SERC Launches Capital Market Master Plan, Targets Sustainable and Digital Growth by 2035

By Din Thary

PHNOM PENH, Cambodia (Aug. 15, 2025) — Cambodia’s Securities and Exchange Regulator (SERC) has unveiled a comprehensive 10-year strategy to modernize and expand the country’s capital market, aiming to attract more investors and align with international standards in sustainable finance and digital innovation.

The Securities Development Master Plan 2025–2035, approved by the Non-Bank Financial Services Authority on July 10 and officially launched on July 22, outlines a roadmap to transform Cambodia’s securities sector into a vibrant, resilient, and diversified engine of national growth.

SERC Director General Sou Socheat said the strategy builds on Cambodia’s financial sector development efforts since 2008 and reflects the broader goals of the Financial Sector Development Strategy 2025–2035. “This master plan is a critical guide to deepen market infrastructure, diversify products, and attract both issuers and investors,” he told Kampuchea Thmey.

The plan divides its vision into three phases: short-term (two years), medium-term (five years), and long-term (10 years). It includes 12 strategic measures grouped under three pillars: strengthening existing infrastructure, expanding market scope, and supporting ecosystem development.

Key priorities include enhancing product offerings such as equities, bonds, and derivatives; developing climate-related instruments and carbon credit trading platforms; promoting sustainable finance and environmental safeguards; leveraging financial technology to improve access and transparency; and updating legal frameworks and boosting regulatory capacity.

Deputy Prime Minister Aun Pornmoniroth, who also serves as Minister of Economy and Finance, emphasized the sector’s role in mobilizing capital for national development. “The securities market plays a vital role in supporting Cambodia’s strategic vision and economic resilience,” he said in the strategy document.

SERC’s roadmap also calls for increased listings, including state-owned enterprises, and the creation of secondary markets for government bonds and collective investment schemes. It encourages innovation through RegTech and SupTech tools and mobile-based platforms to broaden investor participation.

Cambodia’s capital market has grown steadily over the past 13 years. Since the launch of the Cambodia Securities Exchange (CSX) in 2012, the market has mobilized nearly $500 million in funding. As of mid-2025, 25 companies are listed, including 11 equity issuers and 14 bond issuers.