2024-07-03
H.E. Rath Sovannorak, Deputy Governor of the National Bank of Cambodia, attends a roundtable discussion on “Launching Universal Trusted Credentials (UTC): Experiences and Challenges" on July 3, 2024 in Zurich. Switzerland.
It is being held at the Point Zero Forum, a major financial technology forum for three days from July 1-3, 2024 and is attended by prominent leaders from the central banks, regulators, policy makers and private sector leaders to discuss and exchange ideas on technology opportunities and challenges in the financial sector.
During the roundtable discussion, H.E. Deputy Governor shared information on the situation of small and medium enterprises (MSMEs) in Cambodia and the role of MSMEs in contributing to socio-economic development and the overall challenges of MSMEs in particular and the access to financial services. He also highlighted the efforts of the Royal Government as well as the National Bank of Cambodia to support MSMEs through the introduction of policies to promote local production of MSMEs and increase employment in the sector. Through this roundtable, the UTC project will be implemented in Cambodia with the aim of creating a robust database to help MSMEs address challenges, especially access to financial services from banking and financial institutions.
It should be noted that the UTC project is an initiative of the United Nations Development Program (UNDP) and the Monetary Authority of Singapore (MAS) in collaboration with the Central Bank of Asia, Africa and Europe. Public and private to create a database and promote the financial environment for businesses, especially MSMEs.
