{ "jurisdiction_id": "KH", "jurisdiction": "Cambodia", "url": "https://payments.gi/jurisdictions/cambodia/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 76, "source_register": 153 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w1a-licensing-authorisation-market-access", "standing_position": "The National Bank of Cambodia (NBC) holds exclusive statutory authority to license and supervise all banks, financial institutions and payment service providers under the 1999 Law on Banking and Financial Institutions (as amended by the Law on Commercial Banks No.56/NA, 2018) and the 2017 Prakas on Management of Payment Service Providers. A dedicated non-bank Payment Transaction Services Institution licence sits alongside third-party-processor arrangements that must tie-in to a licensed bank. Market access remains open to foreign capital, with recent entrants (SBI Holdings, J Trust, BRED) reflecting continued liberalisation.", "findings": [ { "finding": null, "instrument_type": "Law on Banking and Financial Institutions (1999)", "source": "https://cambodiacounsel.com/banking/", "source_url": "https://cambodiacounsel.com/banking/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Management of Payment Service Providers (14 June 2017)", "source": "https://www.srlaw.asia/index.php/en/component/k2/item/214-prakas-on-management-of-payment-transactions-services-institution", "source_url": "https://www.srlaw.asia/index.php/en/component/k2/item/214-prakas-on-management-of-payment-transactions-services-institution", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Third-Party Processors (25 August 2010)", "source": "https://conventuslaw.com/report/cambodia-the-national-bank-of-cambodia-introduces/", "source_url": "https://www.vdb-loi.com/kh_publications/how-to-get-a-bank-license-in-cambodia/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law on Commercial Banks No.56/NA (2018 amendment)", "source": "https://www.vdb-loi.com/kh_publications/how-to-get-a-bank-license-in-cambodia/", "source_url": "https://www.vdb-loi.com/kh_publications/how-to-get-a-bank-license-in-cambodia/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Commercial Bank Licence (NBC)", "source": "https://www.fintechobserver.com/japans-sbi-holdings-completes-acquisition-of-cambodia-unit-in-100m-expansion-push/", "source_url": "https://www.vdb-loi.com/kh_publications/how-to-get-a-bank-license-in-cambodia/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Management of Payment Service Providers (2017)", "source": "https://www.khmertimeskh.com/14249/nbc-order-to-protect-online-payments/", "source_url": "https://www.vdb-loi.com/kh_publications/how-to-get-a-bank-license-in-cambodia/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Conduct and consumer-facing obligations for payment institutions sit across several instruments: the NBC's dedicated Prakas on Resolution of Consumer Complaints, a 2021 circular tightening KYC and tiered daily transaction limits for PSPs and Bakong participants, the 2019 Law on Consumer Protection (administered jointly by the Ministry of Commerce/National Committee for Consumer Protection and NBC for the financial sector), and the 2019 E-commerce Law's chapter on electronic fund transfers, which shifts liability to the institution once a customer has notified loss/theft of a payment instrument.", "findings": [ { "finding": null, "instrument_type": "Prakas on Resolution of Consumer Complaints", "source": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/Prakas_on_Resolution_of_Consumer_Complaints_ENG.pdf", "source_url": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/Prakas_on_Resolution_of_Consumer_Complaints_ENG.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBC Circular (26 March 2021)", "source": "https://www.soksiphana.com/resources/alerts/national-bank-of-cambodia-issues-new-guidelines-on-payment-services/", "source_url": "https://www.tilleke.com/insights/cambodia-enacts-new-e-commerce-law-and-consumer-protection-law/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law on Electronic Commerce (2 November 2019)", "source": "https://www.tilleke.com/insights/cambodia-enacts-new-e-commerce-law-and-consumer-protection-law/", "source_url": "https://www.soksiphana.com/resources/alerts/national-bank-of-cambodia-issues-new-guidelines-on-payment-services/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law on Consumer Protection (2 November 