SERC FINTECH REGULATORY SANDBOX LICENSE
RWA Tokenization & Digital Asset Custodian Services
Vision: Cambodia's digital finance transformation through regulated innovation.
THREE SERVICES. ONE PLATFORM. ONE SANDBOX.
KHRt Stablecoin
- 1:1 KHR backing via NBC-licensed banks
- Native Bakong integration
- Multi-chain deployment (Selendra primary)
- Gas-free transactions on Selendra
- Foundation for all digital transactions
Digital Asset Custody
- Institutional-grade security for Bitcoin and digital assets
- Appropriate insurance coverage for sandbox scale
- Multi-jurisdictional compliance frameworks
Real World Asset Tokenization
- Government bonds (MEF partnership)
- CSX stocks (fractional ownership)
- Real estate (verified titles)
- US stocks and commodities
Result
Every Cambodian can invest, starting at $10
MULTI-CHAIN SECURITY STRATEGY
Primary Deployment: Selendra
- Main KHRt operations on Selendra blockchain
- Gas-free transactions for all users
- No bridge attack vulnerabilities
- Direct regulatory oversight alignment
- Cambodian-developed infrastructure
Cross-Chain Expansion
- Secondary deployments: Ethereum, Base, Polygon
- Standard network gas fees apply
- Expanded accessibility for global users
- Interoperability with DeFi ecosystems
- Secure asset bridging protocols
Security Benefits
Bridge Attack Prevention
BUSINESS MODEL & REVENUE
Revenue Streams
- Mint fees: KHR/USD → KHRt conversion
- Burn fees: KHRt → Bank account withdrawal
- Custody fees: Digital asset management
- Tokenization fees: Asset fractional ownership
Yield Generation
- Bank partner deposit accounts earn interest
- Conservative yield strategies
- NBC-licensed bank partnerships
- Transparent reserve management
Gas Model
- Free: All Selendra network transactions
- Standard: Ethereum, Base, Polygon fees
- User-friendly: No hidden costs
- Transparent: Clear fee structure
KHRt USE CASES & APPLICATIONS
Daily Transactions
- Digital payments and remittances
- E-commerce and online services
- Bill payments and utilities
- Cross-border transfers
- Merchant payment solutions
Investment & Savings
- Gateway to tokenized assets
- Micro-investment enabling ($10 minimum)
- Digital savings accounts
- Fractional bond ownership
- Portfolio diversification tool
Financial Inclusion
- Banking for the unbanked
- Rural area financial access
- Smartphone-based banking
- Low-cost international transfers
- Financial literacy integration
DeFi & Advanced Use Cases
- Collateral for decentralized lending
- Liquidity provision rewards
- Staking and yield farming
- Cross-chain DeFi participation
- Smart contract automation
SANDBOX REQUEST
Scope
Purpose
Test viability before seeking full operational licenses
Innovation
Cambodia's first unified digital finance sandbox
Commitment
Prove concept. Perfect compliance. Future licensing pathway.
IMPLEMENTATION
Phase 1 (Months 1-12)
KHRt launch → Digital custody → Government bonds
Phase 2 (Months 13-24)
Corporate stocks → Real estate → Commodities
Milestones
PROTECTION FRAMEWORK
Consumer Safety
- Mandatory financial literacy (Khmer/English)
- Personalized risk assessment
- 24/7 customer support with independent arbitration
Financial Security
- NBC-licensed bank reserves with sandbox-appropriate insurance
- FIPS 140-2 Level 4 security standards
- Real-time reserve monitoring and monthly audits
Market Stability
- Daily asset valuations with regulated market makers
- Automated circuit breakers and compliance monitoring
- Public reserves dashboard
SUCCESS METRICS
Operational Excellence
Regulatory Compliance
Market Validation
ECONOMIC IMPACT
Phase 1 Results
- 25% reduction in cross-border payment costs
- Gas-free transactions on Selendra network
- 500+ fintech jobs created
- 3+ NBC-licensed bank partnerships
Phase 2 Transformation
- $50M+ tokenized government bonds
- 15,000+ new retail investors
- Cross-chain DeFi ecosystem participation
- Regional digital finance leadership
Post-Sandbox Vision
- Multi-chain deployment across major networks
- Full operational licenses
- Expanded user base and asset limits
- Cambodia as regional fintech hub
Revenue & Sustainability
Self-Sustaining Business Model
REGULATORY Q&A
Multi-Regulator Coordination
NBC oversees KHRt stablecoin reserves. MEF partnerships develop during Phase 2. SERC maintains primary oversight. Clear escalation protocols ensure seamless coordination.
US-regulated broker accounts for asset acquisition. Tokenization occurs domestically under SERC oversight. Clear separation: US compliance for underlying assets, Cambodian regulation for tokenized securities.
Testing digital asset custody without full banking license. Tokenizing securities under sandbox parameters. Streamlined KYC for $10 minimum investments.
Financial Structure
$2.5M = total assets under management (user + company assets). Separate operational capital fund. Asset backing remains untouched except for strategic rebalancing. Formula: Cash + Bonds > Tokens in circulation.
ACLEDA Bank expressing strong interest as custodian. Initial $100K deposit for KHRt circulation. User deposits held in segregated accounts. Formal agreements pending sandbox approval.
Seeking international digital asset insurance (Lloyd's of London, Coinbase Insurance). Coverage targets: Custodial risk, smart contract failure, operational errors. Alternative: Self-insurance fund during sandbox phase.
Technology Infrastructure
Primary deployment on Selendra (gas-free transactions, bridge attack prevention). Secondary deployments on Ethereum, Base, Polygon for cross-chain accessibility. Assets primarily secured on Selendra with minimal bridge exposure.
CertiK partnership for comprehensive security audits. Pre-launch, quarterly, and post-upgrade audits. Public audit reports for transparency. Cross-chain deployment audits for each network.
GDPR-equivalent standards. Encrypted data storage. Minimal data collection principle. User consent management. Data residency within Cambodia for sensitive information.
Business Model & Revenue
Mint/burn fees for KHRt conversion. Custody management fees. Yield generation from NBC bank partner deposits. Tokenization service fees. Transparent fee structure with competitive rates.
User deposits held in NBC-licensed bank accounts earning conservative interest rates. Yield shared between reserves strengthening and operational sustainability. Full transparency through monthly reserve reports.
Selendra: All transactions completely gas-free for users. Ethereum/Base/Polygon: Standard network fees apply, clearly communicated to users. No hidden fees or markup on network costs.
Security & Risk Management
Primary assets remain on Selendra, minimizing bridge exposure. Cross-chain deployments use proven bridge protocols with insurance coverage. Conservative cross-chain asset limits during sandbox phase.
Selendra operations under SERC oversight. Cross-chain compliance through established regulatory frameworks in each jurisdiction. Clear separation of operational responsibilities per network.
Multi-signature controls on all networks. Hardware security modules for key management. Real-time monitoring across all deployments. Emergency pause capabilities on all smart contracts.
THE ASK
SERC sandbox approval for a 24-month pilot to test and validate digital finance services before seeking full operational licenses.
Our Promise: Prove viability. Perfect compliance. Clear path to permanent licensing.