The Cambodian private sector is launching an SME (Small and Medium Enterprises) Championship on the 3rd July 2020 to promote the sector in the Kingdom. PLMP Venture Capital and FASMEC are organising the competition.
Cambodia SME Championship 2020
The first small and medium-sized enterprise (SME) competition in Cambodia, called the Cambodia SME Championship, will seek to “promote the SME sector and seek financial loan support for business expansion” reports the Phnom Penh Post.
PLMP Venture Capital has opened up registrations for the event saying in a statement “The Cambodia SME Championship is a first-of-its-kind event in the Kingdom to bring together start-ups, established SMEs, entrepreneurs, VCs, and a selection of Speakers from the most trending industries.”
The event will be co-organised by FASMEC and is endorsed by the Security and Exchange Commission of Cambodia (SECC). The registrations are limited to 120 entries and the top 12 companies who are selected as finalists will pitch at the event.
FASMEC president Te Taingpor added that the competition was set up to find the winners in the SME sector and also promote them.
The top three winners of the competition will receive a trophy plus a certificate and qualify for funding of up to $1 million in investment from PLMP Venture Capital, although the funds are pending certain criteria and at the discretion of PLMP Venture Capital.
Cambodian government supporting SME
The Cambodian government is making an effort to support SMEs in Cambodia via the SME Bank which launched in 2020 with a $150 million capital investment.
$50 million in financing has also been made available through the Agriculture and Rural Development Bank (ARDB) to support SMEs in the agro-industrial sector.
What is the PLMP Venture Capital Co Ltd?
The PLMP Venture Capital Co Ltd is the tech venture arm of Singapore-based blockchain firm PLMP FinTech Pte Ltd. It was incorporated in 2019 and a fully licensed Asset and Fund Management firm by the Security and Exchange Commission of Cambodia (SECC).
The company said in February 2020 it had a ten-year target to incubate more than 10,000 SMEs through blockchain solutions and networking opportunities in Cambodia.