2019)", "source": "https://www.ccfdg.gov.kh/en/commission-committee/new-title/", "source_url": "https://www.soksiphana.com/resources/alerts/national-bank-of-cambodia-issues-new-guidelines-on-payment-services/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Unfair Contract Clauses / Joint MOC-NBC Press Release (24 March 2023)", "source": "https://hbslaw.asia/insights/consumer-protection-law-in-cambodia-and-interest-rate-hikes/", "source_url": "https://www.soksiphana.com/resources/alerts/national-bank-of-cambodia-issues-new-guidelines-on-payment-services/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Tiered KYC framework (Bakong/PSP)", "source": "https://www.kaadxpay.com/en/countries/cambodia", "source_url": "https://www.soksiphana.com/resources/alerts/national-bank-of-cambodia-issues-new-guidelines-on-payment-services/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w2-stablecoins-digital-money", "standing_position": "Cambodia's crypto/stablecoin regime is anchored in the Prakas on Transactions Related to Cryptoassets (Prakas B7-024-735 Prokor), issued 26 December 2024 and effective immediately in early 2025. It replaces the prior informal 2018 NBC/SERC/police ban with a permission-based, risk-tiered framework distinguishing backed 'Group 1' assets (tokenised traditional assets and approved stablecoins) from unbacked 'Group 2' assets (Bitcoin, Ethereum, etc.), which remain barred from bank balance sheets. Only two domestically licensed platforms operate under the NBC/SERC FinTech Regulatory Sandbox, while the Telecommunications Regulator of Cambodia has blocked access to major offshore exchanges. Bakong itself is characterised by the NBC as a payment/tokenised-deposit system rather than a strict CBDC.", "findings": [ { "finding": null, "instrument_type": "Prakas on Transactions Related to Cryptoassets (26 Dec 2024)", "source": "https://www.dfdl.com/insights/legal-and-tax-updates/cryptoassets-regulation-introduced-by-the-national-bank-of-cambodia-nbc/", "source_url": "https://www.dfdl.com/insights/legal-and-tax-updates/cryptoassets-regulation-introduced-by-the-national-bank-of-cambodia-nbc/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Transactions Related to Cryptoassets", "source": "https://hbslaw.asia/updates/prakas-on-transactions-related-to-cryptoassets/", "source_url": "https://hbslaw.asia/updates/prakas-on-transactions-related-to-cryptoassets/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Transactions Related to Cryptoassets", "source": "https://fintechnews.sg/105969/cambodia/cambodia-cryptoasset/", "source_url": "https://cbdctracker.hrf.org/currency/cambodia", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FinTech Regulatory Sandbox (SERC/NBC)", "source": "https://glavx.org/national-bank-of-cambodia-crypto-ban-what-really-happened-and-what-it-means", "source_url": "https://cbdctracker.hrf.org/currency/cambodia", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Telecommunications Regulator of Cambodia (TRC) enforcement action", "source": "https://monaquatorium.org/national-bank-of-cambodia-crypto-ban-the-truth-behind-the-restrictions", "source_url": "https://cbdctracker.hrf.org/currency/cambodia", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bakong digital payment system", "source": "https://cbdctracker.hrf.org/currency/cambodia", "source_url": "https://cbdctracker.hrf.org/currency/cambodia", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w3-operational-resilience-critical-infrastructure", "standing_position": "NBC has run a dedicated Technology Risk Management (TRM) framework since July 2019, refreshed as the Technology and Cyber Risk Management Guidelines in 2026, covering cybersecurity management, IT services outsourcing, business continuity management and customer personal-data protection for all banking and financial institutions (BFIs). Compliance was initially self-audited/voluntary but NBC began formal TRM audits from 2024. Critical payment infrastructure resilience also rests on the Bakong platform's replicated, permissioned-blockchain architecture and the Cambodian Shared Switch (CSS) for card-based interbank clearing.", "findings": [ { "finding": null, "instrument_type": "NBC Risk Management Guidelines (July 2019)", "source": "https://www.nbc.gov.kh/download_files/publication/itguideline_eng/NBC-Risk-Management-Guidelines-July%202019.pdf", "source_url": "https://www.nbc.gov.kh/download_files/publication/itguideline_eng/National_Bank_of_Cambodia_TCRMG_2026.