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Taiwan, Cambodia Collaborate to Expand Fintech

Taiwan’s Industrial Development Bureau, Ministry of Economic Affairs (MOEA) has witnessed a strategic partnership agreement between a Taiwan-based software provider and the leading system integrator in Cambodia. The collaboration aims to combine the Cambodian company’s local network and connections in Cambodia’s financial and government sectors with the Taiwanese company’s robust “Taiwan Experience” in fintech to gear toward the digital upgrade of the financial industry in Cambodia.

Sponsored by the MOEA, the two parties exchanged views on potential markets and customers in Cambodia and their mutual interests, and further completed the signing of product distribution. Moreover, both parties have committed to providing an international digital user experience for users in Cambodia.

The Taiwanese company is confident to have a successful business expansion in the booming Southeast Asian market. The Taiwanese company has established branches in Vietnam and Singapore since 2019, striving to bring a successful digital transformation experience to the new southbound market.

Despite the business disruption caused by the COVID-19 pandemic in the past two years, the Taiwanese company has obtained several overseas customers, including a major electric car manufacturer in the United States, Vietnam’s biggest pharmacy retail chain and property insurance corporation. As the Cambodian government is devoted to supporting local companies with its 15-year digital economy plan to drive fintech innovation, this collaborative partnership aims to accelerate digitalisation in finance in Cambodia.

As both companies have years of dedication to the FinTech domain area, this strong alliance will bring the Cambodian market more convenient and high-quality digital services, and further unlock business opportunities of smart finance and smart government.

With the government’s supports, there has been a rising consumption ability and an emerging digital transformation market as a result of the rapid economic growth in the Southeast Asian countries. Taiwan’s geographical advantages, years of FinTech commitment, similar consumer culture, exceptional customer service, product localisation and flexibility all give Taiwan a competitive edge.

Regarding Taiwan’s fintech landscape, the Financial Supervisory Commission (FSC) has unveiled its fintech development roadmap, relaxing its regulations on consumer data sharing and corporate account opening while introducing a new fintech license. Financial holding companies’ subsidiaries would be allowed to share consumer data with one another if they have obtained their customers’ consent. This would help companies in assessing risks in doing business with new clients.

As reported by OpenGov Asia, Taiwan has collaborated with many countries and organisations, including with the European Union (EU) on conducting comprehensive policy discussions on major issues of digital economy development. The collaboration further enhanced the partnership on promoting the global digital economy between the two parties.

Taiwan and EU exchanged views on overall digital policies to promote digital economy on major topics such as research and technology cooperation, Artificial Intelligence (AI), cybersecurity certification, data economy, and digital connectivity, as follows:

  • Research & Technology Cooperation: Taiwan and the EU have a solid foundation for long-term cooperation in the field of scientific research, and each has its own fields of expertise. The two parties exchanged their current status of technology and industrial applications in AI, 5G/beyond 5G, microelectronics and smart systems, and expressed high interests in further joint cooperation on advance research in the aforementioned fields (including AI chip design and AI architecture, Open RAN), industrial integration applications (such as smart manufacturing), and the cultivation and exchange of talents.
  • AI: Taiwan and the EU agreed that expanding international cooperation in the field of AI is critical to accelerating the development of AI, and will jointly promote the establishment of global technical standards for interoperable and trustworthy AI.
  • Data Economy: In the digital age, data is considered a strategic asset. Taiwan has considerable practical experience in big data applications, such as e-maps for face masks and online databases of actual prices of real estate transactions.
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