Cambodia Investment Review
WorldBridge International has signed an MoU with Thailand’s Jaymart Group to explore bringing new products and services from Jaymart Group’s broad portfolio to the Cambodian market.
Services under consideration include:
- Financial services
- Real estate development and management
- Electrical appliance distribution
Under this MoU, both parties will pursue market research and advance discussions with regulators.
The event took place in Sofitel Phnom Penh Phokeethra. Signatories of the MoU were Mr. Adisak Sukumvitaya, Chief Executive Officer of Jay Mart Public Company Limited, and Neak Oknha Rithy Sear, Chairman of WorldBridge Group.
Jaymart Group provides a complete ecosystem
Mr. Adisak Sukumvitaya, Chief Executive Officer of Jay Mart Public Company Limited said,”Jaymart Group, as a technology investment holding company with a complete ecosystem ranging from commerce, financial and technology businesses.”
“I believe that ecosystem expansion requires the addition of partners who can jointly grow the business, especially when expanding to Southeast Asian countries,” he added.
He further noted that “Jaymart Group will bring its business know-how to complement existing WorldBridge assets and understanding of Cambodian consumer needs.”
WorldBridge Group, which has gained a reputation for forging quality international partnerships, has rapidly expanded its portfolio of businesses that improve Cambodia’s regional connectivity.
“The products and services we are exploring with Jaymart can offer Cambodian consumers lower costs and increased value,” noted Neak Oknha Sear Rithy, Chairman of WorldBridge Group.
“Our goal is to improve the access of everyday Cambodians to quality goods and financial services,” he added.
Exploring opportunities of distressed debt collection
In Thailand Jaymart is considered a leader in debt management especially unsecured distress debt management with more than 200,000 million baht ($5.75 million) in outstanding bad debt which is the biggest player for unsecured distress debt in Thailand.
Answering a question directly from Cambodia Investment Review if the company was looking to implement a similar financial service for distressed debt in Cambodia Mr. Adisak Sukumvitaya commented that local regulation does not specify the allowance.
“While there is no specific regulation for the services that we currently offer in Thailand – we feel that we are have a good track record to show the Cambodian regulators how we would operate such a financial product,” Mr. Adisak Sukumvitaya said.
“In addition, as a Thai stock market listed firm transparency and accountability is paramount and legally required for wherever we are doing businesses. This partnership with Worldbridge we hop reflect commitment to the Cambodian market,” he added.