Cambodia’s financial sector is quietly undergoing a powerful transformation. Once marked by war and isolation, this Southeast Asian frontier economy has now emerged as a promising player in Asia’s underserved markets. MAGI’s latest white paper breaks down the numbers, policies, and pivotal shifts shaping Cambodia’s Banking, Financial Services, and Insurance (BFSI) sector in 2025—and the findings are as insightful as they are actionable.

The Cambodian economy reached $42.34 billion in GDP in 2023, powered by manufacturing (40% of GDP), growing internet access, and ambitious digital payment reforms. With $3.96 billion in FDI and a $5.52 billion trade surplus, the landscape is ripe for scalable financial innovation.

From just 39 banks in 2018 to 59 commercial banks and 85 MFIs in 2024, Cambodia’s financial inclusion story is gaining speed. With increasing smartphone penetration and NBC’s “Let’s Bank” campaign, digital banking is no longer optional, it’s the future.

The country still faces risks ,rising interest rates, U.S. trade tariffs on garments, and a narrow export base. Loan demand may be softening, and banks could feel the pinch. Diversification into electronics and tech services is a growing policy priority.

Despite global headwinds, Cambodia remains stable boasting low inflation (2.1%), a GDP growth forecast of 4.0–4.5%, and strong reserves at $22.5 billion. China, South Korea, and Canada remain top FDI contributors, but opportunities await for emerging investors and financial players

Want in-depth sectoral GDP breakdowns? Curious about policy changes, digital payments, or comparative data with Vietnam and Laos? The full white paper dives deeper into reforms, investor incentives, and risks to watch out for.

📩 Download the full white paper here: