BGA Cambodia Adviser Siriwat Chhem and Senior Analyst Kunmakara May wrote an update to clients on Cambodia’s Draft Securities Sector Development Master Plan.

Context

  • Cambodia has unveiled its Draft Securities Sector Development Master Plan 2025-2035 to build a resilient, transparent and innovative capital market. The strategy aims to mobilize private investment for national priorities such as infrastructure, climate resilience and small and medium-sized enterprise growth, supporting Cambodia’s goals of reaching upper-middle-income status and carbon neutrality by 2050. It emphasizes financial inclusion; environmental, social and governance (ESG) instruments; mobile platforms; and regulatory technology.
  • The strategy aligns with key national frameworks and builds on more than 15 years of regulatory experience. It complements the Pentagon Strategy Phase I, Financial Sector Development Strategy 2025-2030 and the Cambodia Digital Economy and Society Policy Framework. The road map will be reviewed regularly to adapt to changing market conditions and development priorities.

Significance

  • Three strategic pillars guide the plan: market strengthening, market expansion and institutional support. These focus on diversifying financial products, expanding the investor base, promoting sustainable finance and fintech and enhancing regulatory capacity. The strategy also encourages state-owned enterprises to list, introduces carbon credit trading and supports the development of futures and commodities exchanges.
  • Cambodia launched the Infrastructure Bond Prakas July 22 to support long-term infrastructure financing. Developed with support from the Cambodia Australia Partnership for Resilient Economic Development, the regulation provides a legal framework for issuing bonds to fund roads, utilities and other essential projects. With an estimated $36 billion infrastructure financing needed through 2033, Cambodia joins regional peers in leveraging capital markets for development.

Implications

  • Cambodia is actively integrating with regional and global financial systems. It participates in Association of Southeast Asian Nation (ASEAN) platforms such as the ASEAN Capital Markets Forum and the ASEAN Bond Markets Forum, which promote regional cooperation and harmonization in capital market development. Internationally, Cambodia is progressing toward full membership in the International Organization of Securities Commissions, the global standard-setting body for securities regulation. In 2024, Cambodia joined the Sustainable Banking and Finance Network, a global community of financial regulators and institutions committed to advancing sustainable finance in emerging markets.
  • The strategy will be implemented in three phases: short-term (2025-2027), medium-term (2028-2030) and long-term (2031-2035). For multinational corporations, the master plan presents opportunities in corporate listings, bond issuance, ESG product development and fintech partnerships. Strategic collaboration with local regulators and enterprises will be key to benefiting from Cambodia’s next phase of capital market growth.

We will continue to keep you updated on developments in Cambodia as they occur. If you have any comments or questions, please contact BGA Cambodia Adviser Siriwat Chhem at schhem@bowergroupasia.com or BGA Cambodia Senior Analyst Kunmakara May at kmay@bowergroupasia.com.

Best regards,

BGA Cambodia Team

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Advisor

Siriwat is an advisor, a consultant and a former think tank director with expertise in digital transformation, artificial intelligence (AI) and cyberdiplomacy. His professional background includes board positions, executive roles, advisory work and consulting engagements across government, industry and academia. He helps BGA clients navigate the complex global cyberspace to harness digital technology innovation for sustainable development. Prior to joining BGA, Siriwat was founding director of the Asian Vision Institute Center for Inclusive Digital Economy, where he led a team of 50 members, directed the publication of two books and 80 policy papers and initiated national research projects and capacity-building ... Read More