Cambodia Investment Review

Binance and Royal Group solidify partnership to introduce Web3 to Cambodia

Binance and Royal Group solidify partnership to introduce Web3 to Cambodia

Cambodia Investment Review

Binance, the world’s leading blockchain ecosystem provider, and Royal Group of Companies (Royal Group) have entered into a Joint Venture Agreement to solidify its partnership in Cambodia to propel the Kingdom into an era of Web3 solutions – on the back of the MOU which was signed earlier this year – subject to regulatory approvals.

To read more about CIR Media and SERC sign partnership to promote Cambodia’s capital markets click here.

The agreement signing was presided over by H.E. SOU Socheat, Delegate of the Royal Government in charge as Director General of Securities and Exchange Regulator of Cambodia.

Creating solutions and platforms based on Web3

According to Ethurithum.org, Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership. Web1 was read-only, Web2 is read-write, Web3 will be read-write-own.

To read more about what is Web3 and why it matters click here.

Leon Foong, Head of Binance APAC said: “We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow users in Cambodia to enjoy a seamless user experience to make it easier for users to learn about blockchain and tap into the Royal Group network to find ways to start their web3.0 journey.

“We will continue to strengthen the collaboration so Cambodia benefits from the growth of the blockchain ecosystem and together we strive to propel a holistic economic growth and drive digitization in the country,” he added.

H.E. SOU Socheat, Delegate of the Royal Government in charge as Director General of Securities and Exchange Regulator of Cambodia.

In the Joint Venture Agreement signed today, both parties have agreed to explore possibilities of creating solutions and platforms based on Web3 applications and use the technological know-how and blockchain platform capability of Binance to help nurture economic growth targeted at specific segments of society.

Neak Ohkna Kith Meng, Chairman & CEO of Royal Group of Companies, mentioned that “We live in an exciting time in what the next decade and Web3 will bring to us. Technology companies are already imagining the unimagined and paving the way for this world to be an inclusive and open society where multilateral trade could bring economic prosperity for all.”

“We want Cambodia and Cambodians to be at the forefront of this change and with approval from the Royal Government of Cambodia, we would want technology to help us leapfrog into a developed economy. We are excited to be partnering with Binance, the global leader in blockchain ecosystems and are sure that this Joint Venture will go a long way in accelerating inclusive economic growth in Cambodia,” added Neak Ohkna Kith Meng.

Common vision for inclusive growth

Today, with the help of technology, the world has shrunk into mobile phones users hold in their palms while expanding the horizons for trade, inclusive growth, and an open economy.

The Royal Group of Companies and Binance share a common vision of using technology to drive inclusive growth for everybody – irrespective of their socio-economic status, gender, geography or age – and are expecting this Joint Venture to lead that change in Cambodia.

Royal Group was established in 1991 and is one of the largest premier investment and development conglomerates in the Kingdom of Cambodia.  The Group is focused on bringing quality investment to the country and on providing investors with the platform to run successful and profitable operations. Cambodia’s booming economy, one of the fastest growing worldwide, enjoys a stable political situation, together with the most welcoming and liberal business, investment, and trade environments in ASEAN. 

Leon Foong, Head of Binance APAC and Neak Ohkna Kith Meng, Chairman & CEO of Royal Group of Companies.

The Royal Group has been at the heart of this economic development for more than two decades, attracting international investors, frequently through joint ventures, and building market leaders in a cross-section of industries. Moreover, it is recognized as the country’s most dynamic and diversified business conglomerate.

The Group maintains interests in a wide range of industries including power, telecommunication, aviation, railway, media, banking & financial services, insurance, resorts, education, property, trading, digital payment, energy, petrochemicals and agriculture.

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