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Technological start-ups find more investors

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Thanks to the high usage of smartphones, Cambodia is very interesting for investors in tech start-ups. POST STAFF

Technological start-ups find more investors

Cambodian technological start-ups are booming business, said a recent report on the Kingdom’s tech ecosystem prepared by Mekong Strategic Partners and Raintree Development.

So far, at least 12 technological startups found an investor this year .

Financial technology is the most popular sector with more than 50 active startups. Digital media and advertising come second with over 40 active startups, while e-commerce and logistic, development services and “other disruptor models” follow with some 30 startups in each category.

The number one technological start-up in Cambodia is BookMeBus. An app that allows one to find an easy bus connection ended up in third place in a top 12 ranking by Amazon.

BookMeBus chief financial officer Heng Chan Panhavuth said the number of tech startups is still limited if you compare to neighbouring countries. “There is a huge potential and a big business opportunity in Cambodia if we can link the business to the tech start-ups,” he said.

Panhavuth said challenges involved in the Cambodian tech industry include a shortage of information, difficulty in accessing data and human resources, and limited awareness of the niche markets.

On the upside, the several reasons why Cambodia has a promising tech ecosystem in Southeast Asia include the Kingdom’s young population, over 50 per cent smartphone penetration and a growing English proficiency. Moreover, data usage cost is cheap.

Apart from providing less capital flow restrictions compared to its Southeast Asian neighbours, Cambodia also launched new innovation labs and a national fund of over US$10 million to support technological innovation, the report said.

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