The SME members of Khmer Enterprise now can access loans from Wing Bank and its financial digital ecosystem to aid recovery from the impacts of the pandemic.
Khmer Enterprise and Wing Bank (Cambodia) Plc have entered into a strategic partnership to support the operational development of the Kingdom’s small and medium-sized enterprises (SMEs).
This aims to promote sustainable and workable ecosystems for entrepreneurs, startups and SMEs in Cambodia to amplify the impact within the country’s ecosystem.
Under the partnership, Khmer Enterprise and Wing Bank will work closely to boost the operations of SMEs in four key priority sectors – agriculture, manufacturing, services and ICT – providing them with the opportunity to access loans from Wing Bank and its financial digital ecosystem.
“The partnership with Wing Bank will provide further options to our SME members who are seeking financial support for their business, especially those who have been adversely affected by the pandemic,” said HE Dr Chhieng Vanmunin, CEO of Khmer Enterprise.
Wing Bank has a long experience in supporting SMEs in Cambodia to grow their business. As of 2020, Wing Bank has been working with more 2,400 SMEs for collection and disbursement services.
“SMEs play an integral role in our community through creating jobs, and supplying inputs to larger businesses.
“This partnership reflects our relentless commitment to supporting SME growth and exploring further opportunities to help them sustain their businesses,” said Hor Bunthe, Wing Bank deputy CEO.
Having launched a commercial bank licence in April of this year, Wing Bank has enhanced its efforts in supporting the community by establishing financial products and services for both individual customers and businesses.
All of these products can be accessed through the financial digital ecosystem of Wing Bank, which includes Wing Money and the more than 10,000 Wing Cash Xpress Agents across Cambodia.
Khmer Enterprise, established by the Ministry of Economy and Finance (MEF), aims to mobilise, invest and manage resources to support the development of a vibrant entrepreneurial ecosystem in the Kingdom, thereby promoting entrepreneurial activities driving innovation and value-added creation in Cambodia’s economy.
In response to the challenges and impacts of the Covid-19 pandemic, Khmer Enterprise has filtered almost 700 applications, among which 59 startups and SMEs were chosen to receive government grants.
Next year, Khmer Enterprise aims to roll out another round of assistance package programmes to support startups and SMEs and see them thrive with the reopening of the economy.