- August 23, 2020 3:35 AM
- May 21, 2020 4:57 AM
- August 5, 2020 5:01 AM
The signing of the Memorandum of Understanding MOU by H.E. Dr. Chhieng Vanmunin , CEO of Khmer Enterprise (KE), a unit under the Ministry of Economy and Finance and Mr. Phal Vandy, Executive Director of Cambodia Microfinance Association (CMA), a professional non-profit organization, has come into agreement for the cooperative relationship and mutual commitment toward the promotion of access to finance for entrepreneurs and SMEs in the ecosystem of Cambodia on November 26th 202l at CMA’s Annual Microfinance Conference 2021.
H.E. Dr. Chhieng Vanmunin, CEO of KE said, “this partnership between Khmer Enterprise and Cambodia Microfinance Association aims to provide access to financial information including related fees, rates, understanding risks, and available financial instruments to startups and SMEs in the Cambodia ecosystem.”
CMA’s Executive Director Mr. Phal Vandy remarked, “Cambodia’s fast-growing economy means SMEs and startups have become increasingly important in providing jobs and boosting economic growth. Having contributed to poverty alleviation in recent decades, microfinance has been evolving from serving only the poor to providing people with all financial needs. The MoU between CMA and KE will tighten the relation of the two sectors, ensuring better financial services to SMEs and startups.”
To strengthen Cambodia’s entrepreneurial ecosystem via financial access, KE and CMA signed an MOU that creates a collaboration framework for both parties to improve access to financial services and co-organize on programs/events such as pitching events, trade fairs, business matchings and networking, entrepreneur cultural promotion, workshops, seminar conference and trainings for the development of Cambodia's SMEs and startups.
H.E. Dr. Chhieng Vanmunin continued, “the Royal Government of Cambodia has many policies to create additional funds in the financial system and to relax compulsory criteria for financial institutions. However, it is ultimately up to the financial institutions to pass down those benefits to SMEs and startups in Cambodia”.
“The microfinance sector has been working closely with the government to support SMEs. CMA has played crucial roles in recent initiatives of SME Bank and Credit Guarantee Corporation of Cambodia, both of which aim solely at boosting SME.” Vandy said.
About Khmer Enterprises
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 a vision to become the national platform for promoting entrepreneurial activities in the four priorities sectors: ICT focuses on tech startup, service focuses hospitality and logistics, agriculture focuses on agro-processing for domestic consumption and agriculture for export, and lastly manufacturing focuses on import substitution.
About Cambodia Microfinance Association
The Cambodia Microfinance Association is a professional non-profit organization that ensures every Cambodian receives formal financial services in a timely fashion through a sustainable financial service. Founded in 2002 and formally registered in 2004, CMA has grown for 6 founding members to the microfinance industry body with over a hundred members including Microfinance (both deposit and non-deposit taking) Institutions, Financial Leasing Companies, Rural Credit Institutions and Banks.