Cambodia’s IT market is opening up, say industry veterans

Cambodia’s IT market is opening up, say industry veterans

Cambodia’s IT market is opening up and there is more space for ASEAN IT firms to set up base and operate in the country,

said IT industry veterans at an event held by Innov8tif Solutions in Phnom Penh.

Innov8tif Solutions, which provides ID assurance solutions in Southeast Asia, hosted banks, insurance companies and fintechs at the event to have insightful conservations about the future of Cambodia’s digital landscape.

Sharing the stage with Innov8tif to present their technology and solutions were its digital solution partners — Firmus, MyBillOne and Bellsnord. Presentations were around key areas of IT infrastructure for banks such as customer ID assurance for eKYC, digital banking, cyber resilience, electronic documentation and cloud services.

George Lee, cofounder and CEO, Innov8tif, told Khmer Times, “We have partnered with more than eight financial institutions in the country for all aspects of their digital requirements. From eKYC procurement for banks, MFIs to invoicing, workflow management for SMEs – we have solutions that can be adopted by many. We’ve also set up an operation in Cambodia as we are serious about expanding our operations here.”

Cambodia as it takes on the journey of digital transformation, Innov8tif CEO Lee said that he sees more need for holistic and comprehensive service for the banking and financial services industry (BFSI) sector here. “We are providing ID checks and authentication services for banks and MFIs. We also have a fraudulent identity detection solution to lower instances of fraud; help in anti-money laundering compliance.” A flagship product of Innov8tif, EMAS CIDA, integrates various ID authentication solutions, providing a comprehensive ID assurance process to identify and mitigate fraud and scams.

Since financial institutions and IT service providers were in the same room for the event, Innov8tif said that it hopes there would be more such events in future; as there is a need for more active collaboration to strengthen the fintech ecosystem in Cambodia.

Other presenters at the event, such as Firmus business manager Allen Loh talked about the firm’s innovation in the cybersecurity space. “We are experts in penetration testing; testing firewalls.

We use a combination of manual and automated tools to ensure that there is complete application coverage for our clients.”

Another presenter myBillOne CEO Alex Hee talked about his company’s cloud operations. He talked of how more banks and insurers feel the need for electronic documentation for easy access and retrieval of data and files. “We offer a range of solutions. Some of our clients are insurers for them we digitize the millions of policyholder documents. For others, we provide email dashboard monitoring. For instance, this helps reduce the bounce rate of emails,” said Hee.

According to Statista, the online banking penetration in Cambodia is forecasted to reach 2.71% in 2024, reflecting a 0.5% increase from the penetration rate in the previous year.

In his final remarks, Innov8tif CEO Lee said, “We hope to connect with local businesses and showcase our commitment to addressing the evolving needs of the financial industry.” khmertimeskh

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