PHNOM PENH, Nov. 25 (Xinhua) -- Bankers and financial service professionals from across the Association of Southeast Asian Nations (ASEAN) gathered here on Monday at a regional conference to discuss cooperation in the banking and financial sector.
Under the title "ASEAN Connectivity 2025: A Brave New World of Digital Innovation for One ASEAN Banking Sector," the 22nd ASEAN Banking Conference was hosted by the Association of Banks in Cambodia and the ASEAN Bankers Association.
The one-day conference brought together hundreds of delegates from the 10 ASEAN countries.
Speaking at the biennial conference, Chea Chanto, governor of the National Bank of Cambodia, said it was a great honor and pride for Cambodia to host the conference, which reflected the country's economic development, peace, social security and political stability.
"I am proud of the immense progress of the banking sector in Cambodia as well as in ASEAN, especially during the last several years after the global financial crisis," he said.
"Modernizing financial infrastructures and innovating financial technologies have helped enhance efficiency in financial services delivery to over 600 million ASEAN population, particularly with security and inclusion," he added.
The governor said Cambodia has maintained a sound macroeconomic stability with robust growth, low and manageable inflation which are favorable for the continuous development of the banking sector.
"This year, Cambodia's economy is projected to grow at the similar rate, driven mainly by continued inflows of foreign direct investment, high export growth, and strong domestic demand," Chanto said.
In Channy, chairman of the Association of Banks in Cambodia and president of ACLEDA Bank, said cooperation within ASEAN means that all stakeholders can learn from each other, emulate each other and compete fairly with each other to foster economic and social development in all 10 member countries.
"We haven't just watched the growth of major regional companies like Grab in Singapore or Go Jek in Indonesia, who are leading the field in making disruptive technology normal," he said.
"We have learned from them and we are developing our own disruptors, companies like PassApp or Joonaak, who are bringing their regional knowledge here for the benefit of our people."
Cambodia currently has 44 commercial banks, 17 specialized banks and dozens of microfinance institutions.