More BlockChain Developments in Cambodia – The Royal Group, Panda Commercial Bank

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This past week, two more news pieces broke around the expanding blockchain development in Cambodia as The Royal Group and Binance signed a Joint Venture, and Cambodia’s Panda Commercial Bank PLC announced it intends to use the services of Artoniq.

Binance and The Royal Group Cambodia JV

Since the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider Binance signed an MoU with the SERC in Cambodia in July 2022, there have been positive signs the space will be formally legalised and adopted in the Kingdom.

Even though the crypto market has been rocked by recent volatility, especially due to major DeFi crypto lenders (Voyager) and trading platforms such as FTX going bankrupt the Cambodian government and private companies seem bullish on this space.

Binance and The Royal Group Cambodia JV

Binance has now entered into a joint venture (JV) agreement with the Royal Group of Companies (Royal Group) to expand the blockchain ecosystem in Cambodia, which was signed at the ASEAN Business and Investment Summit 2022 held in Phnom Penh.

Leon Foong, head of Binance’s APAC said “We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow for users in Cambodia to enjoy a seamless user experience to make it easier for users to learn about blockchain and tap into the Royal Group network to find ways to on-ramp and start their web3.0 journey.

We will continue to strengthen the collaboration so Cambodia benefits from the growth of the blockchain ecosystem and together we strive to drive up financial inclusion by building a stronger blockchain infrastructure which in turn will increase usage of blockchain-related services and products.”

Binance and The Royal Group Cambodia JV

The pair had already signed an MoU to “collaborate on various initiatives to explore the roll out of Web3/blockchain initiatives in Cambodia including raising awareness and lowering the barrier of information acquisition on blockchain and digital assets through educational programs.”

Neak Ohkna Kith Meng, Chairman and CEO of Royal Group expressed optimism that the JV will go a long way in accelerating inclusive economic growth in Cambodia. “We live in an exciting time in what the next decade and Web3 will bring to us. Technology companies are already imagining the unimagined and paving the way for this world to be an inclusive and open society where multilateral trade could bring economic prosperity for all.”

Panda Commercial Bank PLC & Artonic

Artroniq will provide services and consultation to Cambodia’s Panda Commercial Bank PLC in the R&D (research and development) of blockchain financial services.

It has been reported that the total investment by Panda in R&D of financial services using blockchain will be worth about US$10 million over two years.

Artroniq said online “The proposed collaboration is to further strengthen and expand market penetration in Cambodia. The proposed collaboration is also intended to venture into new sources of business income for the group.”

This will go towards compiling of documentation, R&D of smart contracts for blockchain financial services (assets management, payment, remittance and insurance solutions, consultation services and maintenance services upon product launching.)

Cambodia Crypto and Blockchain News

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