- The strategic partnership between S.H.G Finance Plc and Asia Impact Development Pte. Ltd. to advance financial inclusion in Cambodia
- The collaboration will focus on developing a self-payroll advancement facility, providing innovative digital financial solutions for unserved consumers
- Leverages the expertise and experience of both companies to create a powerful digital financial platform, providing easy and self-access to affordable and reliable financial services.
- Using a self-payroll advancement system, which allows employees to access their earned wages before payday, can have a positive impact on employee motivation and productivity
“By leveraging our local know-how and experience, we will create a powerful digital financial platform that will provide customers with a self-access platform to an affordable, convenient, and reliable financial service tool to choose the pay-day of their payroll,”
S.H.G Finance Plc. and Asia Impact Development Pte. Ltd. (AID) have announced the signing of a Memorandum of Understanding (MoU) to form a strategic partnership that will advance financial inclusion in Cambodia. The partnership will focus on developing a self-payroll advancement facility that aims to improve the lifestyle and living conditions of the people of Cambodia through innovative digital financial solutions.
The MoU signing ceremony took place on Wednesday, March 15th, 2023, at TRIBE Phnom Penh Hotel, and was attended by distinguished guests and potential partners. Mr. Vong Sokhal, Chairman of S.H.G Finance Plc, which is part of ZILLENNIUM GROUP’s ecosystems, and Hitoshi Sugamoto, Director of Asia Impact Development, signed the MoU, marking the official launch of the partnership.
SHG and AID’s collaboration will leverage their expertise and experience to provide digital financial solutions that meet the needs of unserved consumers. By combining their strengths, the two companies plan to innovate a powerful digital financial platform that will provide customers with easy and self-access to affordable and reliable financial services.
“We are excited to partner with Asia Impact Development, whose longer-term vision is to improve the Cambodian lifestyle and provide innovative digital financial solutions that will drive financial inclusion in Cambodia,” said Mr. Vong Sokhal, Chairman of S.H.G Finance Plc.
“By leveraging our local know-how and experience, we will create a powerful digital financial platform that will provide customers with a self-access platform to an affordable, convenient, and reliable financial service tool to choose the pay-day of their payroll,” he added.
S.H.G Finance Plc is a registered financial institution under the National Bank of Cambodia that has been providing financial services since 2016. In 2020, it joined as part of ZILLENNIUM GROUP, a leading real estate marketplace in Cambodia, and has been working to transform its credit services through a paperless solution via its Digital Lending Platform to customers as employees, not only to ZILLENNIUM GROUP but also to its selected corporate partners.
Mr. Hitoshi Sugamoto, Director of Asia Impact Development, considers S.H.G Finance Plc a potential partner for his business expansion in Southeast Asia.
“We are thrilled to partner with S.H.G Finance Plc to provide a paradigm-shifting digital financial solution to the unbanked population in Cambodia,” said Hitoshi Sugamoto. “Through our partnership, we aim to create a more inclusive financial ecosystem that will empower Cambodians to take control of their personal financial future.”
AID is a fintech company with offices in Japan, Singapore, Mongolia, and Indonesia. The company offers a digital financial platform called “Beever” that allows customers to top-up their salary, and access payment settlements, and digital financial products. AID also collaborates with conglomerates to better understand local and global capital markets and to facilitate quicker marketing and more strategic operation.
Industry insiders have stated that using a self-payroll advancement system, which allows employees to access their earned wages before payday, can have a positive impact on employee motivation and productivity.
According to AID’s survey regarding salary advance perspective, when employees have the option to access their earned wages in advance of their scheduled payday, it can lead to a 73% increase in employee motivation to come to work. Additionally, there is a 55% reduction in employee turnover rates when employers offer such an option, as it can help alleviate financial stress and improve overall job satisfaction. These findings demonstrate the powerful impact that innovative financial tools, such as self-payroll advancement systems, can have on improving employee well-being and enhancing the success of businesses.
The partnership between S.H.G Finance Plc and AID is expected to be a game-changer in the Cambodian financial sector. By providing innovative digital financial solutions, the two companies aim to drive financial inclusion and bring the benefits of the digital economy to the population in Cambodia. The partnership will enable the provision of a broader range of financial products and services in the near future, further benefiting the community.