Prince Bank and ID Investors Association and ID Capital Plc. partner up to boost business development in Cambodia
Prince Bank Plc. one of the fastest-growing commercial banks and the Innovation & Development Investors Association (IDI) and ID Capital Plc. (IDC) have tied their partnership today to offer more outstanding financing support to Cambodian entrepreneurs and SME owners who are members of the IDI association and IDC for business growth across industries with business innovation support.
This memorandum of understanding (MOU) was signed on July 10, 2023, between Mr. Honn Sorachna, Managing Director and CEO of Prince Bank Plc. and Dr. Hor Sereyvath, Chairman of IDI and IDC, at the Head Office of Prince Bank located at Prince Phnom Penh Tower. The signing ceremony was also attended by senior management of Prince Bank: Mr. Looi Kok Soon, Deputy CEO; Mr. Leslie Lee, Chief Distribution Officer; Mr. Alex Lim, Head of Corporate Communication & Marketing; and senior management of IDI Association and ID Capital: Mr. Chap Sopheak, Board Member and IDI’s Secretary General and IDC’s CEO, Mr. Uch Sophoan, Board Member; Mr. Seang Chhang, Board Member; Mr. Sok Vatanak, Chief Investment & Business Officer, and Ms. Pann Ammareth Thida, Chief Operation Office.
Mr. Honn Sorachna, Managing Director and CEO of Prince Bank Plc. said, “By having the vision to contribute towards the development and supporting Cambodian entrepreneurs and businesses, as well as strengthening the local economy, Prince Bank stands ready, committed, and working harder to offer financial solutions and advisory to the businesses, and we believe that through IDI and IDC network, we can reach out to more local entrepreneurs and SMEs across the industries in the Kingdom more effectively to provide the financial support at the right time to grow their existing and new business projects further. We will work closely with IDI and IDC to tailor specific financial product packages to each business segment that accelerates access to the best financial support and solution. This cooperation will offer more opportunities for the new ripe business to enter the market and eventually sustain the kingdom’s growth in the face of regional and international trade and economic challenges.”
Dr. Hor Sereyvath, Chairman of IDI and IDC, also stated, “Due to the domino effects in the world economics, it created challenges to the local investors and businesses to get the capital to grow and develop the new business projects as planned. Having Prince Bank as our co-partnered financial institution will increase more opportunities for local entrepreneurs to enhance their existing businesses and even invest in new businesses that are ready to go into the market. As a leading investment hub in the kingdom, we are seeking new possibilities and paving the way for our local business industries to develop further in the region and internationally. Our current focus is on the export products industries such as rice, pepper, and honeybee, and we are working with the related ministries on better export solutions from local to foreign countries like the United States, China, and European countries. And certainly, in this part, Prince Bank will play an important role in offering us trade finance solutions.”
In this partnership, IDI and IDC are the primary investor hubthat assists businesses by establishing a strong investor network that can be used to locate investible projects and achieve a high return on investment. At the same time, Prince Bank is the core financial institution providing financial solutions to IDI and IDC’s 101 members who need capital to invest in or grow their companies and new business projects ripe for listing. We offer investment and business operation consultation on financial terms to help businesses achieve their vision and goal, not limited to the type of business.
For more about Prince Bank’s products and services, please visit us at www.princebank.com.kh or contact our Contact Center at 1800 20 8888 (Toll-free).