Cambodia’s Financial Inclusion Journey: FinTech, Green Finance and Growth

Cambodia’s financial sector is undergoing a period of transformation, driven by digital payment systems, expanding access to financial services, evolving financial policies, and growing attention to sustainable finance. A new academic publication co-authored by the Governor of the National Bank of Cambodia (NBC) offers an opportunity to examine this development and consider the challenges that remain.

The book, Financial Inclusion, Financial Sector Development, and Growth in Cambodia and ASEAN, co-authored by NBC Governor H.E. Dr. Chea Serey and Dr. Shandre Mugan Thangavelu, a professor at Sunway University in Malaysia, was officially launched in Phnom Penh on November 11, 2026.

Rather than simply documenting the expansion of Cambodia’s banking industry, the research examines the relationship between financial openness, economic development, and access to formal financial services. It also explores how financial technology (FinTech) and green finance can contribute to financial sector development and sustainable economic growth.

For international investors, financial institutions, researchers, and businesses, Cambodia’s experience provides an important case study of how a developing economy is building a more accessible and modern financial system.

1. Understanding Cambodia’s Financial Inclusion Journey

Financial inclusion refers to the ability of individuals and businesses to access and effectively use appropriate financial services, including payments, savings, credit, and other formal financial products.

It is broader than simply having a bank account. Meaningful financial inclusion also involves affordability, accessibility, financial literacy, consumer protection, and the ability to use financial services safely and responsibly.

Cambodia has made efforts to expand access to formal financial services through banking development, microfinance, digital payments, and financial infrastructure.

According to information reported by the National Bank of Cambodia in April 2026, the implementation of the National Financial Inclusion Strategy (NFIS) 2019–2025 included 115 priority actions to expand access to payments, savings, and credit.

By the end of 2025, the reported number of depositors had reached 18.6 million, while credit users reached 4.3 million. The Bakong system had also enabled more than 44 million accounts.

These figures illustrate the scale of Cambodia’s financial services ecosystem. However, account numbers should not be interpreted as the number of unique individuals, because one person may hold multiple accounts or use services through different providers.

More importantly, the next stage of financial inclusion is not only about increasing access. It is also about improving the quality, affordability, security, and practical usefulness of financial services.

2. Financial Openness and the Challenge of Inclusive Growth

One of the important themes highlighted in the new book is the relationship between financial openness and financial inclusion.

Financial openness refers broadly to the extent to which an economy is connected to international financial markets and allows financial activities across borders. Financial inclusion, by contrast, focuses on whether households and businesses can access and use appropriate financial services.

The book’s publisher summary describes Cambodia as having a high degree of financial openness within the region while facing comparatively low levels of financial inclusion. This contrast raises an important question: how can an economy with an open financial system ensure that the benefits of financial development reach more households and businesses?

For Cambodia, this question is particularly relevant to small and medium-sized enterprises (SMEs), rural communities, and women entrepreneurs and businesses that may face difficulties accessing suitable financing.

A developed financial system must therefore do more than attract financial institutions and facilitate capital flows. It must also support productive investment, responsible lending, savings, business development, and economic resilience.

3. FinTech Is Changing Cambodia’s Financial Landscape

Financial technology has become an important part of Cambodia’s financial sector development.

Digital banking, mobile payments, electronic transfers, and QR-based payment systems have changed how consumers and businesses conduct financial transactions.

One prominent example is Bakong, a payment infrastructure developed by the National Bank of Cambodia. It supports digital transfers and payment connectivity among participating financial institutions and payment service providers.

KHQR has also helped establish a standardized QR payment framework, making digital payments more accessible for merchants and consumers.

These developments can offer several benefits:

Convenience: Customers can make payments and transfers through digital channels.
Business efficiency: Merchants can receive payments without relying exclusively on cash.
Financial access: Digital services can help extend payment access beyond traditional banking locations.
Payment connectivity: Interoperable systems can make transactions between participating institutions easier.
Business opportunities: Financial technology creates opportunities for payment providers, software companies, and digital service businesses.

However, digital financial development also requires strong cybersecurity, reliable infrastructure, data protection, fraud prevention, and consumer education.

Expanding digital access is only one part of financial inclusion. Consumers and businesses must also understand the services they use and be protected from inappropriate financial practices and digital risks.

4. Green Finance and the Future of Sustainable Investment

Another important subject addressed by the book is green finance.

Green finance refers to financial products and investment activities that support environmental objectives, such as renewable energy, energy efficiency, sustainable transport, and environmentally responsible infrastructure.

For Cambodia, green finance could become increasingly relevant as the country seeks to attract investment in sustainable development.

