2024-07-18
H.E.Dr. Chea Serey, Governor of the National Bank of Cambodia and H.E. Hem Vanndy, Minister of Industry Science, Technology and Innovation, and chair of the Coordinating Committee for the Implementation of the National Strategy for Developing the Informal Economy had a meeting on “Promoting the Implementation of the National Strategy on Informal Economic Development” on Thursday afternoon, July 18, 2024 at the National Bank of Cambodia, Wat Phnom.
The purpose of this meeting is to learn more about the progress of the work of the National Bank of Cambodia in participating in the implementation of the National Strategy for Informal Economy Development and the cooperation in supporting the promotion of the use of formal banking and financial services in the Informal Economy.
During the meeting, H.E. Minister stated that access to official financial services remains a challenge for informal business owners due to lack of compliance.
H.E. Minister mentioned that the committee is collaborating with other stakeholders to establish a digital platform for the registration of informal businesses. Therefore, H.E. Minister requested the support of the National Bank of Cambodia to study the possibility that informal businesses can receive financing from official banking and finance institutions once they are recognized in the digital platform.
In response, H.E.Dr. Governor welcomed this suggestion and will support with a more detailed study by professional officials. H.E.Dr. Governor also stated that the National Bank of Cambodia has done a lot of work in line with the National Strategy for Informal Economic Development, such as raising financial literacy through public outreach and insert the financial literacy into the general education program and so on. In addition, the National Bank of Cambodia encourages informal businesses to open savings accounts and use formal financial services, develop payment systems that are easy, cost-effective and efficient, as well as increase the use of women's financial services.
H.E. Minister praised that the National Bank of Cambodia has made good progress in line with the National Strategy for Informal Economic Development.
