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Student Loan Scheme Unveiled for Digital Education

A new student loan scheme launches in a bid to further elevate the nation’s growing digital sector and equip the younger generation with higher paid employment.
Cambodia Academy of Digital Technology (CADT) signs a Memorandum of Understanding (MoU) with Phillip Bank Plc.
Cambodia Academy of Digital Technology (CADT) signs a Memorandum of Understanding (MoU) with Phillip Bank Plc.

Cambodia Academy of Digital Technology (CADT) has signed a Memorandum of Understanding (MoU) with Phillip Bank Plc to provide student loans for digital technology education as part of efforts to encourage more students in the sector.

This is the first digital technology student loan programme in Cambodia, according to a press release. It added that the MoU was signed on February 3 at CADT’s Innovation Center Building during a ceremony presided over by Chea Vandeth, Minister of Post and Telecommunications.

“The Digital Technology Student Loan Programme is initiated in response to the need of increasing the number of digital professionals in Cambodia,” said the press release.

Seng Sopheap, President of CADT, said the student loan programme is provided to learners who cannot afford to pay their tuition fees and those who want to be financially independent. It also aims to encourage the growth of outstanding students in the field of digital technology to build human resources.

According to the programme, students who pass the CADT exam are entitled to receive a $6,000 scholarship from Phillip Bank to complete their bachelor’s degree.

During their study, students are not required to pay either principal or interest, or provide any collateral. Students are only required to pay their loan after they finish their bachelor’s degree and receive a job with a decent salary.

CADT said it strongly believes that the students who graduate will have good job opportunities, high salaries and the capacity to repay their loans.

“In the case that the student graduates but is not capable of finding a job, CADT will take the responsibility for paying the loan on behalf of the student,” CADT said in the press release.

“This proves that CADT is committed to providing the highest quality education in digital technology in Cambodia. This student loan programme is offered to students who have passed the entrance exam to study at CADT for a bachelor’s degree in computer science, telecommunications and networking, and e-commerce.”

Chea Vandeth added he is very pleased and supportive of the student loan programme. He encouraged young people to consider studying digital technology as well as other skills related to Industry 4.0.

“This way, they will be able to strengthen their capacity and find a job that has a high income so they can help improve their personal and family life, especially contributing to the promotion and development of the country in the digital era,” Chea Vandeth said in the press release.

Chan Mach, CEO of Phillip Bank, said the collaboration will provide an opportunity for Cambodian students to achieve the careers they have always dreamed of, especially in digital technology.

“Phillip Bank strongly hopes that this support will help contribute to increasing human resources in Cambodia to be ready for the development of digital technology in the country now and in the future,” Chan Mach said.