Potential areas include:

Renewable energy and energy-efficient infrastructure.
Electric vehicles and charging networks.
Green buildings and sustainable construction.
Water supply, wastewater treatment, and sanitation.
Sustainable agriculture and resource management.
Cleaner industrial production.

Banks and financial institutions can support these activities through appropriately designed loans, investment products, and financing frameworks.

For businesses, access to suitable green financing may help support investments in energy-efficient equipment, cleaner production systems, and more sustainable operations.

Nevertheless, green finance requires credible standards, transparent reporting, and appropriate assessment of environmental outcomes. A project should not be classified as sustainable simply because it uses environmentally positive language.

5. Cambodia’s Financial Inclusion Strategy for 2026–2030

Cambodia is also working to update its National Financial Inclusion Strategy for 2026–2030.

According to an April 2026 report by Agence Kampuchea Presse (AKP), the National Bank of Cambodia, with support from the Asian Development Bank (ADB) and the United Nations Capital Development Fund (UNCDF), began the process of developing the updated strategy.

The process builds on the previous strategy for 2019–2025 and is intended to strengthen access to appropriate financial services while improving their quality and resilience.

The five strategic areas identified during the initial development process include

Women’s financial inclusion.
Digital financial services.
Financial literacy and consumer protection.
Sustainable finance.
Financial inclusion for persons with disabilities.

These priorities indicate that Cambodia’s financial inclusion agenda is moving beyond access alone. It increasingly considers how different groups can use financial services effectively and safely.

The strategy’s development also involves consultation among government institutions, financial institutions, development partners, and private-sector stakeholders. Its final implementation details and measurable outcomes should be assessed against the formally adopted strategy and subsequent progress reports.

6. What Cambodia’s Financial Development Means for Businesses and Investors

The development of Cambodia’s financial sector creates potential opportunities for both domestic and international businesses.

The most relevant opportunities extend beyond traditional banking and include digital infrastructure, financial services, sustainable investment, and technology solutions.

Area Potential Opportunities: Digital payments, payment platforms, merchant solutions, and transaction technology Digital banking, financial software, mobile services, and customer solutions for SME finance Business lending, financial management, and credit assessment Green finance: renewable energy, green buildings, and sustainable infrastructure Financial technology, cybersecurity, data management, and digital financial services Financial inclusion products for underserved households and small businesses

These are potential areas for business development, not confirmation that every sector currently offers an attractive or unrestricted investment opportunity. Investors should assess regulations, licensing requirements, market demand, competition, and commercial viability before entering the market.

For international financial institutions and technology companies, Cambodia’s evolving payment infrastructure and financial policy environment may provide opportunities for partnerships, innovation, and regional cooperation.

7. What Still Needs to Be Strengthened?

Despite progress in financial infrastructure and access, financial inclusion remains a multidimensional challenge.

Several areas deserve continued attention:

Access to suitable credit: Small businesses and entrepreneurs may need financing products that better reflect their cash flows, business models, and repayment capacity.

Financial literacy: Consumers need the knowledge to understand interest rates, loan obligations, savings products, and digital financial risks.

Consumer protection: Transparent pricing, responsible lending practices, and effective complaint-handling mechanisms are important for maintaining public confidence.

Digital security: As more financial activities move online, cybersecurity, fraud prevention, and data protection become increasingly important.

Inclusive access: Rural communities, women, persons with disabilities, and other underserved groups may require financial products and delivery channels suited to their circumstances.

Sustainable finance standards: Clear definitions, assessment methods, and reporting requirements are needed to ensure that green financing delivers genuine environmental benefits.

Addressing these issues will help determine whether the expansion of financial services translates into more inclusive and resilient economic growth.

8. From Financial Access to Sustainable Economic Growth

The launch of Financial Inclusion, Financial Sector Development, and Growth in Cambodia and ASEAN highlights the growing importance of financial inclusion as part of Cambodia’s wider economic development agenda.

The book’s contribution is not limited to documenting the country’s financial sector experience. Its examination of financial openness, financial inclusion, FinTech, and green finance provides a broader framework for understanding the opportunities and challenges facing Cambodia and other ASEAN economies.

As Cambodia continues to develop its financial infrastructure, the next challenge will be ensuring that financial innovation supports productive businesses, improves access for underserved communities, and contributes to sustainable investment.

Ultimately, a modern financial system is not measured only by the number of accounts, financial institutions, or digital transactions. Its broader value lies in how effectively it supports households, businesses, and the economy.

Cambodia’s financial inclusion journey therefore remains an important part of its effort to build a more accessible, resilient, and sustainable financial sector.