SeedIn Cambodia, one of the earliest known alternative finance technology companies in Cambodia, has signed a memorandum of understanding for collaboration with Phillip Bank Cambodia to develop financial services product for the local consumers and small business owners. We believe that by working together, more convenient and innovative financial services can be provided to the general Cambodian public.
After many years of strong growth and exceptional economic performance, Cambodia is set to become a middle-income country. However, general consumer and small business access to credit still remain a significant hurdle. Philip Bank and SeedIn sees this need in the financial services industry and plan to roll out a series of financial products tailored to Cambodian needs. This will be accomplished via a collaborative effort using credit data analytics.
Poh Wen Yi, Managing Director for SeedIn Cambodia, said: "SeedIn is very excited to be cooperating with Philip Bank on this initiative that will contribute to further growth and innovation to the Cambodian credit market. We are also equally pleased that a like-minded partner can be found in Philip Bank who has the foresight to see the untapped potential present in Cambodia. Together, we can better serve the personal aspirations or small business needs of the Cambodian population."
Han Peng Kwang, General Manager for Phillip Bank Cambodia expressed: "PhillipBank is delighted to partner with SeedIn, an established and successful Fintech company from Singapore to provide another alternative and avenue for Cambodians looking to obtain personal loans for investment or personal consumption. This collaboration will simplify the loan application and customers will be able to obtain the loan within 5 working days from date of application submittedsubject to meeting the terms and conditions of the loan."
Phillip Bank Cambodia and SeedIn Cambodia share common background as Singaporean companies who believe that the maturity of financial services in Singapore can also be brought to the rest of South East Asia. In the long term, the partnership will allow better understanding of the gaps in currently available credit products; thus allowing customization and innovation that leads to value-add in many aspects, including but not limited to potential accessibility, lowered cost or transparency of the said financial services. This is aligned with Phillip Bank and SeedIn's goal to create an inclusive financial services eco-system in Cambodia.