As a main driver of economy, SMEs are always need support from Banks for their financing needs to enhance their business activities. More than 100 local small and medium enterprises (SMEs) were registered during the first three quarters of 2018 which bringing the total SMEs to 155,745 and creating more than one million jobs and officials expect the government’s tax incentive policy for SMEs to boost growth.
CPBank recently launched SME Banking in order to cater the needs of this segment and will focus mainly in 4 Provincial cities (Phnom Penh, attambong, Siem Reap and Kampong Cham) for SME customers in the 4 major segments (Education, Manufacturing, Accommodation & Food Services and Wholesale & Retail Trade) in Cambodia.
In order to support the employment growth, SMEs are always played a vital role in any country. CPBank tailored the products in order to cater the needs of the growing SMEs in Cambodia. We also encourage these SMEs to route their transactions like receivables and payable through their bank account, so that management of their cash flow will be easier and financing need can easily be managed. However in practice, it is observed that a very large majority of customers have sales and purchases in cash and hence do not prefer to have an additional leg of depositing into and withdrawing cash from the bank. CPBank will continue to serve these SMEs with innovative products and convenient services with the help of technology.