Cambodia’s non-bank financial sector has expanded rapidly in recent years, with total assets tripling to $9 billion between 2021 and 2025 as regulators and market participants prepare for the next phase of securities market development.
The figures were presented during a forum in Phnom Penh on September 29 focused on the achievements of the Non-Bank Financial Services Authority (FSA) during its first mandate and the future development of Cambodia’s securities market.
Held at the Sokha Phnom Penh Hotel, the “Achievements of the Non-Bank Financial Services Authority in the First Mandate” and “Annual Securities Conference 2026” brought together hundreds of stakeholders from Cambodia’s financial sector.
Key Facts
| Indicator | Figure |
|---|---|
| Non-bank financial sector assets, 2021 | $3 billion |
| Non-bank financial sector assets, 2025 | $9 billion |
| Increase in sector assets | 3x |
| Share of GDP represented by 2025 assets | 18% |
| Sector employment, 2021 | 8,000 |
| Sector employment, 2025 | 16,000 |
| Employment growth | 2x |
| Sustainability bonds | $80 million |
| Total market investors | 76,000 |
| Daily trading value | $3 million |
| Conference date | September 29, 2026 |
| Venue | Sokha Phnom Penh Hotel |
| Conference panels | 6 |
Non-Bank Financial Assets Triple to $9 Billion
Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said Cambodia’s non-bank financial market had made rapid progress, attributing the development to professional ethics, responsibility and a learning-by-doing approach.
The sector’s total assets increased from approximately $3 billion in 2021 to $9 billion in 2025, meaning assets tripled over the four-year period.
The $9 billion in assets was equivalent to approximately 18 per cent of Cambodia’s GDP, according to figures presented at the forum.
Employment in the sector also doubled, rising from 8,000 workers in 2021 to 16,000 in 2025.
These figures point to an expanding financial ecosystem beyond traditional banking, with more institutions, professionals and market participants involved in non-bank financial services.
Securities Market Participation Continues to Grow
Pornmoniroth also highlighted several developments in Cambodia’s securities market.
According to figures presented at the conference:
Sustainability bonds: $80 million
Total market investors: 76,000
Daily trading value: $3 million
Non-bank financial sector assets in 2025: $9 billion
Sector assets in 2021: $3 billion
Employment in the sector in 2025: 16,000
Employment in 2021: 8,000
The figures reflect the expansion of financial-market participation and the growing range of financing and investment instruments available outside conventional banking.
Trust Identified as Foundation of Financial Markets
Pornmoniroth emphasised that public and investor confidence is essential to the development of Cambodia’s financial market.
“Public and investor trust is the most valuable asset of a financial market. Without trust, there is no investment.”
The statement highlights an important issue for a developing securities market: growth in the number of products and participants needs to be accompanied by confidence in market institutions, regulation and transparency.
For investors, confidence can influence willingness to participate in securities markets, while for companies, a trusted market can provide an alternative channel for raising capital.
Collaboration Across Financial Institutions
The minister said collaboration among institutions, regulators and the public had been an important driver of the sector’s development.
He also said the achievements of the FSA’s first mandate provide a foundation for the next stage of development.
Going forward, six non-banking regulatory institutions are expected to accelerate their systems and adapt to the increasing scale and complexity of the market.
Pornmoniroth also called for policies and mechanisms that can contribute to greater economic inclusivity.
SERC Highlights Cambodia Securities Exchange
Sou Socheat, Director General of the Securities and Exchange Regulator of Cambodia (SERC), highlighted trading activity on the Cambodia Securities Exchange (CSX) and its contribution to national economic development.
He attributed the market's progress to cooperation among relevant institutions.
“We are growing very well,” he said, adding that stakeholders were increasingly aligned in their efforts to develop the market.
The comments reflect the increasingly interconnected nature of Cambodia's financial-market institutions, where regulators, exchanges, listed companies, investors and other market participants operate within the same developing ecosystem.
