Cambodia Investment Review
Haystack Fintech Pte Ltd. (Singapore) has officially announced the successful completion of a Leveraged Management Buyout (LMBO) led by Mr. Michael Khuu, covering all digital assets and operations of Haystack Asia and Haystack Cambodia. The transaction marks a new era of localized leadership and operational independence for the group’s Southeast Asian ventures.
Following the completion of the LMBO, Michael Khuu has been appointed Managing Director of SeaVentures Ltd. (Cambodia), representing Haystack Fintech (Singapore) as shareholder alongside the Royal Group of Companies. The transition was finalized after a comprehensive due diligence process and positions SeaVentures to drive the next phase of digital innovation in Cambodia.
Strengthening Cambodia’s Digital Ecosystem
Under the new structure, Mr. Khuu assumes all executive responsibilities previously held by Mr. Frédéric H. Proulx, who has successfully transitioned from Cambodia’s operations to lead Haystack Global in the Middle East and the Americas.
“Michael’s leadership and commitment demonstrate the confidence we have in local capability and the strength of the Cambodian market,” said Mr. Frédéric H. Proulx, Managing Partner of Haystack Fintech Pte Ltd. “His LMBO marks both a personal milestone and a regional turning point for our digital ecosystem.”
Following the buyout, SeaVentures Ltd. has secured the exclusive license for the Live app, Cambodia’s leading ticketing platform for concerts, festivals, and live events. The acquisition complements Camboticket.com, the country’s foremost travel booking service, and forms part of a broader strategy to expand into restaurant bookings, hotel reservations, and lifestyle services.
A Unified Digital Experience
With these developments, SeaVentures aims to create Cambodia’s leading transaction-based digital ecosystem, enabling users to seamlessly manage travel, dining, and entertainment experiences on one platform.
“This buyout is more than a financial milestone — it’s a commitment to Cambodia’s digital future,” said Mr. Michael Khuu. “Our mission is to operate the most trusted transaction-based platforms in the country — from booking a train ticket to reserving a restaurant table or securing the best seat at a G-Dragon concert. SeaVentures will lead this next chapter of innovation and convenience.”
Continuing Haystack’s Global Growth
With this transition complete, Mr. Frédéric H. Proulx will now focus on expanding Haystack’s global footprint through new initiatives under Haystack Global, targeting growth across the Middle East and the Americas.
“I am very proud of the last four years spent in the Kingdom,” said Proulx. “Despite the turbulence brought by COVID-19, border tensions, and economic struggles, we’ve proven that innovation, resilience, and collaboration can thrive in Cambodia. This transition is both a continuation of that spirit and a celebration of what has been built.”
About Haystack Fintech Pte Ltd. (Singapore)
Haystack Fintech is a Singapore-based technology investment and innovation group specializing in Blockchain, Artificial Intelligence (AI), and Banking-as-a-Service (BaaS). Active in seven countries, the group focuses on building and financing digital infrastructure that powers fintech and commerce ecosystems across Asia and the Middle East.
About SeaVentures Ltd. (Cambodia)
SeaVentures Ltd. is a Cambodia-based digital and mobility company operating across Southeast Asia through platforms such as Camboticket.com and the Live app. Under the leadership of Mr. Michael Khuu, SeaVentures is entering a new phase of integration, innovation, and expansion, positioning itself as a leader in Cambodia’s fast-growing digital transaction economy.
