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SERC and CGCC Sign MoU to Promote Guaranteed Bonds in Cambodia

Posted on September 3, 2024September 3, 2024 by Sorn Chhorvyvatey

Cambodia

The Securities and Exchange Regulator of Cambodia (SERC) and the Credit Guarantee Corporation of Cambodia (CGCC) have signed an MoU. The agreement, aimed at promoting the development and issuance of guaranteed bonds in the country, was signed at the Non-Bank Financial Services Authority (FSA) Building under the auspices of H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance, and Chairman of the FSA.

The signing ceremony was attended by senior officials, including H.E. Sou Socheat, Delegate of the Royal Government in Charge as Director General of SERC, and Mr. Wong Keet Loong, Chief Executive Officer of CGCC. The event was presided over by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance, Chairman of CGCC, and Vice Chairman of the Board of the FSA.

Support The Growth Of The Securities Sector In Cambodia

This MoU marks a collaborative effort to support the growth of the securities sector in Cambodia, particularly through the issuance of guaranteed bonds. These bonds, including green bonds, social bonds, sustainability-linked bonds, and sustainability bonds, will be guaranteed by local institutions to enhance confidence among investors. The guarantee mechanism is designed to mitigate the risks associated with bond issuance, thereby encouraging more companies and financial institutions to raise capital through this avenue.

H.E. Sou Socheat emphasized the significance of the agreement, stating, “Through today’s MoU, it will attract more companies, including SMEs, to seek financing through the securities market, and will also provide additional benefits for listed companies having demands for additional sources of financing in the form of bond issuance or other forms of debt, with the opportunities to obtain guarantee with special rate.”

Mr. Wong Keet Loong highlighted CGCC’s role in this initiative, noting, “As the first and only bond guarantee institution in Cambodia, CGCC will play a key role in developing the growth of bond issuance listed on the Cambodia Securities Exchange (CSX). The credit rating of CGCC at khAAA will enhance the credit rating of the issuer thus giving added confidence to bond investors. This MoU with SERC is strategic to develop and work towards enhancing the securities framework to promote higher bond issuance to raise funding and attract more domestic and foreign investors.”

CGCC To Be The Leading Bond Guarantee Institution In Cambodia

H.E. Ros Seilava added that this collaboration would have a far-reaching impact on the development of the bond market in Cambodia, stating, “This MoU will enable both parties to achieve the shared goal in terms of mutually supporting SERC for the development of the bond market, and CGCC to be the leading bond guarantee institution in Cambodia for improving financial inclusion and developing SMEs in Cambodia. At the same time, this cooperation will bring a positive impact on the bond market in Cambodia by encouraging the issuance and investment of more bonds, including green bonds, social bonds, and sustainable bonds.”

The MoU signing was followed by a workshop titled “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia.” The workshop aimed to raise awareness among small and medium enterprises (SMEs) and related institutions about the opportunities and benefits of issuing guaranteed bonds. It also provided insights into the requirements for obtaining guarantees for bonds, facilitating better understanding and participation in the bond market.

The event attracted a broad range of participants, including senior representatives from the General Secretariat of the FSA, regulators under the FSA, the Cambodia Securities Exchange (CSX), the Cambodia Association of Securities Firms, the Cambodia Chamber of Commerce, the Young Entrepreneurs Association of Cambodia, the Association of Banks in Cambodia, the Rating Agency of Cambodia Plc., and various listed companies. A total of 100 participants attended the event, which featured expert speakers from SERC, CGCC, Telcotech LTD., Royal Group Securities Plc., and Prudential (Cambodia) Life Assurance Plc.

