Cambodia Investment Review

Royal Group and Prudential Cambodia Join Hands on Strategic Partnership

Cambodia Investment Review

Royal Group of Companies Ltd. (Royal Group) and Prudential (Cambodia) Life Assurance PLC (Prudential Cambodia) have signed a Memorandum of Understanding for a strategic partnership undertaking several project initiatives in Cambodia.

The announcement was signed by Neak Oknha Kith Meng, Chairman of Royal Group and Mr. Sanjay Chakrabarty, CEO of Prudential Cambodia, witnessed by Mr. Solmaz Altin, Managing Director, Strategic Business Group Prudential plc, and Mr. Paul Clements, Vice President, Strategy & Investment of Royal Group.

Market participants are increasingly looking to collaborate

Neak Oknha Kith Meng, the Chairman of Royal Group, said, “Digitalization is changing the world and market participants are increasingly looking to collaborate with innovative partners to enhance the offering and provide better eco-system solutions to customers.

The MOU signing for strategic business partnership between Royal Group and Prudential Cambodia took place on 11 April 2023 at Prudential Office, Singapore.

Mr. Solmaz Altin, Managing Director, Strategic Business Group, Prudential plc said, “With a population of over 17 million and an insurance penetration rate of only 1.1% in Cambodia, Prudential is committed to further build our presence and invest in expanding our distribution network to reach out to more people. We are excited to embark on this journey with Royal Group to further drive financial inclusion in the country.”

Read more: Prudential Celebrates 10th Anniversary in Cambodia and 175 Years of History Worldwide

“The strategic business partnership between Prudential Cambodia and Royal Group signifies our strong commitment to bringing closer financial protection, affordable insurance and health care protection to Cambodian families and communities,” said Mr. Sanjay Chakrabarty, CEO of Prudential Cambodia.

The partnership will help set up a common platform

The MoU is a significant milestone for the Kingdom. As Prudential Cambodia- one of the largest life insurers in the market, ties up with Royal Group – the business group with most diverse set of enterprises and largest agent network, the alliance will help set up a common platform to deliver on the promise of financial inclusion in every corner of the country.

Overall, the strategic partnership covers developments in Cambodia in the areas of insurance, banking, finance, property, and social impact opportunities. Specific details of each of the project initiatives will be released progressively as the two entities explore the areas of cooperation.

The MOU signing for strategic business partnership between Royal Group and Prudential Cambodia took place on 11 April 2023 at Prudential Office, Singapore.

Royal Group, was established in 1991, is a leading conglomerate in Cambodia, playing a key role in the country’s economic development. With a diverse portfolio spanning various industries, the Group focuses on attracting quality investments and providing investors with a profitable platform in Cambodia’s thriving economy.

Prudential Cambodia, has been operating since January 2013 and is an affiliate of Prudential plc, offering tailored life insurance solutions and financial education to Cambodians. The company has served over 320,000 families, approving more than $18 million in claims, and promoting financial inclusion in the region.

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