Phnom Penh Post, Thursday, 30 July 2009 15:00 Soeun Say
KRX says that necessary computer software is being developed now in South Korea
CAMBODIA’S forthcoming stock exchange will require at least US$9 million in computer equipment, according to estimates by the Cambodia Securities Exchange (CSX), the body that will operate the Kingdom’s new bourse.
Hong Sok Hour, general director of the CSX, told the Post Wednesday that the Korean side of the joint venture would pay for the necessary IT equipment.
“So far we have not yet finalised the total official cost, but we have estimated at least $9 million,” he said, adding that it was still also unclear from which company the equipment would be sourced.
Korea Exchange (KRX) will hold a 45 percent stake in the Cambodian stock exchange with the Ministry of Economy and Finance taking the remaining 55 percent.
If we don’t have this, no one will trust the stock market in Cambodia.
Inpyo Lee, project manager of KRX, said Wednesday that the “software [was being] developed by [South] Korea right now”, without elaborating further as information on the project “is confidential”.
IT infrastructure is a vital component in the development of the exchange, he added.
“We must have a strong information securities network system,” said Phu Leewood, secretary general of the National Information Communications Technology Development Authority (NIDA). “If we don’t have this, no one will trust the stock market in Cambodia.”
NIDA has already dedicated a team to work on this system as a support structure ahead of the launch of the exchange.
“We have cooperated with the Japanese government and [South] Korean government to prepare IT infrastructure for the forthcoming stock exchange,” he said, adding that NIDA would start a training course on the new IT equipment.
In February, the KRX with the government launched a mock trading computer system to help train Cambodia’s future traders in placing bid and offer orders on the exchange. The $10,000 system was specially designed for Cambodia.
Hong Sok Hour said Wednesday that despite the February launch of the system, training using the program had only started a month ago.