Access To Finance For Small and Medium Enterprises (SMEs)
Access To Finance For Small and Medium Enterprises (SMEs)
Business Model Description
Invest in financial institutions in Cambodia offering innovative financing solutions for SMEs, particularly for those in the agriculture sector. Many players have emerged in this segment to provide financial services (including, loans, deposits, money transfers, micro-insurance, payment services, payroll services, and international remittance services) to low-income populations with an ambition to improve their livelihood options and to SMEs in the agriculture sector. Such players have been successful in attracting private investor interest, raising funds in the range of USD 3-25 mn.
Investments in the financial services sector in Cambodia require a cautious evaluation of the service providers that have been subject to criticism regarding excessive costs to customer, aggressive loan recovery practices and human rights violations. To combat such malpractices, relevant authorities have taken steps such as setting an annualized interest rate ceiling at 18 per cent and more recently a code of conduct for financial service providers. (24) (25) (28)
Following are some examples of companies that are active in this space as an illustration of the commercial viability of the investment opportunity: AMK Microfinance Institution Plc (AMK), formerly Angkor Mikroheranhvatho (Kampuchea) Co. Ltd., was founded in 2001 to provide microfinance services (including, loans, deposits, money transfers, micro-insurance, payment services, payroll services, and international remittance services) to low-income population to improve their livelihood options and to MSMEs in agriculture sector.
Chamroeun Microfinance Plc. (Chamroeun), formerly known as Chamroeun Microfinance Limited was founded in 2006. It is an MFI providing several types of loan products, including working capital for businesses, group loans and loans for social emergencies. It aims to serve Aquaculture farmers and is working with agri-cooperatives, providing not only finance, but also support in ensuring investment readiness of such enterprises.
Disclaimer: UNDP, the SDG Investment Platform, nor its affiliates (collectively “UNDP”) does not seek or solicit investment for programs, projects, or opportunities described on this site (collectively (“Programs”) or any other Programs, and nothing on this page should constitute a solicitation for investment. The descriptions on this page is provided for information value only, as examples of prior investment related work UNDP has conducted. UNDP assumes no liability for investment losses direct and indirectly resulting from recommendations made, implied, or inferred by its research. Likewise, UNDP assumes no claim to investment gains direct or indirectly resulting from trading profits, investment management or advisory fees obtained by following investment recommendations made, implied, or inferred by its research. Investment involves risk, and all investments should be made with the supervision of a professional investment manager or advisor. The materials on the Website are not an offer to sell or a solicitation of an offer to buy any investment, security or commodity, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
Expected Impact
Provision of affordable loans for SMEs using customer centric systems and processes that promote enterprise growth, financial inclusion of last mile businesses.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
UNDP, the Private Finance for the SDGs, and their affiliates (collectively “UNDP”) do not seek or solicit investment for programmes, projects, or opportunities described on this site (collectively “Programmes”) or any other Programmes, and nothing on this page should constitute a solicitation for investment. The actors listed on this site are not partners of UNDP, and their inclusion should not be construed as an endorsement or recommendation by UNDP for any relationship or investment.
The descriptions on this page are provided for informational purposes only. Only companies and enterprises that appear under the case study tab have been validated and vetted through UNDP programmes such as the Growth Stage Impact Ventures (GSIV), Business Call to Action (BCtA), or through other UN agencies. Even then, under no circumstances should their appearance on this website be construed as an endorsement for any relationship or investment. UNDP assumes no liability for investment losses directly or indirectly resulting from recommendations made, implied, or inferred by its research. Likewise, UNDP assumes no claim to investment gains directly or indirectly resulting from trading profits, investment management, or advisory fees obtained by following investment recommendations made, implied, or inferred by its research.
