Visa has formalized a partnership with Techo Startup Center (TSC), a key government organization dedicated to fostering startups and advancing digital business in Cambodia. The partnership was cemented through a Memorandum of Understanding (MOU) signed today, marking a significant step towards promoting digitalization and supporting the growth of digital businesses in the country.
This collaboration is set to focus on several critical areas aimed at enhancing the digital landscape in Cambodia. Visa will bring its extensive expertise in digital payments and technology to the table, working closely with TSC to share best practices on digital-first strategies. This includes hosting workshops designed to leverage Visa’s knowledge and resources in innovative technologies. The goal is to support TSC’s efforts in not just Cambodia but also in the broader region, by facilitating discourse on digitization and technological advancements that can benefit businesses and startups.
Accelerate Post-Pandemic Growth Through Digital Transformation
The initiative aligns with the Cambodian government’s Cambodia Digital Economy and Society Policy Framework 2021-2035, a long-term strategy designed to accelerate post-pandemic growth through digital transformation. This policy framework aims to bolster the digital business sector by promoting innovation, encouraging investment, building trust in digital systems, and strengthening the country’s technological infrastructure. Currently, Cambodia is home to over 100 startups, and the government’s strategy positions the sector for sustained growth in the coming years.
Read More: Visa Report Shows Top Scams Impacting Consumers and Businesses in Cambodia & Globally
Ivana Tranchini, Visa’s Country Manager for Cambodia, expressed her enthusiasm for the partnership, noting the significant potential for growth within the digital economy. “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.”
The collaboration is also expected to play a crucial role in supporting the resilience and growth of small businesses and the informal sector in Cambodia. Visa’s involvement aims to accelerate the adoption of new digital technologies among Cambodian enterprises and startups, which is seen as essential for the long-term development of the country’s digital economy.
Importance Of Partnerships In Empowering Local Businesses
H.E. Dr. Nguonly Taing, Executive Director of Techo Startup Center, highlighted the importance of the partnership in empowering local businesses. “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.”
The collaboration between Visa and TSC is poised to significantly contribute to the digital transformation in Cambodia, fostering an environment where businesses, particularly startups, can thrive and adapt to the rapidly changing technological landscape. As the digital economy continues to grow, partnerships like this are expected to play a pivotal role in ensuring that Cambodia remains competitive and innovative on the global stage.
