Visa collaborates with Techo Startup Center to drive digital business growth in Cambodia
08/30/2024
Visa, a world leader in digital payments, signed a Memorandum of Understanding (MOU) with Techo Startup Center (TSC), a government organization created to foster startups and promote digital business, in Cambodia today. The MOU enables Visa to collaborate with TSC to drive digitalization and digital business growth in Cambodia.
As part of the collaboration, Visa will work with TSC in several key areas – best practice and knowledge sharing on digital-first strategies, workshops utilizing Visa's expertise, and sharing Visa's resources on innovative technologies. Visa will engage with TSC and support its agenda in Cambodia and beyond, through discourse on digitization and technology that will support businesses and startups in Cambodia.
This collaboration is aligned with the government’s Cambodia Digital Economy and Society Policy Framework 2021-2035, a transformative digital strategy designed to bolster post-pandemic growth. This comprehensive initiative supports digital businesses by promoting innovation, cultivating investment ecosystems, building trust in digital systems, and strengthening connectivity and technological infrastructure. With this policy framework, the digital business sector in Cambodia, already home to over 100 startups1, is well-positioned for sustainable long-term growth.
In addition, by supporting the TSC’s goals to accelerate the adoption of new digital technologies for Cambodian enterprises and startups, Visa also hopes to help bolster resilience and activate the growth of the small business and informal sector.
Ms. Ivana Tranchini, Visa Country Manager for Cambodia, said: “We are pleased to collaborate with Techo Startup Center to promote the growth of digitalization and digital businesses in Cambodia. Cambodia's digital economy, backed by high internet usage, mobile proliferation, and strong government support, is experiencing significant growth and transformation. We look forward to working closely with TSC on further advancing the thriving digital entrepreneurship ecosystem in the Kingdom.”
H.E. Dr. Nguonly Taing, Executive Director of TSC, said: “This partnership with Visa is another step forward in empowering Cambodian startups and businesses with the knowledge, resources, and tools they need to thrive in the digital age. Visa’s expertise in digital payments and their commitment to knowledge sharing will be invaluable to TSC in linking these support and resources to our Cambodian entrepreneurs as they navigate the ever-evolving landscape. We are confident that this collaboration will unlock Cambodia's full potential as a digital innovation hub.”
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1 Report from the Khmer Times, July 2023, https://www.khmertimeskh.com/501329677/startups-in-cambodia-amplifying-at-a-good-clip/
About Techo Startup Center
Techo Startup Center commits to assisting the government in fulfilling its strategic vision to create a favorable environment for fostering startups and promoting digital business by concentrating on five main areas including Startup Nurturing, Community, Digital Platform, Research, and Enterprise Go Digital.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe economies that include everyone uplifts everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.