PHNOM PENH – National Bank of Cambodia (NBC) Governor H.E. Dr. Chea Serey met with a high-level delegation from the ASEAN+3 Macroeconomic Research Office (AMRO) on Thursday to chart the course for Cambodia’s 2026 economic strategy.
The meeting, led by AMRO Director Mr. Yasuto Watanabe, signaled a deepening partnership as Cambodia transitions from a traditional cash-based economy to a regional leader in fintech and artificial intelligence.
A Global Model for Digital Payments
Mr. Watanabe lauded Cambodia’s Bakong blockchain payment system, describing it as a “global benchmark” for financial inclusion. The system has allowed Cambodia to leapfrog legacy banking infrastructure, enabling over 10 million citizens—roughly 60% of the adult population—to access digital finance.
Governor Chea Serey emphasized that these innovations are not just about convenience; they are strategic tools for:
- Khmer Riel (KHR) Promotion: Increasing the use of local currency through digital interoperability.
- Regional Integration: Strengthening cross-border QR payment links with Thailand, Laos, Vietnam, and Malaysia.
- Financial Literacy: Using tech to bring unbanked rural populations into the formal economy.
The AI Frontier in Banking
A core focus of the discussion was the growing role of Artificial Intelligence (AI). The NBC is currently pioneering an AI-based liquidity forecasting model in collaboration with JICA, aimed at making monetary policy more autonomous and data-driven. This world-first pilot for a central bank is expected to conclude its proof-of-concept phase by February 2026.
Economic Outlook: The “Two-Speed” Recovery
While the meeting hit a positive note regarding industrial exports and digital growth, both parties issued a note of caution regarding Cambodia’s “two-speed” economy.
| Sector | Outlook | Key Driver |
| Manufacturing & Exports | Bullish | Tire exports ($1.4B) and diversified industrial goods. |
| Digital Finance | High Growth | Bakong adoption and AI integration. |
| Real Estate & Construction | Subdued | Slow return of international investment and high supply. |
AMRO highlighted that while industrial growth is robust, the real estate and construction sectors—historically the backbones of the GDP—have yet to regain their pre-pandemic momentum, posing a challenge for the broader domestic recovery in 2026.
FAQ: NBC and AMRO Economic Summit
1. Who is AMRO and why does their opinion matter?
The ASEAN+3 Macroeconomic Research Office (AMRO) is the regional surveillance body for the 10 ASEAN nations plus China, Japan, and South Korea. They act as a “gym trainer” for economies, providing the data and policy advice needed to ensure financial stability.
2. How is AI being used by the National Bank of Cambodia?
The NBC is testing AI and machine learning to forecast “liquidity”—essentially predicting how much cash is flowing through the economy daily. This helps the bank make better decisions on interest rates and local currency management.
3. Why is the construction sector struggling if the rest of the economy is growing?
The construction sector is facing a “hangover” from oversupply and a slower-than-expected return of foreign buyers. While export-led manufacturing (like tires and garments) is booming, domestic property markets take longer to adjust.
4. What does “financial inclusion” mean in this context?
It refers to the ability of everyday Cambodians, including street vendors and rural farmers, to have a safe place to save money and a digital way to pay without needing a physical bank branch nearby.
5. Is the Khmer Riel becoming more popular?
Yes. Through systems like Bakong and standardized KHQR codes, the NBC has made it easier and cheaper to pay in Riel, which is a key part of their long-term goal to reduce reliance on the US Dollar.