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Technology and Cyber Risk Management Guidelines (2026)", "source": "https://www.nbc.gov.kh/download_files/publication/itguideline_eng/National_Bank_of_Cambodia_TCRMG_2026.pdf", "source_url": "https://b2b-cambodia.com/news/exploring-technology-risk-management-solutions-for-cambodian-banks-and-financial-institutions/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBC TRM Guidelines compliance audits", "source": "https://b2b-cambodia.com/news/exploring-technology-risk-management-solutions-for-cambodian-banks-and-financial-institutions/", "source_url": "https://b2b-cambodia.com/news/exploring-technology-risk-management-solutions-for-cambodian-banks-and-financial-institutions/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bakong platform architecture", "source": "https://www.weforum.org/stories/2021/08/cambodias-digital-currency-ishowing-other-central-banks-the-way/", "source_url": "https://b2b-cambodia.com/news/exploring-technology-risk-management-solutions-for-cambodian-banks-and-financial-institutions/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cambodian Shared Switch (CSS)", "source": "https://www.lightspark.com/knowledge/cambodia-real-time-payments", "source_url": "https://b2b-cambodia.com/news/exploring-technology-risk-management-solutions-for-cambodian-banks-and-financial-institutions/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w4-scheme-network-compliance", "standing_position": "Cambodia's scheme layer combines the NBC-operated Cambodian Shared Switch for domestic card interoperability with the KHQR EMV-based unified QR standard (introduced 2020, mandatory for QR-accepting merchants since 2022) and bilateral scheme linkages with international networks (UnionPay International, NAPAS, PromptPay, DuitNow, NPCI/UPI). Third-party processors remain regulated under the 2010 Prakas requiring a tie-in to a licensed bank. No explicit NBC-mandated interchange-fee cap or surcharge regulation was identified; card-scheme compliance operates largely through bilateral scheme-operator agreements layered on top of NBC licensing.", "findings": [ { "finding": null, "instrument_type": "Cambodian Shared Switch (CSS)", "source": "https://www.lightspark.com/knowledge/cambodia-real-time-payments", "source_url": "https://www.lightspark.com/knowledge/cambodia-real-time-payments", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PCI DSS (scheme-mandated technical standard)", "source": "https://en.wikipedia.org/wiki/Payment_Card_Industry_Data_Security_Standard", "source_url": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/47.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBC-UnionPay International cross-border QR agreement (Dec 2023)", "source": "https://b2b-cambodia.com/news/overview-of-cambodias-cross-border-qr-payments-with-vietnam-thailand-laos-china/", "source_url": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/47.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Third-Party Processors (2010)", "source": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/47.pdf", "source_url": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/47.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "UnionPay International issuing agreement", "source": "https://www.ababank.com/en/about-us/history/", "source_url": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/47.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/cambodia/#w5-payment-corridor-dynamics", "standing_position": "Cambodia has rapidly built out cross-border QR/instant-payment linkages anchored on Bakong/KHQR, covering Thailand (PromptPay, live since 2024), Vietnam (NAPAS/VietQR, launched Dec 2023), Laos (two phases, Aug 2023 and Dec 2025), Malaysia (DuitNow, two phases), Singapore (SGQR, phase 1 Nov 2025), Japan (JPQR pilot) and China (UnionPay, Dec 2023), with a further UPI-KHQR interoperability partnership between ACLEDA Bank and India's NPCI International announced Dec 2025. NBC formally joined the ASEAN Regional Payment Connectivity initiative (April 2025). Remittances outside these QR rails continue to be routed through licensed remittance partners subject to NBC reporting thresholds.", "findings": [ { "finding": null, "instrument_type": "Cambodia-Vietnam cross-border QR linkage", "source": "https://en.napas.com.vn/vietnam-cambodia-launch-bilateral-cross-border-qr-code-payments-184231211175159215.htm", "source_url": "https://www.khmertimeskh.com/501868995/cambodia-strengthens-regional-monetary-footprint-through-qr-payment-links/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cambodia-Laos cross-border QR linkage", "source": "https://www.khmertimeskh.com/501868995/cambodia-strengthens-regional-monetary-footprint-through-qr-payment-links/", "source_url": "https://amro-asia.org/wp-content/uploads/2025/07/AMRO-Policy-Perspectives-Powering-Payments-The-Role-of-Technology-in-ASEANs-Regional-Payment-Connectivity-Initiative-for-publishing.