The Signing Ceremony of Memorandum of Understanding between IDI, IDC and Prince Bank

PHNOM PENH: On July 10, 2023, the Innovation & Development Investors Association “IDI” and ID Capital Plc. “” represented by Dr. Hor Sereyvath, IDI and IDC's Chairman of the Board of Directors tied the partnership with Prince Bank Plc. represented by Mr. Honn Soracha, Prince Bank's Managing Director and CEO 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.

During the ceremony, Dr. Hor Sereyvath, stated, “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 finance solutions.”

Mr. Honn Sorachna also shared, “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.”

Through this partnership, IDI and IDC are the primary investor hub that 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 as well as the external project owners who need capital to invest in or grow their companies and new business projects ripe for listing. The partnership will see both parties offer investment and business operation consultation on financial terms to help businesses achieve their vision and goal, not limited to the type of business.
About Prince Bank Plc.

Prince Bank Plc. started its business operations in 2015 as a private microfinance institution under the former name “Prince Finance Plc.” and was transformed into a commercial bank with license No. B 46 was granted by the National Bank of Cambodia on 18 July 2018. With a strong capital base, robust technological capabilities, solid expertise, and extensive knowledge of the local market, the bank aspires to become the industry leader by offering differentiated financial solutions through a mix of channels with great convenience to our customers. We are keen on contributing to the development of small and medium enterprises that constitute a key segment of our target customers. Currently, Prince Bank Plc. has 34 branches and 82 ATM locations nationwide.

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