Chinese association of internet startups in Cambodia begins new journey on digital economy

PHNOM PENH, March 14 (Xinhua) -- The Cambodia Internet Startup Association (CISA), which is the first Chinese association of internet startups and companies in Cambodia, has kicked off its new journey in 2022 with a fruitful forum on post-COVID development of digital economy in the Southeast Asian country, it said in a press release on Monday.

Initiated by the CISA and held at the Cambodia Academy of Digital Technology (CADT) in the capital Phnom Penh on Saturday, the forum gained support from both public and private sectors, including the Ministry of Economy and Finance, Ministry of Post and Telecommunications, Huawei Cambodia, Zhengheng Group, and Cambodia Association of Finance and Technology (CAFT), among others.

Opened by Sam Sethserey, head of the CADT's Institute of Digital Research and Innovation, the event served as a great opportunity for entrepreneurs, investors, and government officials to enhance dialogue and share insights into the development of digital economy in Cambodia, said the CISA.

Jack Lee, co-founder of the CISA and founder of Smile Shop App, said the CISA was jointly established by Chinese leading players in the internet industry in Cambodia, including Smile Shop, Gold Zone Media, 58cam.com, Compass Real Estate, CamHR, and Focus Digital, among others.

He said the CISA is committed to expanding its business networking, incubating startups, and providing services related to training, investing and financing.

"CISA seeks to initiate the close collaboration with other startup investment communities and serve as a bridge to facilitate the communication among business communities in Cambodia," Lee said.

"By leading more investment from China to the ecosystem of Cambodian internet industry, we aim to empower local startups and small and medium-sized enterprises (SMEs) and help them compete in regional and international markets," he added.

Chea Kok Hong, deputy director-general for policy at the Ministry of Economy and Finance, said, "The vision of the Royal Government of Cambodia is to build a vibrant digital economy and society by laying the foundations to promote digital adoption and transformation in all social actors including the state, citizens, and businesses, to accelerate new economic growth and to promote social welfare in the new normal."

Dong Yuanpeng, chief communication officer of Huawei Cambodia, said that as a world's leading ICT infrastructure and smart device provider, Huawei has been dedicated to building a fully connected intelligent Cambodia through the strategic focus on information transmission, distribution, storage, processing, and interaction.

"Huawei has changed the landscape of digital infrastructure in Cambodia and enhanced the digital inclusiveness for all people and facilitated the kingdom's industry digital transformation," he said.

CAFT Secretary-General Tomas Pokorny, who is co-founder of mobile payment app Pi Pay, stressed some of the key trends in Cambodia's digital economy and fintech ecosystem, such as an increased acceptance of digital payments and quick response (QR) code for digital payments.

"Cambodia is relatively a small market in terms of population size, but this market has been growing vibrantly and still has huge potential to tap. New emerging trends will surface and present opportunities for the sector within next decade," he said.

Pokorny said that the COVID-19 pandemic has slowed down external funding in Cambodia, and as a result, "internal capital venture efforts will play a key driving role for startups investments."