In the afternoon of September 13, 2019, H.E. Buon Sarakmony, Vice Minister of Commerce of Cambodia, H.E. Sou Socheat, Chairman of SEC of Cambodia and H.E. Seang Thirith, Vice Chairman of SEC of Cambodia visited Waltonchain.
(Waltonchain CEO Mo Bing and representatives of Cambodian Ministry of Commerce and SEC)
Accompanied by Waltonchain CEO Mo Bing, the Cambodian representatives visited Waltonchain operations department, the technical supporter Silictec and Waltonchain’s first applied agricultural traceability project DMTC.
Waltonchain CEO Mo Bing presented Waltonchain’s chips, sensors and other hardware devices to the Cambodian representatives, and showed the convenient shopping experience of the Smart Micromarket.
The technical and operational capabilities of Waltonchain have been highly praised by the Cambodian representatives; and the two sides reached preliminary cooperation intentions.
1. In-depth Communication for Broad Cooperation
At the meeting, Waltonchain CEO Mo Bing introduced team members, technical advantages, products, solutions, patents, awards, media reports and application cases of Waltonchain.
(Presentation of Waltonchain’s application cases)
The Cambodian representatives stated that Cambodia, as an emerging developing country, is still at its early stage in smart agriculture, the Internet of Things (IoT), 5G, e-commerce and mobile payments. The Blockchain + IoT solution and technical strength of Waltonchain can make up for the deficiencies in Cambodia and help Cambodia achieve leap-forward development. The two sides have broad space for cooperation.
The Cambodian representatives also exchanged views on the country’s policy and regulation on blockchain and cryptocurrency.
Cambodia strongly supports the research and application of blockchain, holds a positive attitude towards the development of cryptocurrency and supports the sound development of cryptocurrency through regulation. At present, Cambodian investors have an extremely limited choice of cryptocurrency exchange platforms. Platforms willing to operate in Cambodia have to obtain an official license. The rules and regulations on the issuance of official licenses are at the draft stage and will be promulgated soon.
In Cambodia, OTC trading involves banks; and large transactions are regulated by the National Bank. Therefore, cryptocurrency exchange platforms that obtain official Cambodian licenses will be initially allowed to provide crypto-to-crypto trading only, whereas OTC may be allowed later when crypto-to-crypto trading is stable. Currently, the related programs are still under discussion.
2. Waltonchain Profile
With chips, modules, sensors and smart terminals, Waltonchain provides global Blockchain + the IoT solutions and related software and hardware products, platforms and services.
(Waltonchain CEO Mo Bing and CTO Liu Cai present the blockchain traceability solutions)
Its industry solutions cover smart agriculture, smart security, smart healthcare, education and culture, finance, logistics etc.
Waltonchain team members are mainly Chinese and Korean pioneers focusing on the IoT, blockchain and RFID technology, and experts in business management.
The team has rich experience in blockchain software technology, sensors, chips and other hardware technologies.
3. Development Status of Cambodia
Cambodia is now similar to the early Reform and Openness period in China. It is urgent to attract foreign capital, technology and experience teams to drive the Cambodia’s economy.
China’s 40 years of Reform and Openness have seen remarkable achievements. Its GDP ranks global second; and per capita GDP increased from USD 200 to 10,000, driving the world economy growth by 30%. Industrialization processes rapidly; and 1.4 billion people are out of poverty.
Cambodia is carefully studying China’s successful experience in reform and openness to actively attract foreign investment, vigorously develop labor-intensive industries and invest in infrastructure construction.
In the past two decades, Cambodia’s GDP has maintained a growth rate of around 7%. At present, per capita GDP is USD 1,512.13 US dollars (2018 data); and there is huge room for future growth.
Chinese companies have already uncovered business opportunities in Cambodia. An increasing number of Chinese companies invest in Cambodia.
Cambodia has superior investment environment, stable political situation and friendship with China.
In the past decade, the rapid development of the Cambodian economy has made it a new engine of the Asian economy. Cambodian capital market is in its infancy. With no forex control, the country has concentrated banks and has a good foundation to become a financial center.
The Cambodian authorities are trying to promote economic and trade exchanges with China. Considering global transactions driven by the Internet in the 4G/5G era, the Belt and Road initiative by Chinese government, the development patterns of the Chinese stock market in the 1990s and the Vietnamese stock market in the past five years and some other factors, the potential for economic and trade growth in Cambodia is huge; and it is a place for lucrative investment.