Chea Serey

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In this Cambodian name, the surname is Chea. In accordance with Cambodian custom, this person should be referred to by the given name, Serey.

Her Excellency Dr.
Chea Serey
ជា សិរី
Governor of the National Bank of Cambodia
Assumed office
29 July 2023
Prime MinisterHun Sen
Hun Manet
Preceded byChea Chanto
Deputy Governor of the National Bank of Cambodia
In office
10 March 2023 – 29 July 2023
GovernorChea Chanto
Personal details
Born (1981-04-25) 25 April 1981 (age 43)
Phnom Penh, People's Republic of Kampuchea
Political partyCambodian People's Party
EducationVictoria University of Wellington
University of Adelaide (PhD)

Chea Serey (Khmer: ជា សិរី [ciə serəj]; born 25 April 1981) is a Cambodian economist who currently serves as the Governor (អគ្គទេសាភិបាល) of the National Bank of Cambodia, the first woman to hold this position.[1] She was previously the Deputy Governor (ទេសាភិបាលរង) of the National Bank of Cambodia, which is holds an equivalent status to the Minister of Cambodia.[2]

Under her leadership, the country's retail payment infrastructure has undergone modernization with the introduction of a Cambodian Shared Switch (CSS) for card transactions and the FAST payment system, which enables real-time fund transfers between bank accounts in Cambodia. As chairwoman of the Clearing House Operation Committee, Serey has spearheaded the development and launch of project Bakong, the National Bank of Cambodia's newest digital payment system. Built on a business blockchain framework, and put into operation in 2019, Bakong has revolutionized the local financial landscape by enhancing interoperability, connectivity, and efficiency of transactions among financial institutions. This system has also facilitated cross-border transactions, with countries such as Thailand, Laos, Vietnam, further boosting Cambodia's economic growth and financial stability. [3][4][5]

Serey is a staunch advocate for women's economic empowerment and financial inclusion. She has actively contributed to these causes through her involvement as a member of the Alliance for Financial Inclusion's high-level Gender and Women's Financial Inclusion Committee, as an Advisor to the Board of ASEAN Financial Innovation Network (AFIN), and as a member of the Southeast Asia Advisory Council of Women's World Banking.

She previously concurrently served as the Chairwoman of the Credit Bureau Cambodia Ltd., which is the first and only privately run credit sharing system in Cambodia [6], as well as the President of the Cambodian Economic Association, a networking association that brings together leading economists and professionals in the country for roundtable policy discussions and promotes evidence-based policy making. In addition, she is a member of various policy-driven committees within the bank and at the national level.

Biography[edit]

Education[edit]

Chea Serey was born in Phnom Penh in 1981, from educated parents who had survived the systematic elimination of all intellectuals by the Khmer Rouge communists. Chea Serey attended Baktouk Primary School until the sixth grade and then moved to France at the age of eight, where she studied secondary school. Her family moved to Singapore where she studied her last year of high school at the French International School.[citation needed] In 1999, Chea Serey graduated from Victoria University in Wellington, New Zealand, with a degree in commerce, majoring in accounting and finance.[7] In 2021, she graduated with a Doctor of Philosophy (Ph.D.) in Economics from University of Adelaide, Australia.[8] Her Ph.D. dissertation[9] examines the impacts of financial development and financial inclusion on ASEAN LDCs, with a specific focus on Cambodia. It is to understand the role of financial inclusion in poverty reduction and economic growth, explore the process of ASEAN financial integration, and identify the determinants and trends of financial inclusion in ASEAN countries.

Working Background[edit]

In 2000, the National Bank of Cambodia ordered the liquidation of 17 banks that were unable to meet the minimum requirement of $13 million in paid-up capital. In 2002, she joined the National Bank of Cambodia's banking supervision department and has risen through the ranks since then.[10]

As Director General, in 2018, Chea Serey led a crackdown on fraudulent microcredit institutions, which had multiplied since 1993 in Cambodia's war–torn economy to help its slow recovery, becoming a huge presence in the redevelopment of the Cambodian economy, providing credit to urban and rural communities to help micro-enterprises. In the first half of 2018 alone, however, the National Bank of Cambodia terminated the licenses of 50 rural credit operators in the Kingdom for failing to comply with the rules and regulations of the central bank.[11]

In 2019, Chea Serey was faced with a report of the LICADHO[12] accusing the central bank of allowing predatory lending in the micro-finance sector[13] which she responded by criticizing a "concerted attack" motivated by an ideological bias in favour of a “socialist economy”, organized to destabilize the lending sector in Cambodia.[14]

