Cambodia's best bank for SMEs 2023: Prince Bank
Prince Bank brands itself as a newcomer with big aspirations. Launched in 2015 as a microfinance firm, it was granted a commercial banking licence by the National Bank of Cambodia three years later. Small and medium-sized enterprises, the backbone of the economy, have provided fertile ground for Prince to expand its balance sheet ever since.
Overall in 2022, the bank disbursed $350 million of loans. Of that total, $112 million went to 1,248 SME owners. Prince has partnered with SME Bank of Cambodia, deploying $2.2 million worth of loans under the co-financing scheme. Prince disbursed $22 million of loans to small firms to cope with Covid-19 fallout.
The bank also joined forces with the Credit Guarantee Corporation of Cambodia during the pandemic to channel financial support via special business loans through the government’s Business Recovery Guarantee Scheme.
Prince wins Asiamoney’s best bank for SMEs award for bringing the expertise it developed in microfinance to its SME strategy in very targeted ways. Working with SME Bank, the bank launched its 'Co-Financing Scheme Phase 3' scheme that directs government support efforts to Cambodian businesses in the pandemic-hit tourism industry.