Cambodia's Non-Bank Financial Sector Triples Assets to Over $9 Billion in Five Years

The non-bank financial sector in Cambodia has grown dramatically, with total assets climbing from roughly $3 billion in 2021 to more than $9 billion in 2025 — a figure equivalent to 18% of the country's GDP. Economy and Finance Minister Aun Pornmoniroth, who chairs the Non-Bank Financial Services Authority (NBFSA) Council, outlined the expansion at a forum held on September 29.

The event, which doubled as the Annual Securities Conference 2026, reviewed the NBFSA's accomplishments during its first mandate. Pornmoniroth noted that six sub-sectors under the authority's oversight — securities, insurance, social security, trusts, real estate and pawnshops, and accounting and auditing — had all seen rapid expansion over the past half-decade.

Government Strategy Behind the Growth

Pornmoniroth attributed the progress to each regulator fulfilling its core mandate through what he described as a hands-on, "learning by doing" philosophy combined with professional ethics and accountability. He stressed that the government views financial-sector diversification as a central pillar of the Pentagonal Strategy's first phase, which aims to foster resilient and inclusive economic growth.

"This notable expansion reflects how the non-bank financial sector is increasingly supporting investment, economic activity and broader socio-economic development," Pornmoniroth said.

Employment and Capital Markets

The sector's workforce has doubled, rising from about 8,000 employees in 2021 to approximately 16,000 in 2025. Pornmoniroth highlighted that the growth of technical and professional expertise has strengthened Cambodia's financial labor market more broadly.

On the capital markets front, 28 companies had been listed on the Cambodia Securities Exchange as of September 2026, spanning both equity and debt instruments, with around $1 billion raised in total. Sou Socheata, director-general of the Securities and Exchange Regulator of Cambodia (SERC), said the market's development followed two tracks: a pragmatic, step-by-step approach that introduces innovation gradually, and the Securities Sector Development Strategy 2025–2035, officially adopted on July 16, 2025.

Challenges Ahead

Finance Ministry Secretary of State Mey Vann, who leads the NBFSA General Secretariat, acknowledged the achievements but cautioned that the authority must continue strengthening governance quality, institutional capacity and risk management to keep pace with growing complexity. He identified several priorities for the next phase:

• Improving data quality and governance
• Enhancing risk monitoring and assessment capabilities
• Bolstering consumer protection frameworks
• Keeping up with rapid advances in financial technology

Vann expressed hope that the forum would generate actionable insights from stakeholders to help the non-bank financial sector respond more effectively to evolving market demands and emerging technologies, ultimately advancing Cambodia's broader development objectives.