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cambodia-Singapore / Cambodia-India cross-border linkages", "source": "https://www.khmertimeskh.com/501868995/cambodia-strengthens-regional-monetary-footprint-through-qr-payment-links/", "source_url": "https://amro-asia.org/wp-content/uploads/2025/07/AMRO-Policy-Perspectives-Powering-Payments-The-Role-of-Technology-in-ASEANs-Regional-Payment-Connectivity-Initiative-for-publishing.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "ASEAN Regional Payment Connectivity (RPC) initiative", "source": "https://amro-asia.org/wp-content/uploads/2025/07/AMRO-Policy-Perspectives-Powering-Payments-The-Role-of-Technology-in-ASEANs-Regional-Payment-Connectivity-Initiative-for-publishing.pdf", "source_url": "https://amro-asia.org/wp-content/uploads/2025/07/AMRO-Policy-Perspectives-Powering-Payments-The-Role-of-Technology-in-ASEANs-Regional-Payment-Connectivity-Initiative-for-publishing.pdf", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Remittance regime (licensed remittance partners)", "source": "https://www.kaadxpay.com/en/countries/cambodia", "source_url": "https://amro-asia.org/wp-content/uploads/2025/07/AMRO-Policy-Perspectives-Powering-Payments-The-Role-of-Technology-in-ASEANs-Regional-Payment-Connectivity-Initiative-for-publishing.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w6-industry-structure-commercial-dynamics", "standing_position": "Cambodia's banking/payments industry remains bank-led but increasingly digital-first, dominated commercially by ABA Bank (subsidiary of National Bank of Canada), which overtook ACLEDA Bank in assets and deposits by 2022 and posted a $377.5 million net profit in 2025 on $16.2 billion in total assets. Wing (mobile-money pioneer) converted to a full banking licence as Wing Bank. Foreign entrants continue to consolidate the sector, illustrated by SBI Holdings' 2026 acquisition of a domestic MFI. The sector also carries acute reputational/structural risk from Prince Bank's ownership linkage to the OFAC-sanctioned Prince Group conglomerate.", "findings": [ { "finding": null, "instrument_type": "Market structure (commercial banking)", "source": "https://cambodiainvestmentreview.com/2026/04/24/aba-bank-remains-top-cambodian-bank-in-2025-supports-countrys-economic-growth/", "source_url": "https://cambodiainvestmentreview.com/2026/04/24/aba-bank-remains-top-cambodian-bank-in-2025-supports-countrys-economic-growth/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Market structure (digital banking competition)", "source": "https://erickimphotography.com/digital-cambodia-the-rise-of-aba-bank-aba-pay-and-telegram/", "source_url": "https://sanctions-finder.com/sanction/be554caf-f0e2-40ac-8edd-d6b697859106/PRINCE%20BANK%20PLC.", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "M&A / market entry", "source": "https://www.fintechobserver.com/japans-sbi-holdings-completes-acquisition-of-cambodia-unit-in-100m-expansion-push/", "source_url": "https://sanctions-finder.com/sanction/be554caf-f0e2-40ac-8edd-d6b697859106/PRINCE%20BANK%20PLC.", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Market structure (industry composition)", "source": "https://www.vdb-loi.com/kh_publications/how-to-get-a-bank-license-in-cambodia/", "source_url": "https://sanctions-finder.com/sanction/be554caf-f0e2-40ac-8edd-d6b697859106/PRINCE%20BANK%20PLC.", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "OFAC SDN designation (structural/reputational risk)", "source": "https://sanctions-finder.com/sanction/be554caf-f0e2-40ac-8edd-d6b697859106/PRINCE%20BANK%20PLC.", "source_url": "https://sanctions-finder.com/sanction/be554caf-f0e2-40ac-8edd-d6b697859106/PRINCE%20BANK%20PLC.", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w7-legal-litigation", "standing_position": "Cambodia's payments-adjacent legal/enforcement landscape in 2025-2026 has been dominated by transnational scam-compound litigation and sanctions. OFAC designated the Prince Group a Transnational Criminal Organization (Oct 2025, expanded June 2026), sanctioning Prince Bank and dozens of affiliated entities; FinCEN severed Huione Group from the US financial system under Section 311 over c.