Chea Serey's competence in reforming the banking sector in Cambodia was rewarded internationally in 2020 when she was named by the Bank for International Settlements on the panel of judges of the G20 TechSprint initiative.[15]

After the banking sector in Cambodia was hit hard by the Coronavirus pandemic, Chea Serey expressed optimism for its prompt recovery through public-private partnership.[16]

Contribution[edit]

Digital leapfrogging in Cambodia[edit]

Chea Serey took an active part in the digitalization of the Khmer economy. In 2017, in order to replace an outdated infrastructure which made the cost of making transactions too high – due to financial institutions with heavy paperwork, over-staffing and waste of time, Chea Serey launched the National Bank of Cambodia Platform, a trading system that allows all financial institutions to make transactions online.[17] Under her leadership, retail payment infrastructure has been modernized:[6] she also led the effort to introduce new electronic payment system based in QR codes.[18] This dynamic had ripple effects on many sectors of the economy. As of 2018, Chea Serey noted that “twenty years ago, telecommunication cost in Cambodia was the highest in ASEAN according to an ADB study, but now I can confidently say that access to Internet is the cheapest in the ASEAN."[19]

Cambodia's Banking Boom and De-dollarization[edit]

As Director General of the Directorate General of Central Banking, Chea Serey has overlooked the restoration of Cambodia's banking system. This effort is particularly significant given the symbolic blow to the central bank's headquarters in Phnom Penh under the Khmer Rouge. When Chea Serey started work at the National Bank of Cambodia, there were 16 banks and now there are 38, seven of which are specialised banks and 32 commercial banks.[10]

Cambodia reopened its central bank as the People’s National Bank of Kampuchea on October 10, 1979. Back then, it was a point in history that had already witnessed the depletion of the country’s entire financial system.

— Chea Serey, Director General of the Directorate General of Central Banking [20]

The dollarization of the Cambodian economy is an issue which Chea Serey explains was a consequence of Cambodia coming out of post-conflict poverty and the UNTAC period.[10] Already in December 2016, the National Bank of Cambodia released a directive instructing commercial banks and microfinance institutions in Cambodia to issue a greater percentage of their loans in the local currency, a regulation that aims to promote the use of the riel, Cambodia's national currency.[21] Later, in July 2017, Chea Serey was responsible for drafting Cambodia's first draft national strategy on promoting the riel.[22] In order to boost the riel, and reduce the dependency on the US dollar, Chea Serey also promoted the use of the Chinese yuan in cross-border trade with China, as with similar arrangements are being pursued with ASEAN nations, particularly Thailand and Vietnam,[23] while continuing to encourage the preferential use of the Khmer riel.[24]

Blockchain Technology and the National Bank of Cambodia's Bakong System[edit]

Chea Serey has shown early support for the potential of blockchain technology while exercising caution towards the development of cryptocurrencies in Cambodia.[25] Despite the National Bank of Cambodia's introduction of its own blockchain technology for secure digital currency transactions, the institution remains wary of all cryptocurrencies. Director General Chea Serey has referred to this fintech as “a new form of fraud” during a conference in November 2017 and subsequently prohibited initial coin offerings from Cambodia-based currencies.[26]

In an interview with The Banker, Chea Serey acknowledged the dual nature of fintech, stating that "it’s terrifying but it’s also exciting”.[27] She emphasized the importance of embracing fintech while also exercising caution, highlighting the need for collaboration between regulators and the fintech community to ensure that innovation is not hindered. She also believes that blockchain technology can help to boost trust in government banking.[28] Chea Serey further clarified that the Bakong payment system, implemented by the National Bank of Cambodia on October 2020, should not be classified as a central bank digital currency due to certain elements that do not align with that designation. Instead, she described Bakong as a foundational payment system that serves as the backbone of financial transactions in the country.[29] According to the National Bank of Cambodia's 2023 Annual Report, the Bakong payment system has now expanded to include 74 financial institution members and boasts 0.6 million direct app users. According to the National Bank of Cambodia's 2023 Annual Report, the Bakong system has seen significant growth, with 74 financial institutions now participating and 0.6 million direct app users. Furthermore, it has facilitated interbank transactions for over 19.5 million bank accounts. In 2023, the system processed 200.93 million transactions, marking a fivefold increase from 2022, with a total value of 81.05 trillion Khmer Riels (a 3.5x growth compared to 2022) and 53.76 billion United States Dollars (approximately 2.5x higher than in 2022).[30]

Financial Inclusion[edit]

In March 2015, Serey spearheaded the “Let’s Talk Money” (តោះ! និយាយពីលុយ) campaign initiated by the National Bank of Cambodia “to encourage Cambodians to speak with their family and friends about important money matters”.[31] The campaign's primary objective was to equip individuals with the necessary tools and resources to enhance consumer awareness through a comprehensive education program covering various aspects such as understanding borrowing costs, managing debt burdens, and navigating interest rates effectively.

