BSP Finance (Cambodia) launched yesterday in the kingdom, offering a range of financing services that target primarily customers in the automotive and agricultural sector.
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The newly-formed company is a joint venture between Bank South Pacific (BSP), a banking institution from Papua New Guinea, and RMA Group, a local conglomerate.
With a startup capital of $7 million, BSP Finance will provide hire to purchase, lease to own and financial leasing services, according BSP’s CEO Robin Fleming.
“The objective for BSP and our partner is to grow and develop our business in Cambodia, with profitability and market share targets and key metrics that we will focus on,” Mr Fleming said during a press conference on Wednesday.
“We hope that our experience in Cambodia will hold us in good stead as we look to venture further into the Mekong Region where there is potential for us to increase our regional footprint, offering not just asset finance but potentially other financial services.”
Saing Ngorn, CEO of RMA Group, told Khmer Times last May that the partnership with BSP seeks to address growing demand in the kingdom for leasing services for cars and agricultural equipment.
“Asset finance is starting to develop in our country and demand is growing,” he said, adding that RMA already has three years of experience in financial leasing, mainly for businesses seeking loans for commercial vehicles and agricultural equipment.
The establishment of the new company will enable BSP to extend its financial services to broader sectors of the local economy in Cambodia and the Asia-Pacific region, Kostas Constantinou, chairman of BSP Group said.
Besides Papua New Guinea and Cambodia, BSP Finance also operates in Fiji and the Solomon Islands.