November 14, 2022
PHNOM PENH – During the ASEAN Business and Investment Summit 2022, Binance, the world’s leading blockchain ecosystem provider, and Royal Group of Companies (Royal Group)entered into a Joint Venture Agreement to solidify its partnership in Cambodia to propel the nation into an era of Web3 solutions – on the back of the MOU which was signed earlier this year – subject to regulatory approvals.
The Agreement signing ceremony today in Cambodian Capital, Phnom Penh, is presided over by H.E. SOU Socheat, Delegate of the Royal Government in charge as Director General of Securities and Exchange Regulator of Cambodia.
Leon Foong, Head of Binance APAC said: “We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow users in Cambodia to enjoy a seamless user experience to make it easier for users to learn about blockchain and tap into the Royal Group network to find ways to start their web3.0 journey. We will continue to strengthen the collaboration so Cambodia benefits from the growth of the blockchain ecosystem and together we strive to propel a holistic economic growth and drive digitization in the country.”
In the Joint Venture Agreement signed today, both parties have agreed to explore possibilities of creating solutions and platforms based on Web3 applications and use the technological know-how and blockchain platform capability of Binance to help nurture economic growth targeted at specific segments of society.
Neak Ohkna Kith Meng, Chairman & CEO of Royal Group of Companies, mentioned that “We live in an exciting time in what the next decade and Web3 will bring to us. Technology companies are already imagining the unimagined and paving the way for this world to be an inclusive and open society where multilateral trade could bring economic prosperity for all.”
“We want Cambodia and Cambodians to be at the forefront of this change and with approval from the Royal Government of Cambodia, we would want technology to help us leapfrog into a developed economy. We are excited to be partnering with Binance, the global leader in blockchain ecosystems and are sure that this Joint Venture will go a long way in accelerating inclusive economic growth in Cambodia,” added Neak Ohkna Kith Meng.
Today, with the help of technology, the world has shrunk into mobile phones users hold in their palms while expanding the horizons for trade, inclusive growth, and an open economy.
The Royal Group of Companies and Binance share a common vision of using technology to drive inclusive growth for everybody – irrespective of their socio-economic status, gender, geography or age – and are expecting this Joint Venture to lead that change in Cambodia.