Credit to: Cambodia Investment Review, Published on 02 September 2024

The Signing of Memorandum of Understanding between The Securities and Exchange Regulator of Cambodia and Credit Guarantee Corporation of Cambodia on “Collaboration in Promoting the Development and the Issuance of Guaranteed Bonds” and Workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia”

Posted on September 2, 2024September 2, 2024 by Sorn Chhorvyvatey

In the Morning of Friday, August 30, 2024, with the honor permission from H.E. Dr. Aun Pornmoniroth, Deputy Prime Minister, Minister of Economy and Finance and Chairman of the Non-Bank Financial Services Authority (FSA), H.E. Sou Socheat, Delegate of the Royal Government in Charge as Director General of the Securities and Exchange Regulator of the Cambodia (SERC) and Mr. Wong Keet Loong, Chief Executive Officer of Credit Guarantee Corporation of Cambodia (CGCC) signed a Memorandum of Understanding (MoU) on “Collaboration in Promoting the Development and the Issuance of Guaranteed Bonds” and co-organized the workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia” under the high presidency of H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance and Chairman of CGCC and Vice Chairman of the Board of FSA at FSA building.

This MoU signing ceremony was organized to promote the development of securities sector and the issuance of guaranteed bonds by supporting companies and financial institutions to obtain additional capital through the issuance of bonds including green bonds, social bonds, sustainability-linked bonds, and sustainability bonds which are supported and guaranteed of repayment in case default by local guarantor in order to enhance local capital mobilization more effectively. Back to back with this MoU signing ceremony, both institutions also co-organized the workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia” in order to raise awareness and disseminate the requirements to obtain guarantees for bonds and for small and medium enterprises (SMEs) and related institutions as well as highlight the benefits and opportunities of issuing guaranteed bonds.

In this event, H.E. Delegate stated that “Through today’s MoU, it will attract more companies, including SMEs, to seek financing through the securities market, and will also provide additional benefits for listed companies having demands for additional sources of financing in the form of bond issuance or other forms of debt, with the opportunities to obtain guarantee with special rate.”

Mr. Wong Keet Loong also stated that “As the first and only bond guarantee institution in Cambodia, CGCC will play a key role in developing the growth of bond issuance listed on the Cambodia Securities Exchange (CSX). The credit rating of CGCC at khAAA will enhance the credit rating of the issuer thus giving added confidence to bond investors. This MoU with SERC is strategic to develop and work towards enhancing the securities framework to promote higher bond issuance to raise funding and attract more domestic and foreign investors.”

H.E. Ros Seilava has added that “This MOU will enable both parties to achieve the shared goal in terms of mutually supporting SERC for the development of the bond market, and CGCC to be the leading bond guarantee institution in Cambodia for improving financial inclusion and developing SMEs in Cambodia. At the same time, this cooperation will bring a positive impact on the bond market in Cambodia by encouraging the issuance and investment of more bonds, including green bonds, social bonds, and sustainable bonds.”

This event was attended by senior representatives including: General Secretariate of FSA and regulators under FSA, CSX, Cambodia Association of Securities Firms, Cambodia Chamber of Commerce, Young Entrepreneurs Association of Cambodia, the Association of Bank in Cambodia, Rating Agency of (Cambodia) Plc., listed companies and potential listed companies and media partners with a total of 100 participants. The workshop was sharing by resources speakers who enrich of professional experiences from SERC, CGCC, Telcotech LTD., Royal Group Securities Plc. and Prudential (Cambodia) Life Assurance Plc.

Means of Contact:

SERC

Research, Training, Securities Market Development and International Relations Department via mobile number (855) 95 775 772 (Khy Pochchhing) or Email: [email protected]

CGCC

Division: Strategy and Business Development Department via mobile number (855) 78 222 186 (Sorn Chhorvyvatey) or Email: chhorvyvatey.sorn@cgcc.com.kh

About SERC

SERC is an authority to supervise, monitor and develop the securities sector in the Kingdom of Cambodia that having seen the Preah Reach Kram No. NS/RKM/0121/003 dated January 16, 2021 that promulgate the Law on the Conduct and the Organization of the Non-Bank Financial Services Authority and having seen the Preah Reach Kram No. NS/RKM/ 1007/028 dated October 19, 2007 that promulgate the Law on The Issuance and Trading of Non-Government Securities and Anukret No. 97/ANKR/BK dated July 23, 2008 on the Organizing and Functioning of the Securities and Exchange Commission of Cambodia. SERC has its official website: www.serc.gov.kh and official Facebook page: www.facebook.com/serc.gov.kh.

