PLMP Fintech's Venture Capital entity secures Fund Management licence to bring blockchain to over 10,000 SMEs in 10 years
Phnom Penh, 26th Feb, 2020
The local investment arm of Singaporean blockchain firm PLMP Fintech, PLMP Venture Capital, has been awarded today an Asset and Fund Management licence by the Securities and Exchange Commission of Cambodia (SECC). The move is part of the company's ten-year target to incubate more than 10,000 SMEs through blockchain solutions and networking opportunities.
"We have a diversified portfolio of technological, real estate and financial projects that are already in the works," says PLMP Fintech Co-Founder Peter Lim citing the examples of the Creatanium Smart City and the ongoing integration of Indonesia's logistics sector with the firm's own blockchain protocol.
In the words of Kym Kee, Managing Director of PLMP Venture Capital, "The licence will open the doors to institutional and high-net-worth investment as we plan for the Creatanium Silicon Valley." With a projected value of US$5 Billion to be achieved in the span of ten years, once completed, the project would become Cambodia's first Technology Park to house SMEs and start-ups in emerging technologies such as AI, robotics and cybersecurity through blockchain.
Asset and Fund Management is just the first step of PLMP Fintech's vision to play a major role in the development of Cambodia's SME sector. The firm is in the midst of acquiring a Specialized Bank licence to launch public, private and online services and provide business loans and micro-loans through digital collaterals. Counting on all three segments will grant the flexibility to cater for established companies and institutions while developing new products for the significant number of local entrepreneurs that are still unbanked.
In the same framework, PLMP Venture Capital together with its partner CSME will be hosting regular events to showcase innovative SMEs from the region and give them the chance to increase their visibility in front of top industry leaders and potential investors. The two firms will be the sponsors behind this April's edition in Phnom Penh of the Startup World Cup, a global competition that will award the best project with a US$ 1,000,000 funding grant.