Logo of Phnom Penh Post newspaper Phnom Penh Post - Finnish fund invests $10M into Sathapana

Finnish fund invests $10M into Sathapana

Content image - Phnom Penh Post
Finland’s OP Finnfund Global Impact Fund I has invested $10 million in local lender Sathapana Bank Plc (left). Heng Chivoan

Finnish fund invests $10M into Sathapana

The local Sathapana Bank Plc has received $10 million from OP Finnfund Global Impact Fund I, the first global emerging markets impact fund in Finland, allowing the bank to expand its loan portfolio to small- and medium-sized enterprises (SME), and especially female entrepreneurs.

Sathapana Bank CEO Fung Kai Jin underscored that his bank provides a host of services for SMEs and women entrepreneurs to contribute to the national economy.

“At Sathapana, we not only focus on delivering financial services to our customers, but we also want to deliver non-financial services that provide additional value to SMEs and women entrepreneurs,” he said.

“As we know, the vast majority of Cambodian businesses are SMEs, and they are very vital to the Kingdom’s economy. Twenty-six per cent of SMEs are owned by women in the country, while 62 per cent of micro-enterprises are women-owned, so we can’t emphasise enough their importance to the Cambodian economy.

“We also ensure gender equality in our recruitment, aside from enabling and sustaining these entrepreneurs with our suites of products and services such as business instalment loans, flexi-lending, contactless payment and smart savings,” Fung added.

OP Corporate Bank asset management head Tuomas Virtala stressed that catalysing growth of SMEs and empowering women are at the core of OP Finnfund Global Impact Fund I’s investment strategy.

“We are glad to join forces and support Sathapana’s work both in developing their operations and gender equality within the bank as well as contributing to Cambodian financial sector and the society as a whole,” he said.

Finnfund associate director and financial institutions portfolio head Antti Urvas said that “during the six years of our partnership, we have seen Sathapana developing from a microfinance institution to a commercial bank”.

“Simultaneously, their work towards gender equality and women empowerment has made Sathapana Bank qualified under the 2x Challenge initiative.

“The ambition to develop their operations and become the leading player in the Cambodian payment ecosystem makes Sathapana an interesting partner for Finnfund also in the future, and we are also glad to have OP Finnfund Global Impact Fund I onboard as a new investor in the company,” he said.

MOST VIEWED

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports