The Ministry of Economy and Finance and the National Bank of Cambodia (NBC) have reached a memorandum of understanding on electronic Know Your Customer (e-KYC) cooperation, aiming to enhance digital verification of customer documents in Cambodia.

The MoU was signed here on Monday between H.E. Kong Mary, Secretary of State at the Ministry of Economy and Finance and Secretary General of the General Secretariat of Digital Economy and Business Committee in Cambodia and H.E. Ms. Chea Serey, Director General of the NBC’s Central Banking.

The e-KYC capacities are to raise awareness and promote the use of new technologies and innovations, particularly to boost the use of e-KYC in the banking and finance sectors.

In the CamDigikey (Cambodia Digital Key) portal, there are ten Application Programming Interfaces such as face, name, gender, date of birth, etc. to enable the public and private sector connections.

“Opening wide connection in this form will open a new page for Cambodia’s step in the e-KYC framework through facilitating time reduction for customers’ identification checks and verification mechanism with government’s data,” read a statement.

At the function, both sides encouraged the private sector, particularly the financial institutions, to use the CamDigiKey and provide constructive feedback.

eKYC is a technology that enables an organisation to digitally verify customer documents against a previously verified database.

In Cambodia, common problems with eKYC include people using multiple forms of identification to apply for services and a lack of a digital standard for verifying identity.

The latest update of the CamDigiKey 2.0 app was also launched on the occasion.

CamDigiKey is a secure yet easy mobile application that is used to authenticate oneself digitally. By registering on CamDigiKey, users obtain a valid digital identity through which users can log into any Cambodian government portal for example Online Business Registration.

Source: Agency Kampuchea Press

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