Investment involves risk, and all investments should be made with the supervision of a professional investment manager or advisor. The materials on the website are not an offer to sell or a solicitation of an offer to buy any investment, security, or commodity, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
Country & Regions
Sector Classification
Financials
Development need
71% adults have access to financial services, along with 59% of adults (60% females; 57% males) who have access through formal providers. 29% of adults remain excluded from access to any form of financial services (27% female; 31% males) due to an inability to fulfil the documentation requirements from formal institutions and the mismatch in return expectations of the customers. (1)
Policy priority
National Financial Inclusion Strategy (NFIS 2019-2025): aims to enhance financial inclusion by increasing access to quality formal financial services, reducing financial exclusion of women by half from 27% to 13%, and increasing usage of formal financial services from 59% to 70% by 2025, as well as improving household welfare and supporting economic growth.(2)
Gender and Marginalization issues
With ~12% of adults (12% males; 13% females) using only informal financial services, women are more likely than men to save and access credit from informal channels or family and friends.(1) Moreover, most Microfinance Institutions (MFIs) in the country do not offer unsecured loans to small businesses or entrepreneurs.
Although access to formal financial services among Cambodian men and women is almost equal, there is a significant gender gap in loans and savings mobilization. On average, men get larger loans and deposit higher savings amount than women. Women (70%) tend to have more passive saving accounts than men (56%). Issues regarding high non-interest related costs to customers such as commission fees have also been recorded leading to persistence of high levels of indebtedness among low income households. (3) (4) (10)
Investment opportunities introduction
The NFIS 2019-2025 provides guidance on the action plans to achieve the vision of the Royal Government of Cambodia (RGC) in enhancing financial inclusion in Cambodia as stated in the Financial Sector Development Strategy 2016-2025.(2)
Key bottlenecks
Financial sector is characterized by high dollarization (substitution of local currency by USD), foreign ownership and concentration. Access to finance in Cambodia is characterized by high interest rates and the need for collateral to de-risk lending. Limited development of financial markets prevents investors to divest /exit their investments through an IPO.
Corporate and Retail Banking
Development need
SMEs account for 99% of total enterprises, and 66% enterprises state that access to finance is a challenge, specifically for funding working capital requirements. Lack of collateral restricts financial access for both men and women-owned business.
Other challenges include, high interest rate, information asymmetries and absence or limited financial products tailored to women who own 65% of all SMEs in the country.(4)
Policy priority
SME Development Framework 2006: aims to create a conducive business environment and make SMEs more competitive. It also aims to strengthen the role of banking sector to mobilize domestic financing, prepare policies and mechanisms to expand financial services coverage, and apply principles of financial consumer protection to promote people’s living standard and economic development. (5)
Gender and marginalization issues
Covid-19 adversely affected the social and economic growth in the past two years, specifically for SMEs and the banking system (banks’ assets, revenue, and growth).(6) 65% of all small and medium-sized businesses in the country were owned by women. 59% of women-owned businesses were affected by Covid-19, and 17% of the these closed shop. (7)
Farmers account for 3,282,829 individuals, or the largest target market at 33% of total adult population. Of these, 32% are subsistence farmers, and 68% both consume and sell their produce.
They operate with the second lowest median monthly income of USD 61 and majority (97% of total farmers) are based in rural areas. 55% of this target market primarily use formal financial services; 10% banked and 45% other formal, and 21% excluded. (1)
Investment opportunity introduction
In the agriculture sector, investment is needed to upgrade equipment and provide sustainable solutions that can improve farmers’ livelihoods. (8)
There is a need for financial service providers to create and deliver financial products that are better adapted to SMEs and farmers. SMEs play an essential role in building economic resilience, creating local jobs, contributing to poverty reduction and boosting national economic growth. (6)
As per IFC MSME Finance Gap Report (2017), the unmet financing demand of MSMEs in Cambodia is estimated to be USD 3.7 bn. (9)
Key bottlenecks
SMEs often lack the structure and governance needed to produce documents for loan applications, resulting in business owners resorting to personal loans carrying less preferential terms and conditions. Even though multiple players exist in this sector, there is little evidence of financial products with price points that are beneficial for SMEs.
Commercial Banks
Pipeline Opportunity
Access To Finance For Small and Medium Enterprises (SMEs)
Invest in financial institutions in Cambodia offering innovative financing solutions for SMEs, particularly for those in the agriculture sector. Many players have emerged in this segment to provide financial services (including, loans, deposits, money transfers, micro-insurance, payment services, payroll services, and international remittance services) to low-income populations with an ambition to improve their livelihood options and to SMEs in the agriculture sector. Such players have been successful in attracting private investor interest, raising funds in the range of USD 3-25 mn.
Investments in the financial services sector in Cambodia require a cautious evaluation of the service providers that have been subject to criticism regarding excessive costs to customer, aggressive loan recovery practices and human rights violations. To combat such malpractices, relevant authorities have taken steps such as setting an annualized interest rate ceiling at 18 per cent and more recently a code of conduct for financial service providers. (24) (25) (28)
Following are some examples of companies that are active in this space as an illustration of the commercial viability of the investment opportunity: AMK Microfinance Institution Plc (AMK), formerly Angkor Mikroheranhvatho (Kampuchea) Co. Ltd., was founded in 2001 to provide microfinance services (including, loans, deposits, money transfers, micro-insurance, payment services, payroll services, and international remittance services) to low-income population to improve their livelihood options and to MSMEs in agriculture sector.
Chamroeun Microfinance Plc. (Chamroeun), formerly known as Chamroeun Microfinance Limited was founded in 2006. It is an MFI providing several types of loan products, including working capital for businesses, group loans and loans for social emergencies. It aims to serve Aquaculture farmers and is working with agri-cooperatives, providing not only finance, but also support in ensuring investment readiness of such enterprises.
Disclaimer: UNDP, the SDG Investment Platform, nor its affiliates (collectively “UNDP”) does not seek or solicit investment for programs, projects, or opportunities described on this site (collectively (“Programs”) or any other Programs, and nothing on this page should constitute a solicitation for investment. The descriptions on this page is provided for information value only, as examples of prior investment related work UNDP has conducted. UNDP assumes no liability for investment losses direct and indirectly resulting from recommendations made, implied, or inferred by its research. Likewise, UNDP assumes no claim to investment gains direct or indirectly resulting from trading profits, investment management or advisory fees obtained by following investment recommendations made, implied, or inferred by its research. Investment involves risk, and all investments should be made with the supervision of a professional investment manager or advisor. The materials on the Website are not an offer to sell or a solicitation of an offer to buy any investment, security or commodity, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.
Business Case
Market Size and Environment
> USD 1 billion
>530,000 small and medium enterprises in Cambodia (6)
SMEs account for 99% of total enterprises, (4) while ~95% of SMEs are not appropriately registered.(13) They contributed 58% of Cambodia's GDP in 2018 (14) and are a key factor for both, industrial sector growth and achieving the Royal Government of Cambodia’s (RGC) ambition to attain upper-middle-income status by 2030 and high-income by 2050.(13)
In 2022, RGC provisioned a budget of USD 100 mn to promote a strategic framework and programs to rehabilitate and promote economic growth following the impact of Covid-19, along the new normal trajectory, which aims to revitalize and strengthen the economy.(12) In 2019, RGC allocated a budget of USD 100 mn to launch the SME Bank to serve financing need of SMEs and banks. (13)
Indicative Return
15% - 20%
> 25%
Microfinance Deposit-taking Institutions (MDIs) have large distribution networks and customer base, and generate an attractive return on equity (ROE) (15)
USD 2.1 bn or 31.2% of the total credit dispensed by financial service providers comprised household loans, followed by trade and commerce at USD 1.43 bn and agriculture USD 1.31 bn. Non-performing loan ratio was ~1.8% in 2020, up from 0.8% in 2019. (15)
Investment Timeframe
Medium Term (5–10 years)
As per experts, investments will turn profitable in small to medium term period. Businesses in this area are profitable and generating high IRRs for investors.
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Market - Volatile
Capital - Requires Subsidy
Low financial capability
Need for policy and regulatory strengthening
Impact Case
Sustainable Development Need
Enhancement in access to financial services by promoting SMEs will strengthen the resilience of the financial sector. SMEs contributed 58% to GDP in 2018 (14), and are a key factor for both, industrial sector growth and attaining the upper-middle-income status by 2030 and high-income by 2050 for Cambodia.(13)
Financial inclusion should be promoted to achieve market-oriented financial sector development, enhancement of financial literacy, reduction of cost for using financial services, improvement of customer protection principles and code of conduct for financial service providers, and enable financial infrastructure and FinTech development to ensure efficient and accessible financial services. (2)
SMEs play a significant role in promoting export income. ~10% of Cambodia’s exports are generated by SMEs. Financial solutions (low-interest rate lending) can help boost local processing plants and strengthen export capacity.(13)
Gender & Marginalisation
The effectiveness of macroeconomic policy in terms of financial inclusion depends on the provision of affordable and appropriate financial instruments with reasonable interest rates to those who lack adequate financing, including unbanked households, SMEs, women entrepreneurs and farmers. (6)
Unavailability of innovative and tailor-made financial solutions for SMEs, including women-led enterprises is a challenge limiting the growth of SMEs in Cambodia. Strengthening the capacity of financial service providers by diversifying their product portfolios that are suited to the needs and service capacities of SMEs can help resolve this issue.(4)
Financial inclusion of the unserved population (including farmers) or SMEs can help address the challenges around poverty reduction in Cambodia, such that they get access to affordable financial services to create and broaden their economic activities across sectors. (2)
Levels of household level indebtedness among Cambodians is one of the highest in the region. Estimates based on consumption data and household surveys suggest a significant increase in household indebtedness with the debt-to-consumption ratio increasing from 24 per cent in 2010 to around 50-80 per cent in 2016 depending on income levels. This has been further exacerbated by COVID-19 where according to the National Institute of Statistics’ Cambodia Socio-Economic Survey, conducted between July 2019 and June 2020, an estimated 1.25 million households, just under 35 per cent of all households in Cambodia, were indebted at that time. (24) (27)
Adequate financing with avenues for market access will also enable farmers to be equipped to reach international markets.
Expected Development Outcome
Provide innovative financing solutions to encourage SMEs (farmers) to expand without bearing high interest and related fee costs of the banks. For example, players in this segment can work in value chain financing, whereby suppliers serve as the guarantor of the loan to the end-user (borrower).
Increase usage of formal financial services from 59% to 70% by 2025 to improve household welfare and support economic growth by offering innovative savings and credit products for SMEs that are affordable and serviceable, improved payment system capabilities, and broader access to insurance. (2)
Strengthen the capacity of the financial sector regulators, improve the regulatory room for innovative products, increase consumer empowerment and protection, and promote financial sector transparency, especially to weed out current concerns around consumer protection. (2) (24)
Gender & Marginalisation
Promote development of FinTech, especially for payment services, to enhance financial inclusion and expand financial access to under-served population in rural areas.(2) This will also help in supporting industry development in remote areas to promote exports by connecting to a seamless payments system.(10)
Provide tailor made financial products to reduce financial exclusion of women by half from 27% to 13% by 2025. (2) Women-led enterprises should be prioritized for financing to help promote women’s roles in agriculture. (8)
Support expansion of SMEs as these enterprises also absorb maximum labor. Work for uplifting the sector that employs >1.2 mn people (12), i.e. ~70% of all job creation.(13)
Improvement in systems and operations that are geared to offer need based, affordable and customer-centric financial products that benefit the growth aspirations of SMEs and are considerate towards the prevalent levels of household indebtedness in Cambodia. (24)
Primary SDGs addressed
1.2.1 Proportion of population living below the national poverty line, by sex and age
17.8% in 2020 (19)
6% in 2030 (18)
9.2.2 Manufacturing employment as a proportion of total employment
10% in 2016 (18)
25% in 2030 (18)
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
Due to low financial literacy rate, Cambodians lack financial information, experience and competence to make financial decisions, thereby aggravating the reliance on informal finance providers and low access to recourse in case of adverse situations such as unwilful loan defaults.(1)
SMEs face various challenges which hinder their growth, including low technical skills and knowledge, insufficient facilitation and support and competition in national and global markets that may deter them from fully benefitting from businesses under this investment opportunity area.(13)
Covid-19 has increased challenges-financial risk associated with sustenance of SMEs, supply chain issues, and human resource concerns (inadequate staff or concerns about mental health) making the pathway to re-growth slower.(13)
Challenges that are outside the influence of current MFI offerings such as substandard products offered by SMEs and consumers’ low confidence in them, adds to the obstacles to growth for SMEs and has a bearing on the growth of lending portfolio to this segment.(13)
Marginalization risk: Considerable investment required for educating SMEs, particularly from low resource settings on the benefits of preparing themselves for borrowing from formal lenders.
