According to reports in the local Cambodian media, SME Bank will launch in 2020 with an initial capital of $100 million and provide financing for small and medium-sized enterprises (SME).
General secretary of the Ministry of Economy and Finance Meas Soksensan said SME Bank will officially launch operations soon and they are waiting for a licence from the National Bank of Cambodia. The bank has appointed its board of directors he confirmed.
He added “The bank’s structure has already been established and the bank launch will be coming up soon. The bank is for sure to be operational within the year to respond to the current global economic situation.”
In January 2020, the SME Bank was said to be targeting an official launch in the second half of this year. The Khmer Times also reported at the time that an “expatriate CEO has been hired, along with well experienced and knowledgeable IT experts and other professionals required to ensure the success of the bank.”
Federation of Association for Small and Medium Enterprises of Cambodia president Te Taing Por said the fund is very important because a lot of SMEs have limited access to finance.
A survey by the Ministry of Industry of 71 enterprises in Cambodia found assistance in market research, service development, packaging, technology adoption, human resources, access to labour, access to finance, business registration, taxation and improving hygiene standards is needed among SME’s.
The SME bank will be 100% owned by the Royal Government through the Ministry of Economy and Finance. The initial presentation on the goals of the bank can be found in this presentation from the Ministry.
Initial news reports were published by the Phnom Penh Post and Khmer Times.