The Indian Chamber of Commerce Cambodia organised the Techfin Future Conference 2023 in Phnom Penh with H.E Sok Puthyvuth (Secretary of State of the Ministry of Posts and Telecommunications) as the keynote guest speaker.
The conference featured several speakers from leading Cambodian firms such as Smart Axiata, ACLEDA Bank, ABA, VISA Cambodia, Wing, Dichi, and Macro Solutions engaging in a Q&A and panel discussion on a range of technology subjects. H.E Sok Puthyvuth MPTC Secretary of State said that the advent and adoption of digital technology is a catalyst for the growth of Cambodia's economy but more needs to be don across a range of areas He added that the Cambodian government's digitalisation policy aims to build three pillars:
- Digital Government
- Digital citizen
- Digital business
Please watch the video below for some of the highlights from the conference and key takeaways from the guest speakers below:
Digital Transformation Opportunities
Ziad Shatara (Smart Axiata CEO) mentioned that aspects of technology such as AI and Machine Learning are important but so are the human resources and that as much as science and technology need upskilling of resources, it is key for education needs to be reviewed at all levels. The Head of Internet Banking for Business Data Analytics and R&D at ABA Bank, Mr Bekzod Ruzmetov added that new technology offers an advantage but also brings risk to the first mover to adopt it and stressed that the deployment of robo-advisors (AI tool used in financial planning) can be beneficial but there also needs to be a cautious approach. Meang Tay (SVP Head of Application Service Division - ACLEDA Bank) also asked for tech to be used but there needs to be a pragmatic approach, saying that in the banking sector, AI can't be used across all decision-making but it is useful for some areas.
Digital Leadership, Education and Upskilling
Mr Francois du Toit, an Independent Director at Macro Computing Solutions Co Ltd, stressed that there is a responsibility to educate top management in a company about the requirements for digital transformation. "They will set the tone for the right culture" he added, and when the culture is there firms can benefit otherwise; "you will be a follower and that's not a good place to be," adding its key for innovative companies to be ahead of the pack.
Tim Grintal (Division CMO Wing) agreed that skillets among management and the team around them today should include knowledge of AI, Blockchain, and Data Analytics - "business leaders need to have these to drive digital transformation", and furthermore, he feels that a customer-centric digital strategy is needed.
Ivana Tranchini (Country Manager at VISA Cambodia) concluded "We need to do a better job at integrating financial literacy in everyday experiences (versus running ad hoc programs). Alongside the trust, we need to work on literacy in a more dynamic way and there are some incredibly good fintech doing this."