Inclusion and literacy have to go hand in hand. (…) Financial literacy and financial capability development are the means by which we achieve greater inclusion. — Chea Serey, Banking and Finance - Cambodia[32]

Recognizing the key role of financial literacy in promoting responsible financial access and utilization, Serey has played a pivotal role in driving the collaboration between the National Bank of Cambodia and the Ministry of Education, Youth, and Sport. This partnership resulted in the integration of financial literacy into the general school curriculum from grades 1 to 12 across Cambodia starting in 2016.[33]

Recognition[edit]

Royal Medals[edit]

In recognition of Serey’s service to the Kingdom of Cambodia, she was honored with the prestigious Grand Order of National Merit (មេដាយជាតូបការ) by King Norodom Sihamoni in 2018. The esteemed medal was bestowed upon her by Samdach Borvor Thipadei Hun Manet on May 10th, 2023, recognizing her significant contributions and commitment to the nation.

Awards[edit]

Serey has been recognized as an impactful, innovative, female leader by various organizations worldwide. In 2017, the Asia Society recognized Serey, then Director General of Directorate General of Central Banking at the National Bank of Cambodia, as a member of its 21 Young Leaders, Class of 2017, for her “outstanding achievement, commitment to public service, and [her] proven ability to make the world a better place”.[34] In 2018, the Singapore Summit additionally recognized her as a member of its Young Societal Leaders. In 2019, the World Economic Forum honored Serey as a member of its Young Global Leaders, Class of 2019, a forum of carefully selected global “next-generation decision-makers determined to drive positive change”.[35]

In 2020, she was “honored as the recipient of the Future of Payment Award from the Budapest Institute of Banking and Center for Finance, Technology and Entrepreneurship (CFTE) as a game-changer in the payment sector in recognition of her efforts towards the digitalisation of banking and financial institutions in Cambodia”.[36] In addition, in 2021, she received the Nikkei award for financial inclusion of the Bakong digital currency which she had launched in 2020.[37]

In addition to her professional achievements in the banking and financial industry, Serey has garnered recognition for her philanthropic endeavors. In 2018, she was acknowledged by the Asia Philanthropy Circle as one of the 25 Most Impactful Philanthropists in ASEAN. Furthermore, in 2021, she was honored as a "Hero of Philanthropy" by the LA Weekly for her work and leadership through the Raksa Koma Foundation (RKF).[38] Co-founded by Serey, RKF aims to “empower(ing) underprivileged Cambodia children with the same opportunity as all people for a better future of themselves and their community” by promoting better healthcare, welfare, and interests for them.

References[edit]

