Singapore fintech launches SME exchange in Cambodia
PLMP Venture Capital (PLMP VC), an investor affiliated with a Singaporean financial technology firm, has launched a local exchange for small and medium-sized enterprises (SMEs) in Cambodia.
Its affiliate is Singapore-headquartered PLMP Fintech, a provider of blockchain solutions for Cambodian and Indonesian enterprises. Earlier in the year, PLMP VC announced that it had obtained an asset and fund management license by the Securities & Exchange Commission of Cambodia (SECC).
The firm has now reached an agreement with both the SECC and the Cambodia Security Exchange (CEX) to launch an SME-focused exchange called the SME Growth Board. It plans to help nurture 30 SMEs so that they can go public within three years and potentially obtain funding from US investors. The firm’s claims could not be independently verified.
“We have secured exclusive agent rights from the American OTC-QX and OTC-QB markets to open the purchase of Cambodian stocks to their investors. Cambodia's booming economy and growing pool of successful SMEs that have yet to go public are an opportunity that cannot be missed. Our goal is to create a platform for start-ups and established SMEs to connect with VCs and institutions," said PLMP VC chairman Peter Lim, according to a statement.
Lim leads PLMP Fintech as well as PLMP VC. He was formerly CEO at Xinergy Innovation, a developer of enterprise security systems for IBM servers in Singapore and Malaysia that has since branched into security-related hardware. According to LinkedIn profile, Lim claims to be a personal advisor to Cambodian prince Norodom Thanora.
PLMP Fintech is currently developing Creatanium Smart City, a residential and commercial project on the outskirts of Phnom Penh that is partially funded by a cryptocurrency, CMB Coin. It wants to promote a blockchain-themed ecosystem in the country and plans to organize an "SME Championship" in July with a $1 million prize.
According to AVCJ Research, there have been only two VC investments this year in Cambodia. The recipients were food delivery platform Muuve and return package logistics manager ShopRunBack. Since 2016, 13 Cambodian companies have received nearly $18 million from PE and VC investors.
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