The National Bank of Cambodia has stepped in once again to address the ongoing case involving Huione Pay Plc, urging remaining creditors to pursue formal legal action through the courts. The move follows a recent gathering of around 200 individuals outside the central bank’s headquarters in Phnom Penh, where they claimed they were still owed money. Reaffirming its position, the central bank made it clear that resolving such disputes requires judicial intervention in line with existing laws, rather than public demonstrations or informal claims.

Warning Over Cryptocurrency Risks

Alongside its guidance to creditors, the central bank renewed its warning about the risks tied to crypto assets. Officials highlighted that cryptocurrencies can expose individuals to significant financial losses and legal complications, particularly given their association with illicit activities in some cases. The message was direct and timely, as more people in Cambodia explore digital assets without fully understanding the risks. Authorities are urging the public to approach cryptocurrency transactions with caution and awareness.

Licensing Limits and Regulatory Action

According to the central bank, Huione Pay was originally licensed on July 16, 2018, as a payment service provider. However, this license did not allow the company to accept deposits or provide loans like a commercial bank. Following inspections, regulators found that the company’s operations did not comply with the required legal and regulatory framework. As a result, its license was officially revoked on September 25, 2024, marking a critical turning point in the case.

Liquidation Process and Ongoing Claims

After the license was revoked, liquidation procedures were carried out by auditing firm Rich & Partners, which issued public notices in January 2025 inviting creditors to submit claims. The company was later removed from the commercial register on June 19. Despite these steps, many individuals have continued to seek repayment. To address this, the central bank opened a verification process in December 2025, allowing affected individuals to submit documents and confirm their claims. In total, 1,297 individuals registered claims worth about 31 million US dollars, along with an additional 20 million US dollars in Tether.

Review Findings and Legal Path Forward

The central bank conducted a detailed review of all submitted claims, working closely with key institutions such as the Ministry of Justice, the Ministry of Economy and Finance, the Ministry of Interior, and the Commission for Combating Online Scams. However, the findings revealed that the documents provided did not offer sufficient legal proof to establish ownership of the debts. In a letter dated March 24, 2026, the central bank informed claimants that while their concerns were acknowledged, the appropriate path forward remains through the courts, where claims can be properly evaluated under Cambodian law.

Conclusion

The Huione Pay case highlights the importance of regulatory clarity, legal processes, and financial awareness in a rapidly evolving economic landscape. While affected creditors continue to seek resolution, the central bank’s message is clear that the courts are the proper channel for settling disputes. At the same time, its warning on cryptocurrency risks serves as a broader reminder for the public to stay informed and cautious when dealing with emerging financial technologies.

Cambodia is taking a decisive step to wipe out online scam networks with the introduction of a new Law on Combating Online Scams, signaling a strong commitment to restoring security and public trust. Senior Minister Chhay Sinarith, who heads the Secretariat of the Commission for Combating Online Scams, shared this vision during a briefing with diplomats and international organisations. He emphasized that technology driven crime remains one of the government’s top priorities and expressed confidence that with strong global cooperation, Cambodia can fully eliminate these criminal operations. He also called on international partners to continue supporting efforts through capacity building, technical assistance, and coordinated repatriation initiatives.

Rising Threats Prompt Stronger Action

The growing sophistication of cross border scams has created serious concerns for Cambodia, affecting both national reputation and public safety. Authorities acknowledge that these criminal networks have evolved rapidly, using advanced tools and operating across multiple jurisdictions. In response, the government has already carried out a nationwide crackdown that has delivered tangible results. The new law is designed as a comprehensive framework to strengthen enforcement, deter offenders, and address the root causes of cybercrime. It reflects a broader strategy to protect citizens while rebuilding confidence among investors, partners, and the international community.

Strict Penalties Under New Law

The newly enacted legislation, which came into effect on April 6, introduces tough penalties aimed at dismantling scam operations at every level. Ringleaders of online scam centres face between 15 and 30 years in prison, with life imprisonment applied in cases involving loss of life. Other leaders could receive five to 10 years behind bars along with fines of up to 1 billion riels, equivalent to about 250,000 US dollars. Penalties increase significantly to 20 years in prison and fines of 2 billion riels if crimes involve violence, torture, human trafficking, or forced labour. Individual scammers are also held accountable, facing two to five years in prison and fines of up to 500 million riels. These measures send a clear message that Cambodia is serious about ending cybercrime.

Fair Enforcement and Protection Measures

Authorities have stressed that enforcement of the law will be carried out transparently and in full accordance with due process. The government also aims to ensure protection for those who cooperate with investigations, as well as genuine victims and innocent property owners who may be affected by these operations. This balanced approach is intended to strengthen trust in the legal system while ensuring that justice is applied fairly and consistently.