FSA Focuses on Institutional Governance
Mey Vann, Secretary of State at the Ministry of Economy and Finance and Secretary General of the FSA General Secretariat, said the first mandate had strengthened institutional governance.
He highlighted improvements in work efficiency and greater interconnectivity among institutions.
“The institutional framework has been built and continually strengthened,” Vann said.
He also urged the FSA to keep pace with the increasing complexity of the financial market and gather information from stakeholders to support Cambodia’s broader socioeconomic development objectives.
Six Panels Examine the Future of Cambodia’s Financial Market
The conference also featured six panel discussions, providing a broader platform for examining the future direction of Cambodia’s financial sector.
The event included discussions on developments and future directions in the non-bank financial sector, securities-market development, digital finance, digital assets, corporate growth through the stock market, bond-market development, investment, risk and investor protection.
The conference also featured an MoU signing ceremony between SERC and CorporateConnections Cambodia, an executive networking platform.
The combination of regulatory discussions, market development topics and private-sector networking reflects the increasingly broad ecosystem surrounding Cambodia’s securities market.
Why the Growth Matters for Cambodia’s Economy
The expansion of non-bank financial assets can have implications beyond the financial sector itself.
A larger securities market can provide businesses with additional ways to raise capital, while investors can gain access to a wider range of financial products.
For Cambodia, the development of capital markets can also complement traditional bank financing by creating additional channels for companies seeking long-term funding.
The growth in sustainability bonds highlighted at the forum also points to the emergence of financing instruments linked to sustainability objectives.
However, continued development requires more than increasing market size.
The emphasis placed by Cambodia’s financial leaders on trust, institutional governance, regulatory capacity and stakeholder cooperation indicates that market quality and confidence remain central considerations as the sector expands.
Angkor Times Analysis
Cambodia’s non-bank financial sector has moved from a relatively small market toward a more substantial component of the national financial system.
The increase in total sector assets from $3 billion in 2021 to $9 billion in 2025 is the clearest indicator presented at the forum. Employment doubling from 8,000 to 16,000 over the same period also suggests that the sector has developed a larger professional and institutional base.
The next challenge is converting that expansion into a deeper and more accessible capital market.
The reported 76,000 investors and daily trading value of $3 million show that a market ecosystem exists, but continued development will depend on participation, transparency, investor awareness, regulatory effectiveness and the ability of businesses to use capital-market instruments effectively.
The emphasis on investor trust is particularly important.
Financial-market growth is not measured only by the value of assets or number of participants. Confidence in market institutions, clear rules, effective oversight and access to reliable information are also fundamental to sustained participation.
For Cambodian companies, a more developed securities market could provide another avenue for financing growth. For investors, greater market development could create additional opportunities to diversify financial holdings.
The conference therefore marks an important transition from measuring what Cambodia's non-bank financial sector has built during its first mandate toward considering how the institutional framework can support its next stage of development.
Frequently Asked Questions
How large is Cambodia’s non-bank financial sector?
According to figures presented at the September 29 forum, total assets reached $9 billion in 2025, up from $3 billion in 2021.
How many people work in Cambodia’s non-bank financial sector?
Employment increased from 8,000 in 2021 to 16,000 in 2025, according to figures presented at the conference.
How many investors are participating in the market?
The forum reported 76,000 total market investors.
What is Cambodia’s reported daily trading value?
The conference cited approximately $3 million in daily trading value.
How much sustainability bonds have been issued?
The figure presented at the forum was $80 million in sustainability bonds.
What was the purpose of the Annual Securities Conference 2026?
The conference reviewed achievements during the FSA’s first mandate and brought together financial stakeholders to discuss the development and future direction of Cambodia’s securities market.
What did financial authorities identify as important for future development?
The officials highlighted institutional cooperation, investor and public trust, stronger regulatory systems, institutional governance and adapting to the increasing complexity of the market.