Aida Ahmad Daud - 10 Best CFOs from Asia 2025

In Cambodia’s rapidly evolving telecom market, financial innovation and robust governance are essential for sustainable growth. As Chief Financial Officer of Smart Axiata, Aida Ahmad Daud is helping shape the region’s telecommunications landscape by transforming financial operations and embedding sound governance practices. Since assuming the role in 2022, she has led Smart through major milestones, including securing Cambodia’s first USD 100 million vendor financing facility with two international banks—all while maintaining zero corporate debt. Under her leadership, Smart received the Gold Certificate of Tax Compliance from Cambodia’s General Department of Taxation and was Highly Commended for “Best in Class Treasury Solution in ASEAN” at the 2025 Adam Smith Awards Asia. With over 25 years of cross-border experience across Malaysia, Sri Lanka, and Cambodia, Aida combines financial acumen, strategic insight, and people leadership to guide Smart through change and innovation. In this exclusive conversation with TradeFlock, she reflects on her journey, the challenges she has navigated, and the initiatives driving Smart’s continued growth.

Looking back at your career, what milestones and decisions shaped your path to becoming CFO of Smart Axiata?

My career has been shaped by a mix of operational exposure and strategic finance. Early roles in Axiata Group’s business planning and during the demerger of Telekom Malaysia and Axiata Group provided me with invaluable experience in managing relationships with the Corporate Centre, Operating Companies, shareholders, top management, and the Board. This helped me understand how structure, risk, strategy, and financial discipline interconnect, while also learning to translate complex issues into simple terms, which enables faster and more informed decisions. In 2014, guided by mentors and HR coaches, I decided to leave Malaysia and take on a challenge in Sri Lanka—a move into the unknown that would redefine my professional path. This allowed me to venture into corporate finance for the first time, gaining new knowledge and broader responsibilities that strengthened both my financial and leadership capabilities. Leadership roles at Edotco Malaysia and as Head of Strategic Finance at Edotco Group further deepened my understanding of how finance drives sustainable growth in infrastructure and regulated industries. Managing complex stakeholder relationships, including serving as a Board director for an Edotco subsidiary, provided deep insights into strategic alignment and governance. Assuming the CFO role at Smart in 2022 brought these experiences together in a market with immense potential and challenges, where I could safeguard the company’s financial health while shaping its trajectory through disciplined finance, strong compliance, and continuous innovation.

What challenges have tested you most, and what lessons did they teach?

One of the most challenging experiences has been aligning diverse stakeholders—internal and external—each with their own priorities. From shareholders and vendors to regulators and internal teams, I learned that alignment must come before action. Navigating differing interests with balance and empathy ensures every concern is addressed and decisions are grounded in shared understanding. Relocating to a new country added another layer of challenge, requiring adaptation to unfamiliar regulations, market dynamics, and cultural contexts. Working both as a specialist in the Corporate Centreand in business operations tested my ability to listen, learn, and apply insights quickly while maintaining financial discipline and transparency. I learned to “test the waters” first—assessing feasibility, viability, and budget—before significant moves. These experiences taught me that challenges are growth opportunities. Each setback strengthened resilience, refined judgment, and often became a stepping stone toward higher performance and innovation, supported by Axiata leaders and a committed team.

What key initiatives are you leading to drive innovation and growth at Smart Axiata?

In a developing market like Cambodia, financial innovation plays a central role in driving growth. One key initiative was securing a USD 100million trade finance facility from two international banks—a first-of-its-kind vendor financing deal in Cambodia. This strengthened cash flow, enabled innovation with zero debt, and supported network enhancement for digital inclusion. This achievement earned Smart the “Highly Commended Winner” title for Best in Class Treasury Solution in ASEAN at the Adam Smith Awards Asia 2025. We’ve also enhanced working capital management through end-to-end cash flow oversight and engagement with financial institutions, making Smart the only operating company in the Group with zero debt. Equally important is empowering our people. I focus on developing leadership through ownership rather than instruction, encouraging the team to identify challenges, make decisions, and find solutions. For example, the rollout of 20 Express Shops was driven entirely by the team’s creativity and autonomy. My role is to guide, coach, and support—creating a culture where accountability and innovation thrive.

How do you strike a balance between financial agility and strict telecom regulations?

Telecom is highly regulated, and rightly so. As technology evolves, regulations must keep pace with innovation. The key is early and open engagement with regulators, sharing data, insights, and financial implications to co-create practical, future-ready policies. Financial agility is maintained by anticipating regulatory changes while ensuring operational resilience, cost efficiency, and reinvestment in growth. Partnership and dialogue with regulators and policymakers enable compliance and market progress to advance together.

What guidance would you offer future finance leaders in this dynamic industry?

Be technically solid in finance, accounting, risk, and tax, while also cultivating strategic thinking—understanding how your decisions impact the business beyond numbers. Embrace technology: automation, analytics, and realtime reporting are essential for success. Never underestimate the importance of integrity and governance, as reputation hinges on adherence to established standards. Be adaptable and resilient—markets shift, regulations change, and shocks occur. Finally, focus on mentorship and people development: building strong, empowered teams multiplies what you can achieve.