Tripartite bodies in Cambodia promote financial literacy and inclusion

Three organisations have banded together to launch an initiative to enhance financial literacy and inclusion among young entrepreneurs and SMEs.
By: | September 22, 2021

The heads of the Association of Banks in Cambodia (ABC), Cambodia Microfinance Association (CMA) and the Young Entrepreneurs Association of Cambodia (YEAC) have signed an MoU cum partnership agreement to this effect. 

The MoU aims to strengthen and expand cooperation related to the training and organisation of joint workshops and other events, in order to elevate financial literacy and technology, enhance inclusive credit services, and build communication networking among young Cambodian entrepreneurs and SMEs in the Kingdom. 

“The tripartite cooperation will be an important platform for financial professionals and young entrepreneurs to study, explore, create, test and implement innovative solutions and drive development in the business sector in Cambodia,” said CMA chairman Kea Borann. 

YEAC president Seang Sopagna said its members – especially micro-, small- and medium-sized enterprises – consistently bemoan difficulties in accessing credit due to high interest rates, a lack of collateral or proper financial statements, and insufficient reliable information over where to obtain suitable debt financing instruments. 

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ABC president In Channy said, “SMEs are the backbone of the Cambodian economy, having made a significant contribution to the country’s gross domestic product [GDP] and created jobs for Cambodians.” As such, the MoU would provide a platform for banking and finance professionals and entrepreneurs, as well as owners of SMEs, to discuss and find win-win solutions, according to The Phnom Penh Post.