29 June 2017
CAMBODIA: Compulsory Licensing Introduced for Digital Payment Services
All digital payments services providers (PSPs) in Cambodia are now required to secure an operating licence from the National Bank of Cambodia (NBC). The requirement applies equally to banks and all other relevant financial institutions.
Such licences will only be awarded to companies with a minimum registered capital of Riel 8 billion (US$1.9 million), while successful applicants will also be required to deposit 5% of their paid-up capital with the NBC. Once awarded, a PSP licence will run for six years, subject to an annual fee of Riel 20 million.
Previously, even non-financial firms were allowed to operate digital payment systems in Cambodia if they were in possession of third-party processor (TPP) licence. The change reflects the government’s commitment to making the digital payment system more secure by removing any intermediary non-financial entities from the sector.