About CGCC

CGCC is the only credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. The primary mission of CGCC is to provide credit guarantees to improve financial inclusion and support the growth of SMEs in Cambodia. On 31 January 2024, CGCC launched as the First Cambodian Bond Guarantor after being accredited by the SERC) and rated khAAA, the highest rating by the local rating scale, by the Rating Agency of Cambodia on 19 December 2023. CGCC aims to provide guarantees on local corporate bond issuances on the CSX to support local companies raising funding and the development of the securities sector in Cambodia. The official website of CGCC: www.cgcc.com.kh and official Facebook page: https://www.facebook.com/officialcgcc.

The Signing of Memorandum of Understanding between The Securities and Exchange Regulator of Cambodia and Credit Guarantee Corporation of Cambodia on Collaboration in Promoting the Development and the Issuance of Guaranteed Bonds and Workshop on “Benefits and Opportunities of Issuing Guaranteed Bonds in Cambodia”

Posted on August 30, 2024August 30, 2024 by Sorn Chhorvyvatey

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Job Vacancies with CGCC – Manager of Credit Management, Deputy Manager of Legal and Company Secretariat

Posted on August 22, 2024August 23, 2024 by Sorn Chhorvyvatey

Credit Guarantee Corporation of Cambodia Plc. (CGCC) is a state-owned enterprise established under the Ministry of Economy and Finance. CGCC was recently set up to improve financial inclusion and develop the growth of SMEs in Cambodia. It plays an important role in the economic development of the country.

We are expanding our team! Join us, If you want to be part of the team, CGCC is urgently seeking qualified candidate for the following positions:

Manager of Credit Management

Job Overview

Will be responsible for overseeing on credit evaluation, credit administration, claim management, Non-Performing Loan and recovery management, management of reporting, and operational credit documentation, supporting the development and enhancement of GMS (Guarantee Management System), managing team, and building a good relationship with PFI.

Key Responsibilities:

Reporting to the Director of Centralized Operations (DCOP) in managing all aspects of centralized operations, including branch operations (if any) credit evaluation and credit administration, loan monitoring and recovery management, claim management, customer satisfaction, feedback management etc.
Assist the DCOP to be accountable for all credit evaluation and credit administration related matters e.g., ensure loan is approved within the provided Turn Around Time (TAT), manage claim request and proceed with claim settlement upon all term and conditions are fulfilled and accurate etc. and authorize all core systems data input (data amendments etc.)
Support and assist the DCOP on implementing operational matters of all CGCC’s credit guarantee schemes and bond guarantee to ensure the sustainability of CGCC’s product and service.
Assist the DCOP in supporting the development & enhancement of GMS (Guarantee Management System) and derive greater productivity and cost efficiency across all operational processes, including the review for process automation.
Assist the DCOP in management of reporting and operational credit documentation and periodic review on Portfolio Guarantee scheme (PGS).
Assist the DCOP to develop all credit management and loan monitoring related policies, standard operating procedures and framework and ensure the quality of credit documentation, specifically facility offer letters in line with the approved credit application, credit policies and procedures, prudential guidelines, and other relevant legislation.
Support and assist the DCOP to build and supervise a team of appropriate skills to assist him/her in carrying out his/her duties and ensure that they are trained accordingly.
Responsible for dealing with issues related to centralized operational matters with proper timeframe and building good relationships with PFIs.
Responsible for providing training to existing or new PFIs related to Guarantee Application Form (GAF) filing process and/or monthly report submission to ensure speed up the turnaround time.
Carry out any other duties and ad-hoc assignments assigned to him/her by the DCOP or Managements of the CGCC as and when required for CGCC.