Gender risk: If the products are not designed keeping women entrepreneurs and their needs in mind, women-owned businesses may continue to remain marginalized despite the growth of lending to SMEs generally.
Impact Risks
Lack of impact-focused financial service providers will increase dependency on predatory sources of finance, leading to negative outcomes due to the exploitation of consumers (illegal land grabbing or bonded labor).(1)
If SMEs are not registered, RGC would continue to be unaware of the full landscape of such businesses in the country, limiting their capacity to resolve challenges faced by MSMEs.(12)
SMEs stand to be indebted in the absence of any tangible documentation (enterprise records) or governance structure that can help FIs assess their creditworthiness. This will impact lender portfolios.
Absence of regulatory allowance for innovation burdens RGC with the cost of subsidies for SMEs (to enable them to overcome issues in human resource and production costs) and facilitating low-interest loans.(12)
Support in terms of capacity building and the presence of adequate support infrastructure (banks, digital-infra, MFI branches, grievance redressal system) will be required along with access to finance.
Cambodia requires microfinance borrowers to post collateral such as land titles and seizing asset collateral is the second-most common means of collecting delinquent loans after verbal reminders. Client protection regulations need substantial strengthening to ensure long-term market sustainability. (24) (26)
Climate vulnerability in Cambodia subjects farmers to extreme weather conditions that adversely impact farm incomes. Aggressive lending with vanilla loan products to such constituents can lead to further financial shocks and deeper indebtedness. (29)
Impact Classification
What
Microfinance institute providing credit with a focus on agriculture and MSMEs to address their working capital needs and improve their productivity.
Risk
Due to inadequate knowledge and management capacity, funds borrowed may not be used in an optimized way.
Contribution
As of 2021, outstanding loans of MFIs stood at USD 6.7 bn or ~18% of the total outstanding loans of USD 37.7 bn. (15)
Impact Thesis
Provision of affordable loans for SMEs using customer centric systems and processes that promote enterprise growth, financial inclusion of last mile businesses.
Enabling Environment
Policy Environment
Financial Sector Development Strategy 2016-2025 aims at achieving a sound, efficient, diversified and inclusive market-based financial system that can fulfill domestic demand for financial services and is able to support sustainable economic growth, raise people's income, reduce poverty. (20)
National Financial Inclusion Strategy 2019-2025 provides guidance on the action plans to achieve the vision of the Royal Government in enhancing financial inclusion in Cambodia as stated in FSDS 2016‐2025. (21)
Recovery Plan 2020-2023 monitors and evaluates the implementation of Sub-decree 124 on the Tax Incentives for Qualifying SMEs Operating in Defined Priority Sectors, and then examine the feasibility for revision if necessary.(22)
Cambodia Digital Economy and Society Policy Framework 2021-2035: prioritizes supporting infrastructure growth including financial technology infrastructure and digital payment system for the digital transformation. (23)
Financial Environment
Investment Law: Under article 24, tech industries involving in innovation, digital industries, SME in priority sectors & SME cluster are entitled to investment incentives under article 26 such as income tax exemption for 3 to 9 years, prepayment tax exemption and minimum tax exemption. (18)
In March 2017, the National Bank of Cambodia (NBC) introduced an 18 percent cap on the annual interest rate of microfinance loans denominated in local currency and US dollars. The cap was intended to alleviate borrowers’ repayment burden and further improve efficiency of the microfinance sector. The ceiling was imposed after a prolonged period of concerns on excessive interest rate which could undermine the poverty-reduction purpose and sustained healthy development of the microfinance sector. (24) Please note the outcomes of the implementation of the interest ceiling under the Business Case section of this IOA.