  1. ^ Kang, Sothear (31 July 2023). "Chea Serey named first female NBC governor". Khmer Times. Retrieved 31 July 2023.
  2. ^ https://www.facebook.com/photo/?fbid=541870541420095&set=pcb.541873151419834
  3. ^ Chea, Vanyuth (7 June 2023). "Cambodia, Thailand launch cross-border QR payment phase II". Khmer Times. Retrieved 24 May 2024.
  4. ^ Kang, Sothear (21 August 2023). "Cambodia, Laos launch KHQR-LAOQR cross-border payments". Khmer Times. Retrieved 24 May 2024.
  5. ^ Sereyrath, Sok (4 December 2023). "Cambodia, Vietnam Launch Cross Border QR Code Payment System". Cambodian People's Party-វិមាន៧មករា. Retrieved 24 May 2024.
  6. ^ a b Serey, Chea (4 September 2021). "Central bank digital currencies". Organisation for Economic Co-operation and Development. Retrieved 22 March 2022.
  7. ^ AsiaLIFE (5 June 2016). "Super Women of Cambodia". AsiaLIFE Magazine. Retrieved 22 March 2022.
  8. ^ "Congratulate H.E. Dr. Chea Serey – Doctorate Degree at University of Adelaide – Cambodia Association of Finance & Technology".
  9. ^ https://digital.library.adelaide.edu.au/dspace/bitstream/2440/133560/1/Chea2021_PhD.pdf
  10. ^ a b c Becker, Stuart Alan (31 May 2013). "Banking most transparent industry in the Kingdom". Phnom Penh Post. Retrieved 22 March 2022.
  11. ^ Sok, Chan (16 July 2018). "Central bank takes action against wayward lending firms". Khmer Times. Retrieved 22 March 2022.
  12. ^ "Report: Collateral Damage: Land Loss and Abuses in Cambodia's Microfinance Sector". LICADHO. 7 August 2019. Retrieved 22 March 2022.
  13. ^ Nachemson, Andrew. "Cambodia's micro-loans accused of 'predatory' lending". www.aljazeera.com. Retrieved 22 March 2022.
  14. ^ Surrusco, Matt (9 August 2019). "Critics of Critical MFI Report See Media 'Coordination,' Socialism, Broad Brush". VOD. Retrieved 22 March 2022.
  15. ^ "Saudi G20 Presidency and BIS Innovation Hub update on the progress made in the G20 TechSprint initiative". Bank for International Settlements. 10 August 2020.
  16. ^ Chandarany, Ouch (15 November 2021). "Financing recovery: Cambodia gears itself for a strong comeback post-Covid-19". Integrated National Financing Framework. Retrieved 22 March 2022.
  17. ^ May, Kunmakara (16 August 2017). "Central bank launches online service". Khmer Times. Retrieved 22 March 2022.
  18. ^ Sok, Chan (25 July 2018). "Cambodia, Thailand plan QR code-based payment system". Khmer Times. Retrieved 22 March 2022.
  19. ^ Clark, Heather A. (29 April 2020). Beyond Borders, Beyond Banking: The ACLEDA Bank Story, 2005-2019. Springer Nature. p. 14. ISBN 978-981-15-1687-0.
  20. ^ Chea, Serey (9 October 2019). "NBC's quest to restore Kingdom's banking sector". Khmer Times. Retrieved 22 March 2022.
  21. ^ Sok, Chan (3 October 2017). "National bank confirms riel requirements for loans". Khmer Times. Retrieved 22 March 2022.
  22. ^ Sok, Chan (25 July 2017). "Riel strategy takes shape". Khmer Times. Retrieved 22 March 2022.
  23. ^ Sok, Chan (30 October 2018). "Central Bank explains its yuan promotion policy". Khmer Times. Retrieved 22 March 2022.
  24. ^ Swift News (8 March 2022). "Deputy Governor of NBC call for greater participation in the use of the riel to enhance national currency". Khmer Times. Retrieved 22 March 2022.
  25. ^ Knox, Claire (21 August 2017). "Chea Serey's vision for the future of finance in Cambodia". Southeast Asia Globe. Retrieved 22 March 2022.
  26. ^ Keeton-Olsen, Danielle (21 January 2018). "Cryptocurrency Culture Pushes Ahead In Cambodia, Despite Distrust From National Bank". Forbes. Retrieved 22 March 2022.
  27. ^ Janssen, Peter (3 April 2017). "National Bank of Cambodia director-general looks to profit from peace". The Banker. Retrieved 27 May 2024.
  28. ^ Boken, Jason (17 November 2020). "Blockchain cited as boost to public trust in financial institutions". Khmer Times. Retrieved 22 March 2022.
  29. ^ "Cambodia edges towards digital payments". Official Monetary and Financial Institutions Forum. 22 June 2020. Retrieved 22 March 2022.
  30. ^ National Bank of Cambodia (2023). "Annual Report 2023" (PDF). National Bank of Cambodia.
  31. ^ "Let's Talk Money - About The Campaign". Let's Talk Money.
  32. ^ Donnelly, Iain (2017). "Safe Hands Steering The Economy" (PDF). Banking & Finance - Cambodia. pp. 38–42.
  33. ^ "Official launching ceremony of "National Syllabuses for all Subjects and Grade Levels"". National Bank of Cambodia. 28 June 2018. Retrieved 27 May 2024.
  34. ^ "Asia Society Announces Asia 21 Young Leaders Class of 2017". Asia Society.
  35. ^ Forum, World Economic. "Strategic Intelligence | World Economic Forum". Stategic Intelligence. Retrieved 24 May 2024.
  36. ^ Sok, Chan (10 December 2020). "Chea Serey honoured as payment game changer". Khmer Times. Retrieved 24 May 2024.
  37. ^ Iwamoto, Kentaro (4 January 2022). "Cambodia's digital currency reaches nearly half the population". Nikkei Asia. Retrieved 22 March 2022.
  38. ^ "Cambodia's heroes of philanthropy in 2021: who is who?". LA Weekly. 21 September 2021. Retrieved 22 March 2022.

Bibliography[edit]

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