Qualification Requirements

At least 5 years’ experience in the financial industry or banking sector related credit evaluation, credit admin, non-performing Loan, and recovery management.
Experience of managing team
Bachelor’s degree in finance, business administration, or a related field
Proficiency in relevant software and systems
Analytical and problem-solving skills
Attention to detail and accuracy
Ability to work under pressure and meet targets
Age is not over 40s

Deputy Manager of Legal and Company Secretariat

Key Responsibilities:

Assist direct reporting line supervisor in drafting and reviewing legal documents including contracts/agreements and memorandum of understanding between CGCC, participating financial institutions (PFIs), stakeholder and suppliers, court documentation, guidelines, policy, law and regulations, to support the operation of Legal and Company Secretary Department (LCS).
Assist in providing legal advice and solving legal matters to protect the CGCC’s interest.
Conducting research of legal information, laws, governmental regulations, rules, circulars, orders, instructions, and others and keeping up to date with changing legislation that may impact CGCC’s business and organizing legal libraries.
Drafting, formatting, and proofreading correspondence and basic legal documents, ensuring accuracy and consistency.
Translating legal documentation
Liaising with governmental regulators or authorities, legal counsel or lawyer, court on related matters and attending court process.
Organizing board and sub-board meetings, preparing agendas and papers for the meetings.
Convening and servicing meetings, taking minutes, drafting resolutions and meeting minutes, and arranging and maintaining these documents in an appropriate manner.
Coordinating with the Board and sub-board for related matters.
Drafting letters or documents on related matters and submit to the Ministry of Economy and Finance, other ministries or governmental authorities as necessary.
Maintaining corporate statutory documentations including constituent document, corporate document approved by relevant authorities, and filing any documents with relevant authorities
Attending any seminars, conferences, or events organized by CGCC, PFIs, stakeholders, ministries or governmental authorities.
Collaborate with direct reporting line supervisor in developing and delivering legal education and training programs to internal staffs to build capacity and to foster a culture of professional development.
Provide administrative support to LCS, including arranging files, tracking records, contract/agreements, other legal documents, travel arrangement, etc.
Complete other work as assigned by direct reporting line supervisor

Qualification Requirements

Bachelor of law or Master of law graduate having at least 3 year-experience in law firm, in-house legal in banks, financial institutions, or in any companies.
Having knowledge on relevant Cambodian laws and regulations, especially banking and finance laws and regulations.
Meticulous attention to detail and the ability to work well under pressure.
Interpersonal skills and the ability to work with people at all levels
Good organization and time management.
An ability to take initiative.
A flexible and practical approach to work.
Fluent in English and Khmer, both writing and speaking
Strong administrative skills and an aptitude for using IT software.
Good verbal and written communication skills.

Deadline: 6^th September 2024

Extension of Request for Proposal “Legal Counsel”

Posted on April 30, 2024May 15, 2024 by Sorn Chhorvyvatey

CGCC is a state-owned enterprise, established under the technical and financial guidance of the Ministry of Economy and Finance (MEF) to provide credit guarantees based on international standards to improve financial inclusion and support the growth of SMEs in Cambodia. CGCC obtained the accreditation from the Securities and Exchange Regulator of Cambodia (“SERC”) to become the bond guarantor on 22 August 2023 (“Bond Guarantor” or “Guarantor”).

CGCC wishes to provide guarantee on bonds to be listed on the Cambodia Securities Exchange.

CGCC is seeking to engage a Cambodian legal counsel (“Legal Counsel”) to perform the services as described in the scope of work.

Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs

Posted on August 25, 2023October 18, 2023 by Sorn Chhorvyvatey

Wing Bank (Cambodia) Plc, Credit Guarantee Corporation of Cambodia (CGCC), and Federation of Association for Small and Medium Enterprises of Cambodia (FASMEC) have forged an impactful strategic partnership—a visionary move aimed at boosting the growth of Small and Medium Enterprises (SMEs) in Cambodia.

Wing Bank, CGCC, and FASMEC to Offer Guaranteed Loans and Market Accessibility to SMEs

The collaboration is a strategic effort to address collateral challenges faced by SMEs when applying for bank loans and enhance financial literacy among the SMEs, exclusively for FASMEC members across the Kingdom. This will be achieved by providing financial solutions by Wing Bank on a collateral-free basis and secured with credit guarantees from the state-owned CGCC.

