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Rising Giants - August 2023 Newsletter
🚀 Welcome back to the NEW Rising Giants Newsletter sharing 3 Market Insights, 3 Job Opportunities and 3 Capital Raises that happened in Cambodia.
3️⃣ Key Market Insights in Cambodia
E-Commerce's Ascendancy: Cambodia's Tech Business Takes Center Stage - By The General Department of Science, Technology & Innovation - STI Newsletter
In a recent article written by the STI Newletter about e-commerce, Cambodia is experiencing a transformative shift driven by its rapidly growing technology-driven businesses, particularly in the e-commerce sector. With a tech-savvy population and changing consumer behaviors, Cambodia's e-commerce landscape is evolving rapidly, facilitated by increasing internet accessibility and smartphone prevalence. Local startups are at the forefront, reshaping the economy, generating jobs, and fostering a thriving digital ecosystem. The growth is supported by advancements in digital payment systems, bridging urban and rural communities, and government initiatives to enhance digital literacy and innovation. Challenges include improving logistics and data security, but Cambodia's e-commerce sector is aiming to become a significant player in Southeast Asia's evolving e-commerce arena.
Cambodia has exported 362,708 tonnes of milled rice in the first seven months of the year, generating $253 million in revenue. The top buyers of Cambodian milled rice are China, the European Union countries, and ASEAN members. This export accounts for 52 percent of the planned total export amount for the year, with a goal to export at least a million tonnes of milled rice by 2025.
📖 ABA Shareholders’ Capital Reaches $1.7 Billion - Cambodia Investment Review
ABA Bank has successfully increased its paid-up capital from $660 million to $1.1 billion through an injection from its shareholder, the National Bank of Canada, with approval from Cambodia's central bank. The increase involves a conversion of retained earnings by $250 million and new capital by $190 million, raising the total shareholders' capital, regulatory reserves, and accumulated net income to $1.7 billion. This move signifies ABA Bank's commitment to meeting customer demand, expanding its presence through new branches and innovative banking products, and acknowledging the support of its shareholder in contributing to Cambodia's economic growth.
3️⃣ Capital Raises in Cambodia
Boost Capital, a Singapore-based company, has secured $2.5 million in seed funding from investors such as Village Global and Hustle Fund. The funding will support the growth of their SaaS platform, which simplifies digital onboarding for financial services like loans, savings, credit cards, and insurance by bridging the gap between informal chat-based channels and stringent financial institution requirements. With this investment, Boost Capital aims to expand its market presence in Cambodia, grow its product team, and establish new banking partnerships, having already assisted over a million applicants through its innovative chat-based approach.
Prudential and foodpanda Forge Strategic Partnership to Strengthen Presence in Cambodia, Laos, and Myanmar
Prudential and foodpanda have formed a strategic partnership to expand their services in Cambodia, Laos, and Myanmar. As part of the collaboration, Prudential will develop digital insurance products for foodpanda's stakeholders, including partners and customers. This move aims to leverage each company's strengths, provide tailored digital solutions, and enhance financial protection and services within an integrated digital landscape in the region.
The Royal Group, Fresh Start Australia, and Aegros Forge $400M Plasma Fragmentation Facility in ASEAN, Bolstering Cambodia’s Healthcare Industry
The Royal Group of Companies (Cambodia), Fresh Start (Australia), and Aegros (Australia) have formed a joint venture called Royal Group Plasma Fractionation, with the goal of revolutionizing plasma treatment products in the ASEAN region and advancing Cambodia's healthcare industry. The agreement involves collecting plasma from Asia, establishing a $400 million plasma fractionation facility in Singapore, and building a Fill & Finish facility in Cambodia. This initiative is seen as a significant milestone for Cambodia's healthcare sector, addressing accessibility and quality of care challenges while contributing to medical advancements in the region.
3️⃣ Startup Job Opportunities in Cambodia
Head of Department - Sevea
Sevea is a Strategic and Operational Consulting for Sustainable & Inclusive Development supporting all actors in the development sector, including Development Agencies, Corporations, NGOs, Governments, Investors, and SMEs. They are currently looking for a Head of Department to overseeing the delivery of projects with a team of local and international consultants.
Digital Marketing Executive - PillTech
PillTech Solutions is a healthtech startup focusing on a B2B pharmaceutical marketplace striving to enhance healthcare access and affordability in Cambodia. Their mission centers on delivering quality medications and innovative solutions to combat the escalating concern of Non-Communicable Diseases (NCDs) in the Cambodian populace. The Executive will be instrumental in devising and executing digital marketing initiatives, emphasizing raising awareness about NCDs and endorsing healthcare solutions tailored to our audience. Apply through the link here.
Sales Executive - Azaylla
Azaylla is a leading agriculture platform, solving one of the toughest supply chain problems of Cambodia through technology and market linkage. They connect vegetables, fruits farmers directly with businesses. The company is seeking a Sales Executive with a bachelor's degree and about (2) years' experience in business, sales, or marketing. If you're ready to make a lasting impact, they want to hear from you! Send your CV and a cover letter to email@example.com or +855 95 717 071.
💥 Rising Giant’s Highlights & Recaps
Richard is a leading technology entrepreneur in Cambodia, the Founder & CEO of Quantum, having been recognized as Forbes 30 Under 30 Asia and ASEAN Top 40 Under 40. Quantum is a metal fabrication manufacturer that helps companies launch new products more efficiently. They also launched their own products including Q-Motor electric scooter and are exploring further product rollouts in hydroponics and EVs.
On this episode of Rising Giants, we had Sopheak Chheng, Founder of Rean Thort and Host of the most popular Cambodia podcast, Rean Podcast, having interviewed many of the top influencers in the country across music, film, gaming, sport etc. Rean Thort started out in 2014 as the 'The First Free Photography & Video Tutorials in Khmer Language in Cambodia', but since then has grown close to 500k YouTube subscribers with a wide array of content.
On this episode of the podcast, we are joined by Socheata Bun to discuss the influencer marketing industry in Cambodia. They talk about Socheata's journey in the marketing space, the competitive nature of the beverage industry, and the income earned by influencers. They also discuss the 'Beyond The Games' campaign, the key trends impacting digital influencers in 2023, and the challenges faced by women entrepreneurs.
Heading into September 2023, we are excited to announce our lineup for Episodes 97, 98, and 99 including:
Eps. 97: Siriwat Chhem - Director, Asian Vision Institute, Startup Advisor
Eps. 98: Thierry Tea - CEO at Negocia Capital and VP at OCIC Group
Eps. 99: Shivam Tripathi - Co-Founder of newMe and Director of OBOR Capital