The Young Entrepreneurs Association of Cambodia (YEAC) has signed a Memorandum of Understanding (MoU) as a partner with four major institutions, Securities Regulator of Cambodia, Cambodia Security PLc, SWISS CONTACT and GEN CAMBODIA.
The signing followed a workshop on "Access to Financing for Small and Medium Enterprises: Stock Market Preparation, Capital Financing and Banking / Debt Financing" on March 31. The event was attended by YEAC and strategic partners, the Cambodian Banking Association, Cambodia Microfinance Association, Securities Regulator of Cambodia, SWISS CONTACT and GEN CAMBODIA.
The workshop was presided over by Sou Socheat, Royal Government Delegate in charge of the Director General of Securities and Exchange Regulator of Cambodia (SERC), Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance, Rath Sovannorak, Assistant Governor and Director General of Banking Supervision of the National Bank of Cambodia.
Others also attended the workshop, including Executive Director of Khmer Enterprise, YEAC president, the Banking Association of Cambodia, the Microfinance Association of Cambodia and more than 300 partner organizations, state institutions, representatives of banking and financial institutions, women entrepreneurs and business owners.
The YEAC also launched its third access to finance program in 2023, after gaining remarkable achievements in 2021 and 2022, in addition to strong support and participation from up to 710 entrepreneurs.
Pech Bolen, President of the YEAC, said at the workshop, "In addition to access to debt financing through banks and financial institutions, all entrepreneurs should look at other sources of financing of capital markets and venture capital firms.
“YEAC sees the need for small and medium enterprises (SMEs) and has made access to finance one of the association's strategic goals and priorities,” he added.
Bolen added that previously, YEAC has organized training sessions, meetings, forums, sharing and matching between members and investors, as well as cooperation with strategic partners, including the Banking Association of Cambodia, Cambodia Microfinance Association, Aquarii BD Cambodia and JETRO Phnom Penh, as well as regulators and many international chambers of commerce.
“Today, YEAC signed an MoU in partnership with four more major institutions to support the members of the association,” he noted
Sou Socheat, said, “SERC supports and is happy to be a close partner of YEAC in raising awareness about the preparation to be able to raise capital through the securities market, which includes the issuance of shares and the issuance of securities (stock and equity financing) to support SMEs in Cambodia through the association.”
He added that the leadership of the Royal Government, especially Aun Pornmoniroth, who keeps up with the development of SMEs in Cambodia, is a key player in promoting national economic development.
He said he supported and applauded the signing of the MoU, which is also another starting point in promoting and raising the standard of SMEs in Cambodia.
The SERC has been cooperating and supporting YEAC since before the signing of the MoU, and SERC is confident that the partnership with the association will bring positive benefits to many SMEs, especially members of the YEAC, which does business in all provinces of Cambodia.
Chheang Vann Monin, Executive Director of Khmer Entreprise, said, “Transferring knowledge from financial professionals is an opportunity that will strengthen the ability of entrepreneurs to develop a specific business plan, effectively manage their cash flow and keep records of finance in accordance with global standards.
"Khmer Enterprise expects this program to be a platform that will connect small and medium enterprises with financial institutions and capital markets."
YEAC said that a business owner’s meeting is a big event and is a special meeting between all business owners of YEAC throughout the country to provide them with access to the association’s progress, policies and network business among members, especially listening to the challenges and solutions to help their business.
About YEAC
The YEAC was established in September 2009 by a group of young entrepreneurs from different sectors of business in Cambodia. It was launched as a non-profit association that empowers young entrepreneurs, especially women, to promote entrepreneurs and young people through the establishment of a forum to organize and strengthen entrepreneurial networks, share business learning and create business opportunities to increase productivity, job creation, economic development and capacity building for the next generation for the Cambodian economy.
The YEAC has a vision to help SMEs in Cambodia move towards digital entrepreneurship, environment and innovation.
Therefore, the six challenges that are priorities in the new strategic direction for 2020-2025 will be the strategic roadmap for the association's operational plan. It also gives YEAC an important and innovative role in serving the interests of young Cambodian entrepreneurs.
All of these are opportunities to contribute to a better business environment through the application of the practical skills, experience, influence and resources of the YEAC.
About the Cambodian Microfinance Association
The MFI is a non-profit professional association that aims to ensure that all Cambodians have access to a wide range of official financial services in a timely manner through a sustainable financial system. It achieves this by coordinating with operators and strengthening relationships with authorities, donors, lenders and investors.
About the Banking Association of Cambodia
The ABC is a non-profit association that aims to promote the development of the Cambodian financial system and protect the legitimate interests of its members.
The association operates in close cooperation with local and international authorities, associations, organizations and institutions and serves as a liaison between those institutions and the banking community to achieve its mission. The ABC is the official institution representing the private banking sector of Cambodia.
