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- February 6, 2023 9:45 AM
- October 19, 2022 4:29 PM
DelighTech becomes another successful showcase of Khmer Enterprise program graduates from Angkor 500 to be granted seed investment from IG Group
Khmer Enterprise (KE) program graduate, Mr. Lay Vila, CEO of DelighTech, is receiving investment from IG Group (IGG). The signing ceremony took place on January 20, 2022 at KE’s office to commemorate the signing of the partnership between IG Group and DelighTech. It is an honor to be joined by guests including representatives of DQD and other public and private sectors.
H.E. Dr. Chhieng Vanmunin, CEO of Khmer Enterprise said, “KE is delighted to witness that our graduates from the 2021 program successfully secure investments. Today’s investment is the second investment in a month in 2022. Khmer Enterprise also hopes our entrepreneurs will take the investment opportunities to produce innovative products or services which will improve our competitiveness as a nation and attract additional domestic and foreign investments.”
IGG’s Chairman, Puthkiry Kim stated, “IGG investments into the development of the fintech community has been the backbone of the group. For over a decade, IGG has supported banking, MFI, and fintech companies in Cambodia and the wider Mekong Region by provision and development of financial technology hardware and software solutions. Our investment into a new wave of smart, instant lending solutions is proof that the Cambodian fintech sector is catching up with the rest of the world by developing and operating digital and neo banking solutions for public utilization, offering state-of-the-art technology however heavily domiciled and localized for use across the nation and inclusive its rural and urban areas.”
Mr. Sophanak Chhor, IGG’s Vice President of Technology & Innovation said, “ DelighTech aims, with the support of IGG, to expand not just its instant lending solutions but also the inclusive and well-rounded credit and social scoring system for its consumers as well as consumers of other institutions, while simultaneously expanding the boundaries of what is possible and achievable in partnerships among financial institutions in the country.”
IG Group is expanding its start-up investments portfolio by extending its strategic support to DelighTech by fully funding their technical and digital technology development, strategic growth and solutions offering as well as portfolio expansion. The Investment TermSheet was signed by IGG’s Vice President of Technology & Innovation, Mr. Sophanak Chhor, witnessed and endorsed by IGG’s Chairman, Mr. Puth Kirby Kim, and countersigned by two of the DelighTech co-founders, Mr. Sao Saronn and Mr. Lay Vila.
Mr. Lay Vila and Co-founders of DelighTech jointly voiced out his excitement about the journey. “We come from very humble beginnings. We did not have the support from large conglomerates or tycoons when we started and got where we are through a pure start-up journey; bootstrapping our ways to today, utilizing mentorships by KE, Angkor500, and friends and family. Learning and growing as we go. Being firmly on the ground and overseeing the entire route of our startup from the ground-up, we have the luxury of understanding what we need to continue the progress and IGG as well as its partners and all those who have been supporting us thus far, are giving us exactly that. DelighTech is established to serve the mass market population with tools leading to financial inclusion by providing them with easy-to-understand, easy-to-use, safe and fast financial tools to borrow, repay and overall monitor (in the near future) their financial health,” Vilay said.
Tomas Pokorny, CAFT Board Member and Secretary General, Advisor to IGG, Pi Pay CEO, Founder of D.Q.D Consulting Co., Ltd., mentor for Angkor500 and Independent Board Member of FWD Insurance (Cambodia) congratulated DelighTech on this milestone. He said, “When you were joining Angkor500 accelerator program, you have had a business. You have had the basics of the technology. It is amazing to see you, less than a year after the graduation from the program, having now not just that, a business, but also having the business with ambitions for national growth and international expansion. Continue to fight hard, and always remember how you have started. It will help you keep achieving what you have set to do and keep achieving it with “why” you have set to do it in the first place. For financial inclusion of the mass market. Good luck and keep going”.
Khmer Enterprise, established by the Ministry of Economy and Finance (MEF), aims to mobilize, invest and manage resources to support the development of a vibrant entrepreneurial ecosystem in Cambodia, thereby promoting entrepreneurial activities driving innovation and value-added creation in Cambodia’s economy. Khmer Enterprise has the vision to become the national platform for promoting entrepreneurial activities in the four priorities sectors: ICT focuses on tech start-up, service focuses on hospitality and logistics, agriculture focuses on agro-processing for domestic consumption and agriculture for export, and lastly, manufacturing focuses on import substitution.
IG is a start-up, innovation, transformation, trading and agriculture conglomerate concentrating companies such as IdeaLink Consulting Ltd. and IG Trading Group Co., Ltd. Our dream is to create an ecosystem and be part of it. Such an ecosystem in which businesses are actively bridging informal and formal business and social sectors, establishing the readiness of rural areas to be synergistic with urban ones, ensuring older generation interoperability with new digital demographics, enabling for humanity to be ready for automation and industry 4.0, allowing people in often so unprepared developing regions to become driving economic factors of the entire world. As per the latest notions of global leaders preparing for digital and post-Covid world, IG’s vision is to support new collective capitalism and inclusive economy.
DelighTech is a Cambodian licensed instant lending and credit scoring entity. We are developing a platform where under-banked people have more convenient instant access to financial products without complicated requirements wherever and anytime on any device with advanced technology and protection of your privacy. Furthermore, our users could grow their credit, access to better financial products, and get benefit from the ecosystem of banking that serves their daily livelihood needs and connects with each other on the internet rather than go counters.