With several financial institutions in operation, the Cambodian banking sector has consistently shown steady growth. The reliance on technology to deliver banking services has led to banks offering more sophisticated products to meet the increasing demands of customers, particularly as businesses expand across borders into the regional market. The emergence of mobile banking has significantly contributed to this evolution, providing customers with convenient access to banking services and enabling financial transactions anytime and anywhere. Additionally, credit is now offered not just in the form of traditional loans but also through various other forms of credit to support the growing cross-border transactions.

The payment system has also undergone significant changes, increasingly utilizing blockchain technology. This is exemplified by the introduction of Bakong by the National Bank of Cambodia (NBC), which facilitates rapid and seamless fund transfers among banks. These technological advancements enhance the security and efficiency of transactions, promoting transparency and reducing the risk of fraud.

Given the development in the global context, banks need to keep pace with the evolution of legal and regulatory frameworks, including the advent of new and controversial cryptocurrencies, governance standards, credit risk management, and the entry of new players in the banking sector.

Our areas of expertise include:

• Governance and compliance
• Data protection
• Consumer-friendly clauses
• Payment service
• Credit card, wallet and key technology
• Mobile banking
• AML/CTF
• Mergers and Acquisitions
• ISDA agreement
• Supply chain finance
• Trade finance
• Loan and security documents
• Security registration (i.e. hypothec, pledge under the Civil Code or Law on Secured Transaction)
• New-to-market product and template localization
• Financial leasing