Tackling Technology Driven Crime

Beyond legal enforcement, Cambodia is also addressing the technical challenges that enable online scams to thrive. Criminal groups increasingly rely on artificial intelligence, encrypted platforms, and complex financial systems to carry out illicit activities. The government is working to strengthen its technical capabilities to counter these threats effectively. Minister of Interior and Deputy Prime Minister Sar Sokha previously revealed that more than 30,000 suspected foreign scammers have been deported, while another 210,000 individuals left the country voluntarily as enforcement efforts intensified from mid 2025. These actions highlight the scale of the crackdown and the government’s determination to restore Cambodia’s international image.

Conclusion

Cambodia’s new law marks a significant turning point in the fight against online scams, combining strict legal penalties with international cooperation and advanced enforcement strategies. As the country continues to strengthen its response to cybercrime, the focus remains on protecting public safety, rebuilding global confidence, and ensuring a secure digital environment for future growth.

Source: AKP

Cambodia is seeing a meaningful shift in business sentiment, with growing confidence driven by the government’s aggressive crackdown on online scam operations. According to the latest AmCham Business Outlook 2026 report, 89% of businesses surveyed believe the government’s actions are either effective or somewhat effective, while only a small minority remain unconvinced. This marks a turning point after years of reputational challenges tied to the rapid rise of cyber scam networks across the country. Prime Minister Hun Manet’s firm stance on eliminating these operations is now being viewed as a strong signal that Cambodia is serious about creating a safer and more transparent business environment.

A long shadow from the scam economy

Between 2015 and 2025, Cambodia became widely associated with industrial scale online scams, alongside neighboring countries like Myanmar. These operations ranged from phishing schemes to romance scams and cryptocurrency fraud, often targeting victims across the globe. The consequences went beyond law enforcement concerns, affecting the country’s image and key sectors such as tourism. Many industry players reported a drop in regional tourist arrivals as safety concerns and negative perceptions took hold. The AmCham report estimates that the tourism sector could take an average of 2.7 years or more to fully recover, highlighting the depth of the damage caused by the scam economy.

Stronger enforcement begins to reshape perception

In response, the Cambodian government has stepped up enforcement in recent months. Authorities have carried out coordinated raids on suspected scam compounds, tightened oversight of suspicious businesses, and increased collaboration with international law enforcement agencies. There is also a stronger focus on regulating foreign owned operations and protecting trafficking victims forced into scam activities. While many businesses describe the short term economic impact as neutral, they are increasingly optimistic about the long term benefits of these actions.

“The short-term disruption is outweighed by the long-term gains,” the report suggests, noting that decisive action against illicit industries signals a commitment to sustainable and responsible economic development.

International cooperation strengthens credibility

Experts point out that one of the key reasons behind the improved sentiment is Cambodia’s growing international cooperation. Thong Mengdavid highlighted that the current crackdown is different from previous efforts because it is more deeply integrated into global enforcement frameworks.

“Cambodia has expanded collaboration with key partners such as the United States (coordination with agencies like the FBI), South Korea (through joint task forces and victim protection mechanisms), and the United Kingdom (notably through coordinated sanctions and financial investigations targeting scam-linked networks) and China as well as Vietnam. The crackdown helps reframe Cambodia from being seen as a hub of transnational cybercrime to a state actively addressing the issue and credible,” Mengdavid said.

He also emphasized the importance of Cambodia’s participation in regional agreements.

“Secondly, Cambodia’s participation in regional and multilateral initiatives, such as its ratification of the Hanoi Convention on combating online scams in October, signals a shift toward institutionalised, rules-based cooperation. Taken together, the survey result is understandable—the crackdown has likely improved business sentiment and Cambodia’s external image in the near term,” he added.

Business leaders see long term opportunity

From the private sector perspective, the crackdown is already helping to restore trust. Vichet Lor believes the government’s consistent approach to tackling illegal activities is key to rebuilding Cambodia’s global reputation and attracting investment.

“Strengthening law enforcement and pursuing social justice on a consistent basis will further enhance Cambodia’s international reputation and attract more foreign investors to the country. Prime Minister Hun Manet’s resolve to fully eradicate scam centres in Cambodia and transform the pockets of black economy to white economy is a resolute stance that sends a strong signal to the international community that Cambodia is a safe place for investing now and in the foreseeable future,” he told Khmer Times.