$4 billion in laundered proceeds. Domestically, Cambodia enacted its first dedicated Law on Anti-Technology Fraud (6 April 2026) and the Commercial Gambling Management Commission has suspended/revoked casino licences tied to scam operations, though Amnesty International's June 2026 report found state intervention at only a minority of identified compounds.", "findings": [ { "finding": null, "instrument_type": "OFAC Transnational Criminal Organization designation / FinCEN Section 311 rule", "source": "https://home.treasury.gov/news/press-releases/sb0278", "source_url": "https://home.treasury.gov/news/press-releases/sb0278", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "OFAC follow-on designation (23 June 2026)", "source": "https://www.mondaq.com/unitedstates/export-controls-trade-investment-sanctions/1810040/ofac-expands-sanctions-on-prince-group-tied-to-global-scam-operations", "source_url": "https://thehill.com/opinion/international/5939192-cambodia-online-scams-crackdown/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Law on Anti-Technology Fraud (6 April 2026)", "source": "https://thehill.com/opinion/international/5939192-cambodia-online-scams-crackdown/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Commercial Gambling Management Commission (CGMC) enforcement", "source": "https://www.amnesty.org/en/latest/news/2026/04/cambodia-casinos-get-state-approval-despite-links-to-human-rights-abuse-at-scamming-compounds/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Amnesty International report (June 2026)", "source": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w8-merchant-acquiring-risk", "standing_position": "Cambodia's e-commerce and merchant-acquiring market is early-stage but fast-growing (roughly $300 million in online commerce in 2023, projected CAGR above 25% through 2027), mobile-first (over 70% of e-commerce transactions), and QR-led -- KHQR acceptance has been mandatory for QR-receiving merchants since 2022. Acquiring is typically handled by local banks/PSPs (e.g. ABA's PayWay gateway) holding the merchant relationship and remitting offshore as needed; dedicated domestic payments fintechs such as Clik provide POS/merchant-acquiring infrastructure to tens of thousands of merchants. No jurisdiction-specific high-risk-MCC or chargeback framework distinct from standard scheme rules was identified.", "findings": [ { "finding": null, "instrument_type": "E-commerce/merchant acquiring market", "source": "https://payatlas.com/countries/cambodia-kh", "source_url": "https://www.kaadxpay.com/en/countries/cambodia", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Merchant acquiring model", "source": "https://www.kaadxpay.com/en/countries/cambodia", "source_url": "https://www.kaadxpay.com/en/countries/cambodia", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "KHQR mandatory merchant acceptance (2022)", "source": "https://digitalinasia.com/asia-digital-payments-tracker/", "source_url": "https://www.kaadxpay.com/en/countries/cambodia", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PayWay acquiring/gateway platform", "source": "https://www.ababank.com/en/about-us/history/", "source_url": "https://www.kaadxpay.com/en/countries/cambodia", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Independent merchant-acquiring fintech", "source": "https://www.fintechfutures.com/paytech/cambodia-payments-fintech-clik-lands-3-7m", "source_url": "https://www.kaadxpay.com/en/countries/cambodia", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w9-product-innovation-market-development", "standing_position": "Product innovation in Cambodia centres on the NBC-led Bakong/KHQR/FAST triad: Bakong (blockchain-based instant payment and tokenised-deposit platform, launched Oct 2020), KHQR (unified EMV QR standard, July 2022) and the FAST payment system. Innovation extends to a dedicated tourist-facing Bakong app (Aug 2024), a NBC/SERC FinTech Regulatory Sandbox hosting licensed crypto exchanges, and policy scaffolding via the Financial Technology Development Policy 2023-2028 and the National Financial Inclusion Strategy 2019-2025.", "findings": [ { "finding": null, "instrument_type": "Bakong payment system", "source": "https://www.weforum.org/stories/2021/08/cambodias-digital-currency-ishowing-other-central-banks-the-way/", "source_url": "https://thebettercambodia.com/national-bank-of-cambodia-introduces-bakong-for-streamlined-tourist-payments/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "KHQR unified QR standard", "source": "https://www.lightspark.com/knowledge/cambodia-real-time-payments", "source_url": "https://b2b-cambodia.com/articles/cambodia-financial-technology-development-policy-2023-2028-what-to-know-about-the-kingdoms-fintech-policy/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Bakong