(Phnom Penh): Cambodian Prime Minister Hun Manet said that the modernisation of payment systems has significantly contributed to streamlining operations for Micro, Small, and Medium Enterprises (MSMEs), particularly through the adoption of Bakong systems and the KHQR standard, which supports and promotes the growth of small-scale and online businesses.

The premier spoke on Friday (Jun. 27) during the meeting with members of Cambodia’s micro, small, and medium enterprise community, held in celebration of the National MSME Day in Phnom Penh.

During the event, Samdech Thipadei emphasised that the Royal Government of Cambodia, under its seventh mandate, prioritised the development of MSMEs. Ministries, institutions, and the private sector, including financial institutions have implemented concrete mechanisms to improve the business environment and provide direct support to domestic enterprises. The country’s digital transformation has facilitated business registration, tax registration, licence applications, and operations that reducing both time and cost.

“The modernisation of payment systems has helped streamline operations for MSMEs through the implementation of Bakong systems and the KHQR standard, which supports and drives the growth of small-scale and online businesses,” the premier reiterated.

Additionally, Samdech Thipadei noted that financial institutions and banks have opened accounts and issued QR codes to more than 1.5 million self-employed individuals.

He further stated that Cambodia’s payment system is now interconnected with regional countries such as Thailand, Malaysia, Viet Nam, and Laos, enabling MSMEs to conveniently accept payments from tourists.

Moreover, Prime Minister Hun Manet highlighted that the National Bank has encouraged financial institutions and banks to simplify the process of opening savings accounts and to provide financial services that support MSMEs and self-employed individuals in conducting business operations. To date, the number of borrowers in this sector has exceeded 820,000, amounting to approximately USD 21.3 billion, equivalent to 36.3% of the total credit issued by the banking system.

Once again, the premier stressed that the Royal Government has established various support mechanisms, including Khmer Enterprise, the Techo Startup Centre, and infrastructure and quality support institutions in order to help MSMEs adopt digital transformation as a strategic goal to improve standards, enhance quality, and ensure sustainable growth.
=FRESH NEWS