Revolutionizing Cambodia’s Financial Industry: Innov8tif Solutions and Partners Showcase The Future of Comprehensive Digital Banking

Phnom Penh, 23 February - Innov8tif Solutions, a leading provider of ID assurance solutions in Southeast Asia, recently hosted a gathering in Phnom Penh, Cambodia.

The event brought together key figures in the banking, financial services, and insurance (BFSI) sectors, with Innov8tif aiming to foster insightful conversations about the future of Cambodia’s digital landscape.

This gathering served as a dynamic platform for the exchange of ideas and collaboration, focusing on key areas such as Customer ID Assurance, Digital Banking, Cyber Resilience, and the transformative impact of electronic statements on business processes.

Sharing the same space to present on technology and solutions updates surrounding the industry, were collaborating digital solution partners — Firmus, MyBillOne and Bellsnord. With years of experience serving the local financial institution scene in constructing digital banking platforms, these partners joined forces with Innov8tif to provide a more holistic and comprehensive service to Cambodia’s regulated industries.

Having already established a noticeable foothold in Cambodia by serving ID assurance and fraudulent identity detection solutions to over 10 banks in the country, Innov8tif is committed to continuing and advancing the digital transformation of the local financial sector.

Attended by over 50 C-suite executives from the BFSI industry, the event marked a significant stride in reaffirming the company's commitment to providing a diverse range of services beyond eKYC. With plans to build a complete digital banking platform for Cambodian financial institutions (FI), Innov8tif is actively collaborating with its partner firms to integrate their solutions, creating a cohesive ecosystem tailored to the financial sector’s requirements while establishing local partnerships in Cambodia.

George Lee, the Chief Executive Officer of Innov8tif Solutions, expressed the company's vision, stating, "Innov8tif Solutions is focused on ID assurance; we are also pioneering comprehensive digital banking solutions in collaboration with our esteemed partners. We hope to connect with local businesses and showcase our commitment to addressing the evolving needs of the financial industry."

“Synergising with our partners, we are all collectively building solutions to meet the financial industry’s requirements. Our goal is not only to strengthen relationships with our current Cambodian customers but also to forge strong connections with local businesses,” he adds.

A flagship product of Innov8tif, EMAS CIDA, is a holistic framework that integrates various ID authentication solutions, providing a comprehensive ID assurance process to identify and mitigate fraud and scams. The objective of EMAS CIDA is to ensure that customers’ ID verification data is complete, accurate, legitimate, and authentic for the success of businesses.

According to Statista, the online banking penetration in Cambodia is forecasted to reach 2.71% in 2024, reflecting a 0.5% increase from the penetration rate in the previous year. Through strategic partnerships and continuous collaboration with local bodies, Innov8tif Solutions aims to establish lasting connections with local institutions, to better serve the rising trend of online banking in Cambodia.

This article is provided by Innov8tif Sdn. Bhd.

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