CEO of CGCC, Wong Keet Loong, said, “We are excited to partner with Wing Bank and FASMEC to support FASMEC’s SME members in increasing their access to loans through potential guarantees.”

“This partnership will provide valuable resources for FASMEC, enabling their members to grow and succeed by accessing financing and improving financial literacy, aligning with our goals at CGCC,” Wong highlighted.

CGCC, the first state-owned credit guarantee institution operating under the Ministry of Economy and Finance, aims to bolster local businesses by offering timely credit support. As of July 2023, CGCC has successfully granted credit guarantees amounting to $139.5 million, benefiting 1,648 enterprises. Nearly 92 per cent of these are micro, small, and medium-sized enterprises (MSMEs). In comparison, the remaining 8 per cent are larger businesses.

“Through our innovative financial solutions and partnership with CGCC and FASMEC, we are committed to empowering SMEs with greater access to finance,” said Han Peng Kwang, CEO of Wing Bank. “By providing flexible banking services and credit support, we are enabling SMEs to seize growth opportunities, drive innovation, and contribute to the overall prosperity of Cambodia.”

SMEs who are members of FASMEC can access not only finance guaranteed by CGCC through Wing Bank but also enjoy broader opportunities to connect with potential customers, vendors, and suppliers. This is made possible through Wing’s ecosystem.

Wing Bank provides convenient retail solutions through its WingPay platform, supporting transactions within the Wing ecosystem’s B2B and B2C platforms, including Wingmarket, WingAgri, and Wingmall.

Wingmarket acts as a supply chain solution, streamlining supply chain management for SMEs and corporate businesses. WingAgri serves as a reliable agriculture e-commerce platform, connecting farmers with buyers through a virtual marketplace. Wingmall, a trusted B2C platform, is widely used by numerous restaurants in Cambodia, ensuring seamless transactions and enhancing the customer experience.

The strategic partnership between CGCC, FASMEC, and Wing Bank is poised to foster a supportive environment for financial accessibility, effectively addressing the hurdles SMEs encounter in securing loans, and expanding their market accessibility.

“We are delighted to partner with Wing Bank and CGCC, as it presents a remarkable opportunity for FASMEC members SMEs who face challenges in accessing finance due to a lack of collateral,” said Okhna Te Taing Por, President of FASMEC. “This partnership will enable them to expand their businesses and achieve substantial growth.”

According to local media reports, the Ministry of Industry, Science, Technology, and Innovation registered 43,974 small and medium enterprises (SMEs) last year. These registered SMEs provided 444,504 jobs for Cambodian individuals. SMEs comprise about 90 per cent of all enterprises, contributing to 58 per cent of the GDP and employing over 70 per cent of the workforce.

FASMEC Members can conveniently visit any Wing Bank branches to apply for a loan, where dedicated staff are ready to assist them with all their financial needs. The members can also approach Wing Bank staff during the training sessions organized by FASMEC throughout the country.

Credit to: Khmer Times, Published on 23 August 2023

CGCC Participated in the 31st Asian Credit Supplementation Institution Confederation (ACSIC) Training Program

Posted on July 28, 2023October 19, 2023 by Sorn Chhorvyvatey

Mr. No Lida, Deputy CEO of CGCC, led CGCC’s delegation to attend the 31^st ACSIC Training Program in Jakarta, Indonesia, hosted by the Indonesia Guarantee Corporation Association (ASIPPINDO), and presented about Cambodia’s Credit Guarantee Schemes under the theme “Building a Resilient Future: Enabling Sustainable Credit Supplementation.”

CGCC Participated in the 31st Asian Credit Supplementation Institution Confederation (ACSIC) Training Program

This training program was participated by approximately 60 delegates representing members/observers of ACSIC from 12 countries in Asia including Cambodia, Indonesia, India, Japan, Korea, Malaysia, Mongolia, Nepal, Papua New Guinea, Philippines, Taiwan, and Thailand.