Investment Law: Under article 27, besides the basic incentives above, QIP will receive additional incentives such as VAT exemption for the purchase of locally made inputs, deduction of 150 % from tax base for activities such as research development and innovation. (18)
Other incentives: Government provides low interest rate loans to farmers and SME operators via Agricultural and Rural Development Bank and SME bank. (22)
Regulatory Environment
Regulation on Corporate Governance of Banking and Financial Institutions 2008: to strengthen governance of Banks and Financial Institutions. (23)
Marketplace Participants
Private Sector
Corporates: Amret, Prasac Investors: The Shanghai Commercial & Savings Bank, Ltd., Agora Microfinance Partners LLP, Rural Impulse Fund II, Cambodia-Laos Development Fund L.P., RenetJapanGroup,Inc
Government
SME Bank, Ministry of Economy and Finance, Ministry of Industry, Science, Technology and Innovation is in charge of policy implementation for SMEs, Ministry of Commerce
Multilaterals
PROPARCO, Global Climate Partnership Fund, SWITCH to Solar Project, Waste to Energy, European Microfinance Platform, Asian Development Bank
Non-Profit
Cambodian Microfinance Association, Oxfam
Public-Private Partnership
Khmer Enterprise and Cambodia Microfinance Association Partnership
Target Locations
Cambodia: Phnom Penh
Cambodia: Kandal
References
- (1) UNCDF. (2017). Cambodia Financial Inclusion Country Report 2017. https://finmark.org.za/system/documents/files/000/000/223/original/Cambodia_Synthesis-Note_28-September-2017.pdf?1601985666#:~:text=Cambodia%20has%20a%20moderate%20level,financial%20services%20through%20formal%20providers
- (2) UNCDF. (2020). Measuring Progress 2020: Financial Inclusion in selected ASEAN Countries. https://www.uncdf.org/article/7615/measuring-progress-2021-financial-inclusion-in-asean
- (3) Badzmierowski, B. (2022). Investing for a Purpose in Cambodia: Sevea and Boost Capital. https://cambodiainvestmentreview.com/2022/03/15/investing-for-a-purpose-in-cambodia-sevea-and-boost-capital/
- (4) BD Trust. (2019). Financial Access for MSMEs. https://www.unescap.org/sites/default/files/Session%205%20Financial%20Access%20for%20MSMEs.pdf
- (5) Kwanchainond, K. (2010). Small and Medium Enterprises Development Policies in Cambodia. https://www.asean.org/wp-content/uploads/images/archive/documents/SME%20Development%20Policies%20in%204%20ASEAN%20Countries%20-%20Cambodia.pdf
- (6) Sok, S. (2022). 70 Percent of Cambodians Have Access to Financial Services. Khmer Times. https://www.khmertimeskh.com/501052053/70-percent-of-cambodians-have-access-to-financial-services/#:~:text=About%2070%20percent%20of%20Cambodians,Bank%20of%20Cambodia%20(NBC)
- (7) Seng, S. (2020). How Small Businesses Have Coped with the Impact of COVID-19. http://www.cweacambodia.org/en/news-update/227/how-small-businesses-have-coped-with-the-impact-of-covid-19
- (8) Badzmierowski, B. (2022). Investing for a Purpose in Cambodia: Sevea and Boost Capital. https://cambodiainvestmentreview.com/2022/03/15/investing-for-a-purpose-in-cambodia-sevea-and-boost-capital/
- (9) International Finance Corporation (2019). IFC Helps PPCBank Expand Lending to Smaller Businesses in Cambodia. https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=18479
- (10) IMF e-library (2021). Impact of interest rate cap on Financial Inclusion in Cambodiahttps://www.elibrary.imf.org/view/journals/001/2021/107/article-A001-en.xml#:~:text=In%20March%202017%2C%20the%20National,efficiency%20of%20the%20microfinance%20sector.
