World Bank B-READY 2025: Cambodia Emerges as ASEAN’s Leading Financial Services Hub

According to the Business Ready (B-READY) 2025 survey published by the World Bank, Cambodia has established itself as the undisputed leader in ASEAN in the field of financial services.

This top regional ranking marks a decisive milestone for an emerging country traditionally perceived as still developing, and reflects bold reforms carried out in recent years. In a highly competitive regional economic environment, this performance could boost investor confidence and opens up promising prospects for the Kingdom’s integration into Asian value chains.

Context and Methodology of B-READY 2025

Launched in 2023 as the successor to the Doing Business project, the B-READY initiative assesses regulations and public services across 174 economies, through ten thematic pillars including financial services, international trade, and investor protection.

For financial services, the index measures access to credit, payment efficiency, banking cybersecurity, and insolvency resolution, relying on empirical data and simulations of representative firms.

Cambodia, with a score of 80.32 points in this pillar—higher than that of Vietnam or Thailand—outperforms its ASEAN neighbors, despite a more moderate overall ranking (around 90th globally) due to weaknesses in other areas such as taxation or infrastructure. This 2025 edition, released at the end of 2025, incorporates post-pandemic updates, highlighting the rapid adaptation of emerging economies.

Structural Reforms at the Heart of Success

Several factors explain Cambodia’s supremacy. First, decisive sector consolidation: between 2022 and 2025, mergers and acquisitions reduced the number of banks from 58 to 39, strengthening stability and efficiency, with the non-performing loan ratio falling to 6.8% by the end of 2024.

At the same time, accelerated digitization—through platforms such as ABA Pay and Wing—has democratized access to services for 70% of the previously unbanked population, thanks to partnerships with telecom operators. Authorities have also adopted prudential standards aligned with Basel III, improving cybersecurity and the transparency of financial reporting.

These advances contrast with persistent challenges, such as reliance on remittances (12% of GDP) and tourism, but they capitalize on a young demographic profile (median age of 26) and rapid urbanization in Phnom Penh and Siem Reap.

Macroeconomic Implications and Outlook

This recognition positions Cambodia as a potential financial hub in Southeast Asia, with foreign direct investment rising by 15% in 2025, driven by textiles, real estate, and fintech.

Economic growth, projected at 5.3% in 2025 and 5.8% in 2026, is supported by contained inflation (3.4%) and public debt at 38% of GDP. However, vulnerabilities remain: dollar dependence (85% of deposits), limited diversification, and climate risks affecting agriculture.

In the long term, integration into the ASEAN Digital Economy Framework could multiply opportunities, with a target of 90% financial inclusion by 2030 through AI and blockchain technologies. Cambodian policymakers, led by the National Bank of Cambodia, are expected to prioritize human capital development and regulatory harmonization to transform this leadership into sustainable prosperity.

Testimonials and Expert Voices

Phnom Penh entrepreneurs welcome these advances: “Rapid access to credit has boosted our expansion,” says the head of a textile SME. The World Bank’s Chief Economist for Southeast Asia notes: “Cambodia illustrates how targeted reforms can propel an emerging economy to the top of the regional rankings.” This momentum aligns with the high-level “Cambodia 2040” vision, aimed at achieving upper-middle-income country status.