CamTech Summit 2023: Key Takeaways from Cambodia’s Premier FinTech Event

On November 30, 2023, I was thrilled to participate once again in the highly anticipated CamTech Summit 2023, a premier finance and technology (FinTech) event in Cambodia that was co-organized by the National Bank of Cambodia and the Cambodia Association of Finance and Technology (CAFT).

While the summit has consistently attracted industry leaders and fostered insightful discussions about the future of finance, this year’s edition proved uniquely special.

In this blog post, I’ll share key takeaways from the summit, highlighting the current state of FinTech in Cambodia and globally, and showcasing what made this year’s CamTech Summit truly stand out.

What Is the CamTech Summit?

The CamTech Summit serves a vital role in promoting Cambodia’s FinTech industry. Its official website aptly describes the event as “Cambodia’s only Financial Technology event, providing a platform for the FinTech community to connect, collaborate and co-create.

As someone interested in finance and based in Cambodia, I eagerly anticipate this annual event as it offers a unique opportunity to:

• Gain valuable insights: Experts and industry leaders share their knowledge and perspectives on current trends and challenges in FinTech, both in Cambodia and globally.
• Expand your network: Connect with fellow professionals, entrepreneurs, and students, fostering collaboration and building valuable relationships.
• Advance your career: Discover internship opportunities and learn about the latest advancements in FinTech, enhancing your skills and marketability.

This year’s summit marked a significant milestone as it was the first in-person gathering since its inception.

Unlike the virtual format of the 2021 summit due to the COVID-19 pandemic, the CamTech Summit 2023 offered a unique and more engaging experience, allowing attendees to come face-to-face with their global counterparts to exchange ideas, network, and discuss FinTech opportunities both in Cambodia and internationally.

A MILESTONE FOR CAMBODIA’S FINTECH SECTOR: Check out these amazing moments from the CamTech Summit 2023.

What Was The Main Focus and Key Objectives Of The CamTech Summit 2023?

This year’s summit focused on the theme “Forging Partnerships: Fostering Collaboration and Innovation for Digital Financial Services in Mekong and Beyond.”

In their remarks, Mr. Remi Pell, Chairman of CAFT, Mr. Raymond Sia, Chairman of the Association of Banks in Cambodia (ABC), and Her Excellency (H.E.) Serey Chea, Governor of the National Bank of Cambodia, shared their vision for the summit and the challenges and opportunities that lie ahead.

1. Discuss Technological Advancements, Opportunities, and Challenges Within Cambodia and Globally

H.E. Serey Chea stressed that the CamTech Summit serves as an integrated platform for policymakers, regulators, businesses, and tech players to discuss technological advancements, opportunities, and challenges within Cambodia and globally. The summit aims to promote awareness, coordination, and knowledge exchange, and enable the development of policies and regulations that align with Cambodia’s transition towards a digital economy.

2. Keep Pace With the Ever-Evolving Tech Landscape

Mr. Remi Pell emphasized the need to keep pace with the ever-evolving tech landscape and acquire the necessary skills to navigate through complexity while promoting digital innovation responsibly. The goal of CamTech is to foster collaboration, advocacy, facilitation, and teaching to spur digital innovation and collaboration.

3. Build a Better Future for the Banking Sector & Society

Mr. Raymond Sia highlighted the importance of leveraging technology to build a better and more sustainable future for the banking sector and society as a whole. The focus was on solving real problems, improving lives, and promoting inclusivity.

To watch the opening remarks of the CamTech Summit 2023 in their entirety, click here.

What Were the Key Takeaways From the CamTech Summit 2023?

The CamTech Summit 2023 buzzed with insightful discussions and predictions for the future of technology. While many themes emerged, three resonated with me the most: the rise of collaborative AI partners in the workforce, the rise of “invisible” banks, and the undeniable momentum of cross-border payments.

1. AI in the Workforce: Inevitable and Accelerating

Since ChatGPT’s public debut in November 2022, the landscape of professional work, particularly in marketing, has shifted dramatically. This trend shows no signs of slowing as AI evolves, a point validated by presentations like Ali Syed’s “AI Fusion” from the recent CamTech Summit.

Though the debate about AI replacing humans in the workforce persists, I firmly believe that it is unlikely that many people will lose their jobs to AI in the near future. Instead, I see AI as an evolving co-pilot, working hand in hand with humans rather than taking over completely.

Those who embrace this partnership and incorporate AI into their work processes are likely to thrive, while those who resist and fail to adapt risk falling behind in the ever-changing work environment.