Tourist app", "source": "https://thebettercambodia.com/national-bank-of-cambodia-introduces-bakong-for-streamlined-tourist-payments/", "source_url": "https://b2b-cambodia.com/articles/cambodia-financial-technology-development-policy-2023-2028-what-to-know-about-the-kingdoms-fintech-policy/", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "FAST payment system", "source": "https://moneywiki.app/countries/cambodia", "source_url": "https://b2b-cambodia.com/articles/cambodia-financial-technology-development-policy-2023-2028-what-to-know-about-the-kingdoms-fintech-policy/", "source_tier": "4", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Financial Technology Development Policy 2023-2028", "source": "https://b2b-cambodia.com/articles/cambodia-financial-technology-development-policy-2023-2028-what-to-know-about-the-kingdoms-fintech-policy/", "source_url": "https://b2b-cambodia.com/articles/cambodia-financial-technology-development-policy-2023-2028-what-to-know-about-the-kingdoms-fintech-policy/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection for payments sits at the intersection of the 2019 Law on Consumer Protection (National Committee for Consumer Protection), NBC's Prakas on Resolution of Consumer Complaints, the 2019 E-commerce Law's liability provisions for lost/stolen payment instruments, and a 2021 NBC circular tightening KYC and transaction-limit rules to curb digital-payment fraud. Enforcement gaps remain acute in the adjacent scam-compound/APP-fraud context: Amnesty International's June 2026 report found that none of 73 interviewed scam-compound survivors were recognised by Cambodian authorities as trafficking victims despite meeting the Palermo Protocol definition.", "findings": [ { "finding": null, "instrument_type": "Law on Consumer Protection (2 November 2019)", "source": "https://www.ccfdg.gov.kh/en/commission-committee/new-title/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Prakas on Resolution of Consumer Complaints", "source": "https://www.nbc.gov.kh/download_files/legislation/prakas_eng/Prakas_on_Resolution_of_Consumer_Complaints_ENG.pdf", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "E-commerce Law (2019), Chapter 9", "source": "https://www.tilleke.com/insights/cambodia-enacts-new-e-commerce-law-and-consumer-protection-law/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NBC Circular (26 March 2021)", "source": "https://www.soksiphana.com/resources/alerts/national-bank-of-cambodia-issues-new-guidelines-on-payment-services/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Victim-protection enforcement gap", "source": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_url": "https://liberties.aljazeera.com/en/cambodias-scam-crackdown-and-the-victims-it-left-behind/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/cambodia/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Cambodia was removed from the FATF grey list in February 2023 after completing a multi-year action plan addressing strategic AML/CFT deficiencies identified in 2019, underpinned by AML/CFT legislation strengthened in June 2020. Notwithstanding this formal exit, Cambodia's payments and banking sector faces acute, ongoing illicit-finance exposure from the scam-compound economy, evidenced by FinCEN's Section 311 action against Huione Group and OFAC's Transnational Criminal Organization designation of Prince Group and its banking affiliate Prince Bank.", "findings": [ { "finding": "Cambodia operates under the 2020 AML/CFT Law and 2021 CDD Directive, supervised by CAFIU (FIU), the National Bank of Cambodia, and the Ministry of Economy and Finance. Delisted from the FATF grey list in February 2023, but casino, real estate, DNFBP and virtual-asset supervision remain weak amid a cash-based, dollarized economy that enables large-scale scam-compound and crypto-laundering infrastructure operating with apparent elite protection.