HONG LEONG BANK CAMBODIA INKS MOU WITH SME ASSOCIATION OF MALAYSIA TO ACCELERATE SME GROWTH IN CAMBODIA

PHNOM PENH, Cambodia, April 29, 2022 /PRNewswire/ -- Hong Leong Bank (Cambodia) Plc ('HLBCAM' or the 'Bank') signed a memorandum of understanding (MoU) with the SME Association of Malaysia enabling sharing of knowledge and expertise, providing advisory and business matching opportunities to support the growth of small and medium enterprises (SME) in Cambodia, while facilitating potential business and investments between the countries.

The signing between Terrence Teoh, Managing Director and CEO of HLBCAM and Ding Hong Sing, National President of SME Association of Malaysia was witnessed by H.E. Eldeen Husaini, Malaysian Ambassador to Cambodia and H.E. Cheuy Vichet, Cambodian Ambassador to Malaysia.

As SMEs play a vital role in Cambodia's economic growth, Teoh reaffirmed HLBCAM's commitment to supporting SMEs to strengthen business resiliency in the pandemic recovery phase through trade and investment opportunities.

"We share the same goal as Cambodia in spurring the enterprise spirit and boosting economic development. Through this MoU, I believe our joint capabilities and deep insights of both markets can help our Cambodian and Malaysian SME customers navigate mutual business matching opportunities, alongside helping them connect with a broader range of business and financial solutions, especially in digital innovation to drive business performance and greater sustainability," said Teoh.

Representing Malaysia's SME community, Ding Hong Sing said the MoU would foster collaboration. "Our aim is to share industry expertise and know-how through study visits, workshops, and seminars with relevant business partners. By combining forces, we can help SMEs realise their full potential and harness opportunities between the growing Cambodian and Malaysian SME sectors."

H.E. Cheuy Vichet, Cambodia's Ambassador to Malaysia said the MoU aligns with Cambodia's national aspirations to drive industrial development through economic diversification, enhancing competitiveness and strengthening productivity as outlined in the Royal Government of Cambodia-approved Industrial Development Policy 2015-2025.

"The MoU will help Cambodian SMEs expand the entrepreneurial ecosystem, support Cambodia's socio-economic development aim, drive sustainable and inclusive high economic growth, and enhance industrial sectors," said His Excellency.

H.E. Eldeen Husaini, Malaysia's Ambassador to Cambodia, reaffirmed the 65-year strong bond between the countries, citing the MoU as a reflection of their commitment to strengthen ties, especially in bilateral trade.  

"This MoU will pave the way for mutually beneficial collaborations and opportunities for SMEs from both countries to strengthen the SME landscape and contribute to enhanced competitiveness in the region," said His Excellency.