’ digital adoption:

  1. Promoting ICT and Digital Infrastructure: Expand broadband access and invest in telecommunications.
  2. Increasing Knowledge and Skills in Digitalization: Enhance workforce competency through targeted training.
  3. Promoting Digital Literacy: Raise awareness and assist MSMEs in developing digital strategies.
  4. Supporting Access to Financial Services: Expand business loan opportunities and promote digital payments.
  5. Enhancing Trust in Digital Solutions: Establish robust data protection and cybersecurity frameworks.
  6. Incentivizing Digital Adoption: Offer financial incentives and professional guidance on digital solutions.

These priorities form a strategic framework aimed at fostering MSMEs’ growth and resilience in the digital era.

Conclusion

Digital transformation is not optional for Cambodia’s SMEs; it is essential for sustainable growth. By embracing digital technologies, SMEs can achieve business success, create decent employment, drive resilient economic growth, and contribute to Cambodia Vision 2050 of becoming a high-income nation. As Cambodia continues to advance in its digital transformation journey, its SMEs will be better positioned to thrive in a dynamic and competitive global market.

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Angkor Times
Angkor TimesExperienced
Asked: June 4, 2024In: Money

What factors are driving the preference for mobile banking over internet banking in Cambodia?

Mobile Banking Surges as Internet Banking Declines in Cambodia Cambodia is witnessing a significant shift in its banking landscape, with mobile banking rapidly gaining popularity over traditional internet banking. Data from the National Bank of Cambodia (NBC) highlights this trend, ...Read more

Mobile Banking Surges as Internet Banking Declines in Cambodia

Cambodia is witnessing a significant shift in its banking landscape, with mobile banking rapidly gaining popularity over traditional internet banking. Data from the National Bank of Cambodia (NBC) highlights this trend, showing a notable preference among Cambodians for conducting financial transactions via mobile apps rather than internet banking platforms.

Mobile Banking Surges in Cambodia
Mobile Banking Surges in Cambodia

In 2023, the total value of transactions conducted through internet banking fell by 7 percent to 74.5 trillion riel ($18.22 billion) from 80.1 trillion riel ($20 billion) in 2022. In stark contrast, mobile banking transactions surged by 11 percent, reaching 746.7 trillion riel ($164 billion) in 2023, up from 672.4 trillion riel ($183 billion) the previous year.

The NBC’s report underscores this shift, stating, “While payment through internet banking services slightly decreased, the use of mobile banking and card payment steadily accelerated.”

Corporate vs. Retail Preferences

Industry experts attribute this divergence in banking preferences to the distinct needs of corporate and retail clients. Richard HC Liew, CEO of Bridge Bank Plc, explained to the Khmer Times, “For internet banking, these are usually transacted by companies so it depends on the business flow. However, for mobile banking, it is transacted nationwide by the public with almost all individuals in Cambodia doing it.”

Liew’s observations highlight a crucial distinction: corporate clients continue to rely on internet banking for their business transactions, while the average retail customer overwhelmingly prefers the convenience of mobile banking.

The Role of Bakong in Mobile Banking Adoption

Both the NBC and the Association of Banks in Cambodia (ABC) have played a pivotal role in promoting mobile banking, particularly through the Bakong system. “NBC has been at the forefront of this with the ABC in promoting and educating the public in using mobile banking via Bakong, and the results have been very positive and encouraging,” Liew noted. He also emphasized the high mobile penetration rate in Cambodia, which exceeds 100 percent, indicating that many Cambodians own more than one mobile phone.

The widespread use of mobile phones is a significant factor driving the popularity of mobile banking. According to the Digital 2023 Cambodia report, in the first quarter of 2023, Cambodia had 22.16 million active mobile connections compared to just 11.37 million internet users. With a population of just over 17 million, this translates to an impressive 131.5 percent mobile connection rate per person.

Post-Pandemic Digital Transformation

The post-COVID-19 era has seen a substantial increase in internet usage in Cambodia, spurred by the need for online learning and remote work. However, while laptops are preferred for educational purposes, mobile phones dominate for everyday transactions such as food delivery, online shopping, and utility bill payments. Cambodians favor mobile payments through QR codes, further cementing the role of mobile banking in daily life.

NBC’s report highlights the growing confidence in mobile payment systems: “Payment amount through the QR code and Bakong system jumped by 7 times and 2.7 times, respectively, in 2023, reflecting the growing confidence and adoption among the public while also contributing to promote the use of the Khmer riel.”

Interoperability and Financial Inclusion

The interoperability of the Bakong system has been a game-changer for digital payments in Cambodia. Users can make payments to any merchant or bank from their home bank, enhancing the system’s efficiency and safety. This feature has driven widespread adoption and promoted financial inclusion across the country.

“Interoperability, efficiency, and safety of digital payment systems have attracted large adoption among the public to promote financial inclusion,” the NBC stated. “KHQR and the Bakong system have gained popularity and contributed to promoting the use of Khmer riel.”

