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Start-ups get boost as MoU signed to aid digital growth

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The two signatories will pool their efforts to help build Cambodia’s innovative infrastructure. Photo supplied

Start-ups get boost as MoU signed to aid digital growth

The state-run Techo Startup Center (TSC) and IG Tech Group on Thursday signed a memorandum of understanding (MoU) to work together on “matters of mutual commercial and R&D [research and development] interests”, a joint press release said.

The two signatories will pool their efforts to help build Cambodia’s innovative infrastructure and better position the Kingdom in the context of digital transformation.

The MoU will also speed up “development of identified products and solutions that could leverage from and provide the leverage to local start-ups and their participation, and promote Cambodia’s start-up ecosystem”, the release said.

It said: “Under the MoU, TSC will introduce IG Tech’s solutions and projects to TSC’s start-ups and specific digital projects.

“At the same time, IG Tech will provide technical inputs and advisory to TSC’s general programmes, as well as partnership opportunities with TSC’s specific projects and start-ups.”

Through IG Tech’s mentoring and coaching of selected participants, the two parties will team up to launch the TSC’s Reverse Innovation (RI) project.

TSC executive director Taing Nguonly said: “Running RI is our first step for this partnership. This initial step intends to help the participants in the programme by giving them continuous mentorship and other fundamental supports they need to build their products.

“IG Tech is well-known as a fast-growing company, so the participants will be able to learn a lot from the company’s expertise include technical know-how, entrepreneurial mindset, and working culture too.”

IG Tech president and chairman Kim Puthkiry said: “We are delighted to collaborate with the TSC, providing mentoring and coaching to tech start-ups using our expertise in fintech and banking solutions integration and implementation as well as digital platforms development.

“With our very own IG Tech centres of excellence in the form of joint ventures with renowned technology partners from across the globe, including but not being limited to the US, Europe, India, Singapore and Malaysia, we believe this collaboration will bring stronger support to start-ups and projects under TSC’s programmes, while contributing to the digital transformation of Cambodia.”

IG Tech describes itself as a Cambodian group of companies with a focus on the development, implementation and integration of technology solutions. It names Idealink Consulting Co Ltd as its first member.

The TSC is working with financial institutions to provide fintech solutions for the Kingdom’s up-and-coming start-ups.

In August, it inked an MoU with private financial institution Advanced Bank of Asia Ltd (ABA Bank) on cooperation to support financial technology (fintech) start-ups and build a sound innovation ecosystem for the Kingdom’s budding technological advances.

TSC is based in the Royal University of Phnom Penh (RUPP) on Russian Federation Boulevard (Street 110) in Tuol Kork district’s Teuk La’ak I commune in the capital and is operated by the Ministry of Economy and Finance.

The government issued a sub-decree establishing the centre as a public administrative institution on July 6, following a soft-launch in April last year.

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