- (10) European Microfinance Platform. (2018). The Shanghai Commercial and Savings Bank Acquires an 80.01% Stake in AMK Microfinance Institution PLC. https://www.e-mfp.eu/news-and-events/press-release-shanghai-commercial-and-savings-bank-acquires-8001-stake-amk
- (11) Market Screener. (2020). Chamroeun Microfinance Plc. Announced That It Expects to Receive $3 Million in Funding from Renet Japan Group, Inc. https://www.marketscreener.com/quote/stock/RENETJAPANGROUP-INC-34078259/news/Chamroeun-Microfinance-Plc-announced-that-it-expects-to-receive-3-million-in-funding-from-RenetJap-33902989/
- (12) SME Bank of Cambodia. (2022). The Total Budget of SME Co-Financing Scheme II Increased to USD 240 Million. https://smebankcambodia.com.kh/2022/02/25/scfsii/
- (13) Sin, P. (2019). Ministry: SMEs Vital to Economy, but 95% not Registered. https://www.phnompenhpost.com/business/ministry-smes-vital-economy-95-not-registered
- (14) Thy, S. (2021). Roles of SMEs in Cambodian Economic Development and Their Challenges. https://www.nbc.org.kh/download_files/macro_conference/english/Roles_of_SMEs_in_Cambodian_Economic_Development_and_Their_Challenges.pdf
- (15) Sangeetha, A. (2021). Is Cambodia's Microfinance Sector Running its Course? https://www.phnompenhpost.com/special-reports/cambodias-microfinance-sector-running-its-course
- (16) AMK. (2020). Annual Report 2020. https://3fmtmcjjnee1j4gmyad1m918-wpengine.netdna-ssl.com/wp-content/uploads/2021/12/AMK-MFI-AR-2020-EN-Final.pdf
- (17) Chamroeun Microfinance Plc. (2018). Annual Report 2018. https://www.chamroeun.com/media/admin/js/uploads/images/Annual_Report%202018_Final_1-small.pdf
- (18) Royal Government of Cambodia. (2018). Cambodian. Sustainable Development Goals (CSDGs) Framework (2016-2030). https://data.opendevelopmentmekong.net/dataset/3aacd312-3b1e-429c-ac1e-33b90949607d/resource/d340c835-e705-40a4-8fb3-66f957670072/download/csdg_framework_2016-2030_english_last_final-1.pdf
- (19) MOP 2021
- (20) Royal Government of Cambodia. (2015). Cambodia Industrial Development Policy 2015-2025. https://cdc.gov.kh/wp-content/uploads/2022/04/IDP-English.pdf
- (21) Royal Government of Cambodia. (2015). Cambodia Industrial Development Policy 2015-2025. https://www.eurocham-cambodia.org/uploads/97dae-idp_19may15_com_official.pdf
- (22) Royal Government of Cambodia. (2005). Law on Negotiable Instruments and Payment Transactions. http://www.cambodiainvestment.gov.kh/wp-content/uploads/2011/09/Law-on-Negotiable-Instruments-and-Payment-Transaction_051024.pdf
- (23) Royal Government of Cambodia. (2008). Prakas on Governance in Bank and Financial Institutions.https://www.nbc.org.kh/download_files/legislation/prakas_eng/2160B7-08-211.pdf
- (24) IMF e-library (2021). Impact of interest rate cap on Financial Inclusion in Cambodia; https://www.elibrary.imf.org/view/journals/001/2021/107/article-A001-en.xml#:~:text=In%20March%202017%2C%20the%20National,efficiency%20of%20the%20microfinance%20sector
- (25) Bloomberg (2022). Big money backs tiny loans that lead to debt, despair and even suicide; https://www.bloomberg.com/graphics/2022-microfinance-banks-profit-off-developing-world/?leadSource=uverify%20wall
- (26) LICADHO (2022). German government funded study confirms grave problems in Cambodia's microfinance sector; https://www.licadho-cambodia.org/pressrelease.php?perm=500
- (27) Asia Foundation (2021). COVID in Cambodia- vulnerable households and debt; https://asiafoundation.org/2021/08/04/covid-in-cambodia-vulnerable-households-and-debt/
- (28) Association of Bankers in Cambodia and Cambodia Microfinance Association (2022); Guide for the implementation of lending guidelines and code of conduct March 2022.
- (29) Laurie Parsons, Milford Bateman, Nithya Natarajan (2022): Microfinance, over-indebtedness and climate adaptation: new evidence from Cambodia; https://www.researchgate.net/publication/363680678_Microfinance_over-indebtedness_and_climate_adaptation_New_evidence_from_rural_Cambodia_Research_findings_report_Part_2