A cautious but positive outlook

Despite the progress, challenges remain. Rebuilding trust on the global stage will require consistent enforcement, transparency, and continued collaboration with international partners. Still, the survey results show a clear shift in sentiment, with nearly nine in ten businesses acknowledging improvement. Cambodia is now on a path toward repositioning itself as a safer destination for both tourists and investors, with reforms playing a crucial role in shaping its economic future.

Conclusion

Cambodia’s crackdown on online scams is beginning to deliver tangible results, not just in enforcement but in perception. With 89 percent of businesses backing the government’s efforts, confidence is returning and the country’s image is gradually improving. While recovery, especially in tourism, will take time, the long term outlook is increasingly positive. If the government maintains momentum and strengthens transparency, Cambodia has a real opportunity to turn a challenging chapter into a foundation for sustainable growth and renewed investor trust.

Cambodia has officially introduced a new regional initiative aimed at accelerating the growth of climate technology businesses. Known as the Climate Technopreneurship programme, the effort focuses on helping innovative companies expand beyond local markets through stronger partnerships, access to financing, and advanced technologies. Backed by international funding and expertise, the programme is designed to support businesses that already have proven solutions and are ready to scale commercially.

What Is the Climate Technopreneurship Programme?

The Climate Technopreneurship programme is an investment driven initiative that supports climate focused businesses with the tools they need to grow. It connects enterprises with global partners, facilitates technology transfer, and unlocks funding opportunities. The programme specifically targets companies that are ready for investment and capable of delivering real environmental impact. By combining innovation with financial support, it aims to turn promising ideas into scalable and sustainable businesses that can compete in regional and global markets.

Strong International Backing and Collaboration

The programme is funded by the Green Climate Fund through its accredited partner, the Korea Development Bank. It is implemented through a collaboration between the Global Green Growth Institute, NH Investment and Securities, NH Absolute Return Partners, and KDB. In Cambodia, the Ministry of Industry, Science, Technology and Innovation and the Ministry of Environment serve as key government counterparts. This multi stakeholder approach ensures that businesses receive both technical and financial support, creating a solid foundation for long term success.

Why the Programme Matters for Cambodia?

Speaking at the launch, Minister Hem Vanndy emphasized the importance of small and medium enterprises in driving Cambodia’s economic growth. He highlighted the need for better access to finance, modern technologies, and stronger partnerships to help local businesses become more competitive. “This programme directly supports that effort. It promotes innovation and joint ventures to empower entrepreneurs and advance a more competitive green economy.” The initiative is seen as a crucial step toward achieving national climate goals while protecting natural resources.

A $200 Million Fund to Drive Growth

At the core of the programme is the Climate Technopreneurship Fund, a $200 million financing vehicle designed to support high potential climate businesses. Anchored by $83.75 million in first loss equity from the Green Climate Fund, the fund helps reduce risks for private investors. It will provide a mix of equity, mezzanine, and debt financing to enterprises across Cambodia and other Southeast Asian countries, including Indonesia, Lao PDR, the Philippines, and Vietnam. This approach ensures that businesses at different growth stages can access suitable financial support.

Expanding Opportunities Across the Region

The programme will run through 2030 and aims to support 185 climate technology businesses across five countries, with at least 40 based in Cambodia. It also seeks to establish eight regional joint ventures, encouraging cross border collaboration and knowledge sharing. In addition, the initiative prioritizes inclusivity by targeting 30 to 50 percent women led or gender inclusive businesses, helping create a more balanced and diverse entrepreneurial ecosystem.

Environmental and Social Impact

Beyond business growth, the programme is expected to deliver measurable environmental and social benefits. It aims to reduce 1.63 million tonnes of emissions while improving the lives of around 2.3 million people. By supporting sustainable innovation, the initiative contributes directly to Cambodia’s transition toward a low carbon and climate resilient economy.

Building a Stronger Innovation Ecosystem

The Global Green Growth Institute will play a key role in strengthening Cambodia’s innovation ecosystem. It will provide technical assistance, improve business readiness, and help local enterprises prepare for investment opportunities. As Jaeseung Lee noted, “By working closely with local stakeholders, we aim to help climate solutions expand sustainably and deliver long term development benefits.” This hands on support ensures that businesses are not only funded but also equipped to succeed.

Conclusion

The Climate Technopreneurship programme represents a strategic move to position Cambodia as a growing hub for climate innovation. By combining investment, technology, and international collaboration, it offers a clear pathway for businesses to scale while addressing environmental challenges. More importantly, it answers a critical question about the future of sustainable development in Cambodia by showing how innovation and entrepreneurship can work together to build a greener and more resilient economy.