H.E. Hem Vanndy, Minister of Industry, Science, Technology & Innovation, and Chairman of the Coordinating Committee for Developing the Informal Economy, on July 18, 2024 co-chaired a meeting with H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC). The meeting discussed the NBC’s progress in implementing the National Strategy for Developing the Informal Economy and collaboration to promote the use of formal banking and financial services in the informal sector.

Minister Vanndy said developing Cambodia’s substantial informal sector is essential for achieving the country's 2030 and 2050 goals. He emphasized the NBC's critical role in executing the strategy.

Minister Vanndy added that the Digital Economy and Business Committee is developing a digital platform for informal business registration, and requested that the NBC facilitate their access to formal banking and financial services once registered on the platform.

Governor Serey welcomed this initiative and tasked the NBC technical team to explore it further. She noted the NBC's significant progress in contributing to the national strategy, highlighting efforts such as promoting financial literacy through community outreach, and integrating financial lessons into the general education curriculum.

Additionally, the NBC has encouraged informal businesses to open savings accounts and utilize formal financial services. It has also developed a convenient, cost-effective, and efficient payment system, and promoted the use of formal financial services by women.

Minister Vanndy commended the progress made by the NBC in implementing key measures of the national strategy. He shared that the Coordinating Committee for Developing the Informal Economy is actively engaging with key stakeholders to monitor progress and review action plans to achieve the strategy's targets.