All in all, I don’t envision a purely dystopian future with AI in the workforce. Perhaps with our day-to-day tasks streamlined by AI, we’ll be freed to explore other passions, delving deeper into the artistic, the whimsical, and the truly human aspects that machines can’t replicate. Entertainment may flourish, with innovation in areas like storytelling and immersive experiences exploding.

It’s true, the possibilities are both thrilling and a little nerve-wracking. But I, for one, can’t wait to see what unfolds.

By the way, if you’re interested in discovering alternative AI writing tools to chatGPT that can enhance your online content creation, check out my blog article titled “AI Writing Tools Like ChatGPT: 5 Alternatives That Will Rock Your World.”

2. Banks Will Be “Invisible” in the Future

Mr. David Song, Head of Digital Assets at Greenlink Digital Bank, emphasized the need for banks to adapt to the changing landscape. He also stated that by 2030, around 80% of traditional financial firms may no longer exist, unless they embrace digital transformation.

These warnings align with statements made by other influential figures in the finance industry.

Christine Lagarde, President of the European Central Bank, has already cautioned banks that are struggling with digital transformation, urging them to either “adapt to survive, or possibly disappear.” Monica Long, President of Ripple, a leading company providing crypto business solutions, also emphasized that “The past couple of years have been a real tipping point for institutional DeFi, where even the biggest of banks are embracing this technology as the future, and they have to adapt or die.”

All in all, I strongly believe that the future belongs to banks that seamlessly integrate with our digital lives, offering smooth transactions and innovative financial solutions. As experts emphasized during the recent CamTech Summit, the digital revolution is reshaping the finance industry, and banks must embrace these changes or risk becoming obsolete relics of the past.

3. Cross-Border Payments Are Expected to Continue Trending Upwards

While the summit explored many “next big things,” one trend resonated across panels: cross-border payments are poised for explosive growth.

This comes as no surprise to proponents of blockchain technology, who have long touted its potential to revolutionize this area.

As Mr. Denis Lau (COO of Liquid Group) and Mr. Lim Huck Siang (Chief Digital Officer APAC EBG FSI at Huawei) emphasized, blockchain holds the key. By eliminating intermediaries and streamlining transactions, blockchain promises faster, cheaper, and more secure cross-border payments.

Personally, I think that digital assets, like stablecoins or XRP, will further enhance this potential by offering efficient currency conversions and / or reduced volatility. In any case, one thing is certain: the future of cross-border payments is undoubtedly borderless, efficient, and driven by the transformative power of blockchain and digital assets.

Final Thoughts on the CamTech Summit 2023

The CamTech Summit 2023 wasn’t just about showcasing the latest tech trends, it was a thrilling peek into a future powered by innovation. We witnessed how AI, blockchain, and other advancements will not only revolutionize banking and finance but also ripple through society, shaping a vibrant, interconnected world.

But for Cambodia, the summit held a deeper significance. It was a resounding affirmation of the nation’s fast-developing FinTech scene and its potential to shine on the global stage.

Here’s why I’m confident:

• Championing Innovation: The Cambodian government’s unwavering support is evident. Beyond fostering investment and favorable policies, their annual commitment to CamTech underscores their dedication to propelling the country toward FinTech leadership through awareness and adoption.
• A Generation Embraces the Future: Witnessing the predominantly young audience was another electrifying observation. Their enthusiastic engagement speaks volumes about the burgeoning interest in FinTech among Cambodian youth, a vital force for driving progress.

CHEERS TO THE FINTECH CHAMPIONS POWERING CAMBODIA’S GROWTH: Grateful to have been part of the energy and passion at the CamTech Summit 2023 Sponsors Appreciation Night. Cambodia’s FinTech future is truly bright!

Indeed, with the right combination of technological advancements, regulatory support, talent development, collaborative efforts, and other factors such as high mobile penetration and an unbanked population, Cambodia possesses all the ingredients to become the next rising star in Asia for FinTech adoption.

With these promising prospects, I eagerly anticipate next year’s CamTech Summit, I eagerly anticipate next year’s CamTech Summit, where I hope to see you all and join forces in shaping the future of FinTech in Cambodia.

Disclaimer: The information and opinions expressed in this blog post are for informational purposes only and are not intended to be construed as professional advice. Please consult with a qualified professional before making any financial decisions, traveling, or purchasing a product or service. This information is also based on personal experiences and/or research at the time of writing, and new information and updates may be available on the topic being discussed. Please conduct further research before making any decisions.