Cambodia – Banking Sector & ID Assurance Whitepaper

Innov8tif's new whitepaper, "Banking Sector: The Case for ID Assurance in Cambodia," explores Cambodia's digital economy and banking sector, obstacles and roadblocks, and the role of ID Assurance in the new Cambodian digital banking ecosystem. With high mobile penetration rates and acceptance of digital transformation, Cambodia is an attractive market for digital services, but with a young population located in rural areas, banks must adapt to the increasingly digital-centric market.

Banking Industry & ID Assurance in Cambodia 

As part of Innov8tif’s expansion within the ASEAN region, we are proud to announce the release of a new whitepaper—Banking Sector: The Case for ID Assurance in Cambodia! 

In the document, we addressed a few key overarching themes:

  • Cambodia’s digital economy and banking sector, and their performance during the pandemic season
  • Obstacles and roadblocks within the industry, despite Cambodia’s status as one of the world’s fastest-growing nations
  • The role ID Assurance plays within the new Cambodian digital banking ecosystem

Why we chose to work on the topic 

Cambodia remains an attractive market for digital service because of their high mobile penetration rates and acceptance towards digital transformation. Globally, ID Assurance services had always played a pivotal role within the financial sector, but Cambodia is a notable case study for a few reasons:

  1. Much of the nation’s economic potential is locked behind young populations located within rural areas.
  2. Despite low urbanisation rates, they have one of the highest mobile penetration rates within the region (124%).
  3. With high 4G coverage and e-wallet usage, Cambodian banks are also at high risk of cybersecurity attacks and fraud attempts.

While conducting research on the country, we believe that it will be helpful to share some of our useful insights with the general public. Here are some excerpts from the whitepaper:

For more than a decade, banks have invested heavily in establishing physical touch points with end-consumers. Currently, there are a total of 2,600 physical headquarters and branches as well as 3,512 automated teller machines (ATMs), representing a five times increase since 2006. The number of commercial bank branches per 100,000 adults has almost doubled from 4.5 in 2012 to 8.3 in 2019.

This brick-and-mortar approach had paved the way for the sector’s growth pre-pandemic. However, these physical setups are not in-line with Cambodia’s increasingly digital-centric market. A National Bank of Cambodia (NBC) survey states that 85% of youths prefer digital platforms, goods and services, with over 90% accessing the internet daily through smartphones or laptops.



The Whitepaper is available free to download via this link.  For any inquiries, feel free to reach out to [email protected], or alternatively:

Jotham Lim

[email protected]