Through this training program, each member and observer of ACSIC was given an opportunity to share their respective credit guarantee regarding their institutions’ background, law and regulation, schemes/products, procedure, and mechanisms, especially credit guarantee schemes to support Environmental, Social, and Governance (ESG). Beyond credit guarantee, CGCC and other delegates also shared the commitment and effort in improving financial literacy for MSMEs through capacity-building programs.

ACSIC is the cooperation of the largest Asia’s credit guarantee organization established in 1987, designed for improving the credit guarantee system, which currently has 19 members and observers from 13 Asian countries.

CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”

Posted on July 17, 2023July 18, 2023 by Sorn Chhorvyvatey

On 14 July 2023, CGCC organized the second Annual Town Hall meeting, a gathering of all CGCC staff to report on progress and milestones to the Executive Committee (Exco) of CGCC as well as sharing with the staff on the second quarter of 2023 progress, especially on the strategy and action plan of some respective departments of the third quarter in 2023.

CGCC 2nd Town Hall Meeting 2023 on “Milestones in Q2 2023 and Strategy Plan in Q3 2023”

The 2nd Town Hall Meeting was attended by all CGCC staff and a guest of honor and a presentation by Mr. Lon Sam Ol, Director of Banking & MFI Supervision of the National Bank of Cambodia. This 2nd town hall meeting is not only for sharing the progress report and plans from all departments, but also for a dialogue platform to openly discussion and obtain recommendations from management on the direction of CGCC’s operations and vision in improving financial inclusion and develop SMEs in Cambodia.

Signing of a $3 million Portfolio Guarantee Agreement for Women Entrepreneurs Between CGCC and Prince Bank

Posted on July 14, 2023July 18, 2023 by Sorn Chhorvyvatey

On 13 July 2023 at Prince Tower, CGCC and Prince Bank signed a $3 million Portfolio Guarantee Agreement for women entrepreneurs. The Agreement is signed by Mr. Wong Keet Loong, Chief Executive Officer of CGCC, and Mr. Honn Sorachna, Managing Director and CEO of Prince Bank, with a participation of Lork Chum Teav Oknha Keo Mom, President of Cambodia Women Entrepreneurs Association (CWEA).

The Portfolio Guarantee Scheme (PGS) for Women Entrepreneurs of CGCC and Prince Bank is effective from 01 August 2023 which will enables Prince Bank to disbursed guaranteed loans to women entrepreneurs without having to get CGCC’s guarantee approval on each loan prior to loan disbursement. This PGS for Women Entrepreneurs will support quicker, easier, and more CGCC’s guaranteed loan disbursements through Prince Bank to women entrepreneurs who lack of collateral.

Signing of a $3 million Portfolio Guarantee Agreement for Women Entrepreneurs Between CGCC and Prince Bank

Mr. Wong Keet Loong, CEO of CGCC said “This USD3mil portfolio guarantee scheme (PGS) with Prince Bank was structured specifically to support women entrepreneurs in providing guaranteed loans. We hope that with the bank’s strong network, we can increase our guarantees to women-owned businesses. As at todate, CGCC has guaranteed 40% of its total guarantees of USD130mil to women-owned MSMEs ie. USD50mil.”

He added that “The woman scheme comes with lower interest rates and guarantee fees for the 1st year. These favorable terms will enable women MSMEs to obtain lower cost of financing.”

Mr. Honn Sorachna, Managing Director and CEO of Prince Bank Plc. stated “We are honored and excited to join the force with CGCC to boost the local economy by supporting the MSMEs segments, especially women MSMEs. Women are the cornerstone of a strong family foundation and in their community. Their involvement and contribution to commerce and the economy at large are very significant and very much lauded. women entrepreneurs with unique abilities and determination are admirable and should be emulated. They deserve the support and encouragement to grow from strength to strength. Under the Portfolio Guarantee Scheme (PGS), we aim to provide better liquidity with special conditions to women-owned micro, small, and medium enterprises to give them extra support for their working capital to invest and sustain their businesses. It’s always our top priority to support Cambodian individuals and businesses for their financial needs; we are trying harder to enhance our products and services and make them conveniently accessible to our Cambodians.”