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Cambodia", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: OFSI listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: OFSI / FCDO — Hu Xiaowei, Wang Xiaoyan, additional Prince Group-linked individuals and UK companies/properties", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-006)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Sanctions: OFAC listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Enforcement: OFAC — Senator Kok An, Heng Feng Cambodia Bank, K99 Group, Bolai, and 25 other individuals/entities", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/cambodia/#w12-correspondent-banking-settlement-access", "standing_position": "Correspondent banking access in Cambodia is governed at the FX level by the 2007 Foreign Exchange Law, which places no restriction on cross-border transfers provided they are routed through an 'authorised intermediary' bank permanently established in Cambodia. Major domestic banks lean on parent-group correspondent networks (e.g. ABA Bank via National Bank of Canada). The sector faces acute de-risking pressure following the October 2025 OFAC designation of Prince Bank and the associated Prince Group/Huione sanctions, which triggered visible public deposit anxiety and heightened correspondent-bank scrutiny of Cambodian counterparties generally. NBC has also built a Financial Transparency Corridor (FTC) digital infrastructure to support advance agreements between domestic BFIs and partner-country counterparts.", "findings": [ { "finding": null, "instrument_type": "Foreign Exchange Law (2007)", "source": "https://cambodiacounsel.com/banking/", "source_url": "https://cambodiacounsel.com/banking/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Correspondent de-risking event", "source": "https://www.nationthailand.com/news/asean/40056970", "source_url": "https://www.nationthailand.com/news/asean/40056970", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Correspondent banking risk (Heng Feng Cambodia Bank)", "source": "https://cambojanews.com/us-widens-sanctions-on-cambodias-prince-group/", "source_url": "https://www.nationthailand.com/news/asean/40056970", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Parent-group correspondent network", "source": "https://www.ababank.com/about-us/", "source_url": "https://www.nationthailand.com/news/asean/40056970", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Financial Transparency Corridor (FTC)", "source": "https://www.khmertimeskh.com/501644050/cambodias-banking-system-remains-resilient-progressive-nbc-says/", "source_url": "https://www.nationthailand.com/news/asean/40056970", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/cambodia/#w13-commercial-intelligence-fintech", "standing_position": "Within the trailing 12 months, Cambodia's payments/fintech commercial activity has been dominated by SBI Holdings' completed acquisition and rebranding of a domestic bank, ACLEDA Bank's cross-border UPI partnership with India's NPCI International, Wing Bank's digital-app relaunch, and continued cross-border QR product rollouts (Singapore, Laos phase 2). Cumulative fintech investment in Cambodia is estimated at approximately $120 million between 2022 and 2025, concentrated in payments and digital lending.", "findings": [ { "finding": null, "instrument_type": "commercial_event: acquisition", "source": "https://www.fintechobserver.com/japans-sbi-holdings-completes-acquisition-of-cambodia-unit-in-100m-expansion-push/", "source_url": "https://www.fintechobserver.com/japans-sbi-holdings-completes-acquisition-of-cambodia-unit-in-100m-expansion-push/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: partnership/product launch", "source": "https://www.khmertimeskh.com/501868995/cambodia-strengthens-regional-monetary-footprint-through-qr-payment-links/", "source_url": "https://www.khmertimeskh.com/501868995/cambodia-strengthens-regional-monetary-footprint-through-qr-payment-links/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: product launch", "source": "https://cambodiainvestmentreview.com/2026/04/24/aba-bank-remains-top-cambodian-bank-in-2025-supports-countrys-economic-growth/", "source_url": "https://cambodiainvestmentreview.com/2026/04/24/aba-bank-remains-top-cambodian-bank-in-2025-supports-countrys-economic-growth/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: product launch (cross-border)", "source": "https://www.khmertimeskh.com/501868995/cambodia-strengthens-regional-monetary-footprint-through-qr-payment-links/", "source_url": "https://cambodiainvestmentreview.com/2026/04/24/aba-bank-remains-top-cambodian-bank-in-2025-supports-countrys-economic-growth/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: cumulative investment estimate", "source": "https://www.camfintech.com/learn/cambodia-fintech-landscape", "source_url": "https://cambodiainvestmentreview.com/2026/04/24/aba-bank-remains-top-cambodian-bank-in-2025-supports-countrys-economic-growth/", "source_tier": "4", "retrieved_at": "2026-07-04" } ] } ] }