Conclusion

The shift towards mobile banking in Cambodia is unmistakable, driven by high mobile penetration, the convenience of mobile transactions, and the successful promotion of systems like Bakong. While corporate clients may still rely on internet banking, the general public’s preference for mobile banking is clear, setting the stage for continued growth in this sector. As mobile banking becomes increasingly integral to daily life, Cambodia’s financial landscape is poised for further digital transformation.

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Angkor Times
Angkor TimesExperienced
Asked: June 4, 2024In: Travel

Why Is Bokor Mountain a Must-Visit Destination for Tourists?

Nestled in Kampot Province, Bokor Mountain offers an extraordinary escape from Cambodia’s heat, thanks to its elevation of over 1,000 meters above sea level. Its cool climate, with temperatures ranging between 15-25 degrees Celsius, makes it a year-round haven for ...Read more

Nestled in Kampot Province, Bokor Mountain offers an extraordinary escape from Cambodia’s heat, thanks to its elevation of over 1,000 meters above sea level. Its cool climate, with temperatures ranging between 15-25 degrees Celsius, makes it a year-round haven for those seeking respite from the tropical heat.

Boko National Park, Kampot
Boko National Park, Kampot

A Historical Sanctuary

Bokor Mountain is steeped in history, with roots tracing back to the French colonial era during the reign of King Sisowath. The French elite favored this location as a summer retreat, transforming it into a resort in 1922. By 1925, it had developed into a small town, complete with a school, a Catholic church, a post station, and the iconic Le Bokor Palace Hotel.

The mountain’s historical significance is further underscored by its association with Cambodian royalty. King Sisowath Monivong used a residence at the peak as his summer retreat, and it was here that he passed away in 1946. His successor, King Norodom Sihanouk, also left his mark on Bokor by constructing several buildings, including Damnak Sla Khmao, which remains open to the public today.

Architectural and Natural Wonders

Visitors to Bokor can explore a blend of architectural marvels and natural beauty. The remnants of French colonial buildings, such as the Le Bokor Palace Hotel and the old post station, provide a glimpse into the past. Meanwhile, the lush landscapes of Preah Monivong Bokor National Park, designated as a national park in 1993 and an ASEAN Heritage Park in 2004, offer a haven for diverse flora and fauna.

Bokor National Park tourism development investor
Bokor National Park tourism development investor

For those interested in spiritual and religious sites, Bokor does not disappoint. The Sampov Pram Pagoda, the Yay Mao statue, an old Catholic church, and a Chinese-God temple offer serene spots for reflection and worship. Additionally, meditation areas in the Sre 500 zone provide visitors with peaceful retreats for inner healing and relaxation.

Unique Weather Phenomenon

One of the unique aspects of Bokor Mountain is its ability to present three distinct weather conditions in a single day. Puy Kea, president of the Club of Cambodian Journalists, highlighted this during a press tour, noting that visitors can experience cold, rainy, and foggy weather within a short period. This rare weather phenomenon adds a magical touch to the already enchanting destination.

Must-See Sites

Bokor is home to several must-see attractions, including Popok Vil Waterfall, Veal Sre 100 and Veal Sre 500, Heaven Gate, and Temple Rock. These natural wonders, combined with the historical and cultural sites, make Bokor a diverse and enriching destination for tourists.

Modern Developments

Access to Bokor has been significantly improved with the construction of a 33-kilometer asphalt road by the Sokha Hotel, making it easily reachable by motorbike or car. The hotel has also developed Thansour Bokor Hotel, offering accommodations for those wishing to extend their stay. For the more adventurous, camping options are available.

Bokor Park Development
Bokor Park Development

Future developments include the construction of a 108-meter-high Buddha statue, set to be the tallest in Southeast Asia, which is currently 30% complete. Additionally, a new road linking Bokor to National Road 4 and the expressway is underway, promising even greater accessibility to this magnificent destination.

Buddha on top of Bokor Mountain
Buddha on top of Bokor Mountain

A Convenient Getaway

Located just 190 kilometers from Phnom Penh and 11 kilometers from Kampot city, Bokor is conveniently accessible via National Road 3 or 4. The ongoing infrastructure developments promise to make this historical and natural treasure even more accessible to tourists from around the world.

Bokor Mountain Cambodia
Sreet to Bokor Mountain Cambodia
Boko National Park
Boko National Park

In summary, Bokor Mountain offers a unique blend of cool climate, rich history, architectural marvels, and natural beauty. Whether you are drawn by its historical significance, spiritual sites, or simply the chance to experience three types of weather in a day, Bokor stands out as a must-visit destination in Cambodia.