Prince Bank has become CGCC’s Participating Financial Institutions (PFI) since 2021 and has actively utilized CGCC’s credit guarantees to address the MSMEs’ challenge of lacking collaterals by providing guaranteed loans. CGCC and Prince Bank hope that this PGS for Women Entrepreneurs will support Cambodian women entrepreneurs that are mainly MSMEs, the backbone of the economy.

About CGCC

CGCC is the first-ever credit guarantee corporation in Cambodia, established by the decision of Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister as a state-owned enterprise under the technical and financial guidance of the Ministry of Economy and Finance. CGCC’s main mission is to provide credit guarantees to lenders on loans made to businesses based on international standards to share the risk with lenders and to improve financial inclusion.

About Prince Bank Plc.

Prince Bank Plc. started its business operations in 2015 as a private microfinance institution under the former name “Prince Finance Plc.” and was transformed into a commercial bank with license No. B 46 was granted by the National Bank of Cambodia on 18 July 2018. With a strong capital base, robust technological capabilities, solid expertise, and extensive knowledge of the local market, the bank aspires to become the industry leader by offering differentiated financial solutions through a mix of channels with great convenience to our customers. We are keen on contributing to the development of small and medium enterprises that constitute a key segment of our target customers. Currently, Prince Bank Plc. has 34 branches and 82 ATM locations nationwide.

Maybank Cambodia, CGCC, BNI, CWEA ink MoU to Elevate SME Capacity and Capability Building

Posted on June 12, 2023October 20, 2023 by Sorn Chhorvyvatey

Maybank Cambodia, and Credit Guarantee Corporation of Cambodia (CGCC) have entered into a strategic partnership with Business Network International (BNI), and Cambodia Women Enterprise Association (CWEA) with an intent to support the local small and medium sized enterprises (SMEs) in the Kingdom through SME Building Capacity & Capability Programme (BCC).

Under the MOU, Maybank Cambodia, CGCC, BNI, and CWEA will collaborate to provide trainings and workshops to the members of BNI, and CWEA, and other participating SMEs to help them expand their businesses. The trainings will cover a range of topics relating to financial literacy and business operation.

The MOU will also pave the way for the participating SMEs’ long-term social and business growth through networking sessions, technical and knowledge sharing, and incentivised rates offered by Maybank Cambodia.

The MOU was inked at Maybank Tower and presided over by Rath Sophoan, Chief Executive Officer of Maybank Cambodia, Wong Keet Loong, Chief Executive Officer of CGCC, Kruy Rithy, President of BNI-Super, and Chea Ratha, Vice President of CWEA and witnessed by Dr Sok Siphana, Founding Partner of SokSiphana&associates and Chairman of Asian Vision Institute.

Sophoan, CEO of Maybank Cambodia said, “This MOU and BCC Programme signify Maybank’s continuous commitment to supporting the growth of SMEs in Cambodia. We believe that by providing training in capacity and capability building as part of the financial literacy programme, we are equipping SMEs with the right tools to sustain their business, thus contributing to the Kingdom’s overall economic development.”

Wong, Chief Executive Officer of CGCC said “We believe that the BCC Programme will be a valuable resource for SMEs in Cambodia and will help our entrepreneurs to grow and succeed with the broader opportunities to access to financing and improve financial literacy, which is aligned with our goals at CGCC”

Ratha, Vice President of CWEA endorsed “we are delighted to participate in this initiative, as it aligns with our mission of empowering women entrepreneurs through upskilling and networking.”

Rithy from BNI Super also expressed his optimism on the training. He said “We are confident that this partnership will be mutually beneficially, as it will allow our members to expand their networks, develop new skills, and grow their businesses.”

Credit to: Khmer Times, Published on 11 June 2023

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