Phnom Penh: H.E. Hem Vanndy, Minister of Industry, Science, Technology and Innovation, received Ms. Lisa Sargent, Visa Country Manager for Cambodia, to discuss opportunities for collaboration in SME development and support for the informal economy. The meeting took place at the ministry on May 23.
According to Agence Kampuchea Presse, Minister Vanndy commended Visa's evolving role in Cambodia, noting that its contributions extend beyond payments to include support for entrepreneurship and local innovation. He highlighted the government's efforts in developing the informal economy and the importance of financial inclusiveness for the growth of small and medium enterprises (MSMEs).
Ms. Sargent, a member of Visa's Southeast Asia leadership team, outlined Visa's collaborative work with the Ministry of Tourism, the National Bank of Cambodia on Bakong and financial literacy initiatives, and the Ministry of Women's Affairs to empower women entrepreneurs. She emphasized Visa's interest in working with the Ministry of Industry, Science, Technology and Innovation (MISTI) to better understand the needs of MSMEs and the informal economy.
The Ministry of Industry, Science, Technology and Innovation revealed that the meeting also explored how Visa could contribute to the government's efforts in developing the informal sector through digital literacy, inclusive financial solutions, and data-driven insights for risk assessment. H.E. Hem Vanndy encouraged Visa to collaborate with banks and take the lead in an initiative focused on credit rating and profiling for the informal economy. He stated that the goal is to facilitate affordable financing for informal economy actors and help them avoid falling into loan shark traps.
Visa is a global payments technology company with a presence in over 200 jurisdictions worldwide.