Visa Expands Support for Cambodia’s SMEs and Informal Economy

• Sommana Yan
• 26 May 2025
• Uncategorized
• 1388 Views

In a significant development for Cambodia’s economic landscape, Visa has announced its commitment to bolster support for the nation’s small and medium-sized enterprises (SMEs) and informal economy. This announcement follows a productive meeting held on 23 May 2025, between HE Hem Vandy, Minister of Industry, Science, Technology, and Innovation, and Ms. Lisa Sargent, Country Director for Visa in Cambodia.

During the meeting, Ms. Sargent outlined Visa’s strategic collaborations with key national institutions, including the National Bank of Cambodia, the Ministry of Tourism, and the Ministry of Women’s Affairs. These partnerships aim to advance initiatives like the Bakong Tourists App, enhance financial literacy, and empower women entrepreneurs across the country.

“Visa is dedicated to making a positive impact in Cambodia,” Ms. Sargent stated. She expressed eagerness to work closely with the Ministry of Industry, Science, Technology, and Innovation to gain insights into the unique challenges faced by micro, small, and medium enterprises, as well as informal economy workers.

Ms. Sargent emphasised Visa’s expertise in fostering the growth of the informal economy through initiatives focused on digital literacy, adaptive financial solutions, and advanced data analytics for effective financial risk management.

In response, HE Hem Vandy welcomed Visa’s initiatives and encouraged further collaboration with banking institutions to develop a “credit rating” system specifically for informal economy workers. “The goal is to facilitate access to affordable financing options for these workers and protect them from the risks of falling into the informal loan trap,” he added.

This partnership represents a promising step forward in strengthening Cambodia’s economic framework, particularly for those operating in the informal sector, and highlights Visa’s broader commitment to fostering financial inclusion in emerging markets.

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