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Angkor Times
Angkor TimesExperienced
Asked: June 4, 2024In: Travel

Significant Rise in Foreign Visitors to Angkor: Nearly 472,300 in the First Five Months of 2024

Significant Rise in Foreign Visitors to Angkor: Nearly 472,300 in the First Five Months of 2024 The steady influx of foreign visitors to Angkor park highlights Siem Reap’s gradual recovery from the pandemic, showcasing a significant 37 percent increase in the ...Read more

Significant Rise in Foreign Visitors to Angkor: Nearly 472,300 in the First Five Months of 2024

The steady influx of foreign visitors to Angkor park highlights Siem Reap’s gradual recovery from the pandemic, showcasing a significant 37 percent increase in the first five months of 2024.

Equinox event Angkor Wat
Equinox event Angkor Wat

Large crowds gathered at Angkor Wat to witness the equinox, a biannual event. Kiripost/Seng Mengheng Large crowds gathered at Angkor Wat to witness the equinox, a biannual event.

In May alone, Angkor park welcomed almost 51,000 visitors, marking an 11 percent increase compared to May 2023. Ticket revenue for the month surged by 12.5 percent, reaching $2.28 million.

According to data from Angkor Enterprise, which oversees ticket sales for the Angkor Wat Archaeological Park, nearly 472,300 foreign tourists visited the site in the first five months of 2024. This represents a 37 percent increase compared to the same period in 2023.

Angkor park revenue growth
Angkor park revenue growth

Ticket sales revenue for the first five months of 2024 totaled $22.2 million, a 38 percent rise compared to the same period in the previous year.

These figures underscore Cambodia’s tourism sector’s strong recovery from the Covid-19 pandemic.

Angkor Wat 2024 visitor numbers
Angkor Wat 2024 visitor numbers

Additionally, ticket sales revenue for visits to Koh Ker Temple reached $151,905 from 10,127 visitors in the first five months of 2024. Boat ticket sales in May 2024 generated $38,746, contributing to a total revenue of $400,302 for the five-month period.

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Angkor Times
Angkor TimesExperienced
Asked: June 3, 2024In: Travel

Is Angkor Wat the best place in the world to watch the sunrise?

Cambodia’s Angkor Wat Ranked No. 1 in the World as the Best Place to Watch the Sunrise Angkor Wat has been named the best place in the world to watch the sunrise, according to a recent ranking by Mornings.co.uk. The ...Read more

Cambodia’s Angkor Wat Ranked No. 1 in the World as the Best Place to Watch the Sunrise

Angkor Wat has been named the best place in the world to watch the sunrise, according to a recent ranking by Mornings.co.uk. The site, known for its awe-inspiring architecture and historical significance, topped the list after the website collected data and analyzed searches for the keyword “sunrise” across approximately 72 countries globally.

Angkor Wat Sunrise
Angkor Wat Sunrise

The sunrise event at Angkor Wat, as explained by astronomical theory, is called the Equinox. This phenomenon occurs twice a year: once during the dry season in March (Vernal Equinox) and once during the rainy season in September (Autumnal Equinox). The Equinox is a period when day and night are nearly equal in length. Outside these months, the days can be longer than the nights or vice versa, adding a unique touch to the sunrise experience at Angkor Wat.

Angkor Wat was constructed under the reign of King Suryavarman II, from 1113 to 1150. It stands as one of the greatest temples in Khmer history and holds the title of the largest religious monument in the world. Its majestic towers and intricate carvings, reflecting the zenith of Khmer architectural achievement, draw millions of visitors each year who come to witness its grandeur and the spectacular sunrise.

A Historical Marvel

Angkor Wat’s historical significance is profound. Built as a Hindu temple dedicated to the god Vishnu, it later transformed into a Buddhist temple, mirroring the religious evolution of the region. The temple complex, covering over 162 hectares, features a central tower surrounded by four smaller towers, all symbolizing the mythical Mount Meru, the center of the universe in Hindu and Buddhist cosmology.

The Sunrise Experience

Watching the sunrise at Angkor Wat is a truly magical experience. As the first light of dawn illuminates the ancient stone structures, the temple’s reflection shimmers in the surrounding moat, creating a breathtaking view. The play of light and shadow across the temple’s intricate bas-reliefs adds to the mystical atmosphere, making it a favorite spot for photographers and travelers alike.

Equinox Sunrises

The Equinox sunrises are particularly special. During these times, the sun rises directly over the central tower, aligning perfectly with the temple’s east-west axis. This celestial event enhances the spiritual and visual impact of the sunrise, drawing even larger crowds who wish to witness this alignment.

Conclusion

Angkor Wat’s ranking as the top sunrise spot in the world is a testament to its enduring allure and significance. Its historical grandeur, combined with the natural beauty of the Equinox sunrises, offers an unparalleled experience that captivates visitors from around the globe. Whether you are a history enthusiast, a spiritual seeker, or simply someone who appreciates natural beauty, Angkor Wat promises a sunrise experience like no other.

Angkor Wat sunrise
Angkor Wat sunrise

Share your thoughts and experiences of watching the sunrise at Angkor Wat in the comments below!

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