The Ministry of Economy and Finance is currently recruiting staff in several management positions to operate the state-owned Small and Medium Enterprise Bank of Cambodia (SME Bank), confirming rumours that the bank is scheduled to be launched later this year.
According to the ministry’s job announcement, it seeks candidates to fulfil positions such as CEO, Chief Operating Officer, Chief Technology Officer, Chief Human Resources Officer and Chief Risk Officer.
The announcement did not reveal the date SME Bank will be launched, but gave an April 30 deadline for applications.
An initiative for setting up SME bank was introduced by Prime Minister Hun Sen in December 2017 in the hopes that it would boost local processing plants and strengthen export capacity.
Speaking at the 18th Government-Private Sector Forum in late March, the prime minister said the government had decided to allocate $100 million from its budget to launch the bank. He added that it is expected to launch later this year.
“The upcoming establishment of SME Bank in 2019 with an initial capital of $100 million from the budget of the Royal Government will support small- and medium-sized enterprises with the potential for expansion and job creation,” he said.
The new bank will prioritise the development of Cambodian agro-businesses and SMEs that are back by foreign direct investment, the tourism sector and tech start-ups.