ខ្មែរ
English
Cambodia is experiencing a significant digital transformation, from its bustling cities to its ancient temples. Ms. Lisa Sargent, Visa’s Country Manager for Cambodia, is at the forefront of this change. In a recent podcast with Ladies Sparkle, Ms. Sargent discussed her career path and Visa’s strategic commitment to fostering a more inclusive and digitally empowered Cambodia.
A Global Career Leading to Cambodia
An Australian native, Ms. Sargent’s career has spanned the globe, with extensive experience in the payments and banking sectors inacross the Asia-Pacific region. This diverse background has provided her with a profound understanding of various cultures and financial systems. Throughout her career, Lisa has been a passionate advocate for women’s advancement, a dedication she continues to uphold in her current role as Country Manager for Visa in Cambodia.
Ms. Sargent’s primary objective is to build upon the strong foundation already established by the Visa team. This involves a significant focus on collaborating with both public and private sector partners to enhance the country’s digital infrastructure and promote financial inclusion. Visa Cambodia is dedicated to expanding payment acceptance and offering more choices for consumers and merchants, thereby strengthening the entire financial ecosystem. This also includes facilitating international trade and ensuring safe and secure transactions for both Cambodians traveling abroad and visitors to the country.
The Rapid Pace of Digital Adoption
When asked about Cambodia’s embrace of digital payments, Ms. Sargent described the market as “very exciting.” She highlighted the unprecedented rate of digitization and modernization over the past five years, a trend she attributes to the proactive leadership of the National Bank of Cambodia and the commitment of industry partners.
Visa plays a crucial role in this digital transformation, utilizing its technology and global network to accelerate financial inclusion. Ms. Sargent noted that Cambodia’s “mobile-first” market is a significant driver of this momentum. By customizing solutions to fit the local context, Visa aims to support the evolution of the payments landscape, particularly for small and micro merchants and the informal economy. Innovation, she emphasized, is central to Visa’s approach and serves as a vital enabler for financial inclusion.
Empowering Small and Micro Merchants
Ms. Lisa Sargent stressed the critical role of Micro, Small, and Medium Enterprises (MSMEs) as the “backbone of the economy.” She acknowledged the unique challenges these businesses face, such as limited access to capital and difficulties in financial management. Visa’s comprehensive approach is designed to help these businesses overcome these obstacles by improving their digital and financial literacy, enabling them to concentrate on their core operations.
Visa provides a range of tools and educational resources, including information on the benefits of contactless payments. Partnerships are also integral to this effort. Ms. Sargent highlighted a recent Memorandum of Understanding (MOU) with the Techo Startup Center (TSC) to share best practices and upskill businesses in using technology. A separate MOU with the Ministry of Tourism aims to encourage digital payment adoption among hotels, shops, and other tourism-related businesses, especially micro-merchants, to ensure a seamless experience for international visitors.
A Focus on Women-Owned Businesses
A notable statistic in Cambodia is that over 60% of MSMEs are women-owned. Visa recognizes the unique needs of these female entrepreneurs and is dedicated to creating a supportive ecosystem for them. Ms. Sargent believes that empowering women in business not only drives economic progress but also fosters greater financial inclusivity.
Visa’s commitment to women is long-standing. The company has partnered with the Ministry of Women’s Affairs to provide digital literacy training to over 10,000 women. The Visa Foundation has also collaborated with the Asia Foundation to upskill more than 1,200 women entrepreneurs in e-commerce and business management. Ms. Sargent spoke enthusiastically about meeting these women, finding their stories inspiring and using their feedback to shape Visa’s broader strategy. Visa is also working with the U.S. Embassy’s Academy for Women Entrepreneurs (AWE) to provide ongoing training and support.
Seamless Cross-Border and E-Commerce Solutions
Ms. Sargent also elaborated on how Visa’s global network is working to make international transactions more efficient and secure for local businesses and consumers. By investing in technology and infrastructure, Visa ensures that cross-border transactions, whether for trade, remittances, or travel, are seamless and secure.
For the growing number of e-commerce merchants, Visa provides tools like the Visa Real-Time Account Updater (VAU), which streamlines online payments by preventing issues caused by expired cards. The Cybersource payment gateway offers businesses of all sizes the ability to securely accept payments from a global customer base, complete with advanced fraud management tools.
The Future of Tourism and Digital Payments
A significant recent development is the integration of Visa with the National Bank of Cambodia’s Bakong Tourist App. Ms. Sargent hailed this as a major milestone, illustrating the collective journey toward a cashless society. For international visitors, the app provides a convenient way to connect their Visa card to a wide network of QR merchants, eliminating the need to carry large amounts of cash. For local merchants, it opens up a broader customer base, removing previous payment barriers.
Ms. Sargent concluded by reaffirming Visa’s commitment to supporting Cambodia’s national priorities, particularly in tourism and small and micro merchants. With its focus on innovation, partnerships, and inclusivity, Visa is poised to play a vital role in Cambodia’s journey toward a thriving digital economy.
