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2022 CAMTECH SUMMIT POWERED BY PRUDENTIAL CAMBODIA UNDER THE THEME “TALENT AND COLLABORATION”

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Since 2020, CamTech Summit powered by Prudential Cambodia is the flagship fintech event in Cambodia co-organized by the Cambodian Fintech Association (CAFT), National Bank of Cambodia (NBC), Cambodia Microfinance Association and Association of Banks Cambodia with Prudential as its title sponsor. Cambodia is also one of the partners cities for the Singapore Fintech Festival (SFF) which is organized by the Monetary Authority of Singapore. In 2022, CamTech Summit powered by Prudential Cambodia becomes more collaborative, in addition to the main event on the 25th of Nov, CamTech Summit will also be a part of two historic events – Singapore FinTech Festival back as a physical event on November 2 to 4, 2022 and the inaugural Cambodia Tech Expo happening on November 11 to 13th.

In 2021, Camtech Summit a 5-day long hybrid event featured local and global leaders such as H.E. Vandeth Chea, Minister of Ministry of Post and Telecommunications; Mr. Sanjay Chakrabarty, CEO of Prudential Cambodia, Mr. Ouk Sarat, Director of Payment System Department, National Bank of Cambodia; Mr. Andy Chun, Regional Director of Technology, and Andrew Wong, Chief Health Officer for Prudential Corporation Asia; Freddie Wong, Chief Actuary, Prudential Cambodia; Susan Fanning, Chief Health & Wellbeing, Prudential Thailand; Kerry Adams-Strump, Director of Group ESG, Prudential Plc.; Annabelle Kwok, Director of Regional AI, Prudential Corporate Asia; Magdalene Loh, Head of Innovation, Prudential Singapore; Mr. Phal Sok Chamroeun, VP and Deputy Head of Marketing Division, ACLEDA; and Mr. Boran Kea, CEO of AMK Microfinance which bought together 10,000 online participants both local and international. This year promises to be better in every way.

Singapore FinTech Festival – For the first time ever, Cambodia will be one of the country exhibitors with the National Bank of Cambodia and Prudential Cambodia as co-exhibitors in the Singapore FinTech Festival to showcase the vast fintech and tech landscape that Cambodia has to offer. Bakong -The Next-Generation Mobile Payments and Banking will be featured in the SFF Ecosystem Stage. CAFT will be signing an MoU with other ASEAN countries (MalaysiaPhilippinesSingaporeThailand and Vietnam) for the One ASEAN FinTech Movement to foster further collaborations in Asia and beyond.

Cambodia Tech Expo FinTech Stage – CamTech Powered by Prudential Cambodia along with the Ministry of Economy and Finance, Digital Economy and Business Committee, and Techo Startup Center are the co‑organizers of the fintech stage for the Cambodia Tech Expo. Cambodia Tech Expo aims to be Cambodia’s largest Tech Expo and Conference that is a side event of the ASEAN Summit 2022.

CamTech Summit and Award – CamTech Summit will take place on November 25th a full day event filled with insightful speakers and panelists both local and international as they give us a glimpse of Web 3.0 and how Cambodia as a country could stay ahead and be part of the future. To cap off the month-long event CamTech will have its CamTech Awards gala night at the Royal Train Station that will feature works by local Khmer artists for a charity auction.

Remi Pell, CAFT Chairman, said, “We are very excited that CamTech is now in-person and with several collaborative events to boot. Since 2020 we have been relentless not just to build the brand of CamTech Summit powered by Prudential Cambodia but also in collaborating with several government entities, private sectors, associations and now with our ASEAN neighbors which make us proud that globally Cambodia is slowly being recognized for its tech and fintech talents.”

Sanjay Chakrabarty, CEO of Prudential Cambodia, said, “Prudential provides life and health insurance and asset management in 23 markets across Asia and Africa. Prudential Cambodia, a pioneer in digital insurance in Cambodia, leverages its digitally enabled multi-channel distribution platforms to make healthcare affordable and accessible. We have created a range of digital products and solutions for customers to conveniently access affordable protection solutions through their digital devices or Prudential’s Insurance Selling Machines anywhere across the country.”

Prudential Cambodia has committed to contribute to the growth of digital space in Cambodia through various initiatives, collaborations and supports. CamTech Summit powered by Prudential Cambodia 2022 will truly be a pioneering event that will look into the future of digital economy of Cambodia through talents and collaborations. We are pleased to support CamTech Submit again this year. Experts from Prudential will also join the summit to share their knowledge and expertise in digital health, InsurTech, Web 3.0 and Blockchain.” Sanjay added

This event would not be possible without the generosity of our Title sponsor Prudential Cambodia, Gold Sponsor Krama, Bronze Sponsors Acleda Bank, AMK Microfinance, Phillip Bank and TrueMoney; Content Sponsor DQD Consulting and Ipay88 and our Media Partners Cambodia Investment Review, Sabay, FreshNews, KhmerTimes, and PRNewswire.

SOURCE Cambodian Association of Finance and Technology

Fintech

Expressions of Interest for Director of the European Bank for Reconstruction and Development

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The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments

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The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.

Background

This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets

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The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global

 

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