More financial institutions focusing on agri-tech

More financial institutions focusing on agri-tech

Financial institutions like Wing Bank, AMK Microfinance (MFI), Boost Capital are focusing on agriculture-driven tech.

In recent months, AMK has developed its own in-house app to enable farmers and rural labourers to pay loan installments and open accounts online. Microfinance in Cambodia largely depends on its field force of collection agents, who collect loan installments on behalf of microfinance institutions (MFIs). AMK has now trained its collection agents on using its in-house app. And this in turn helps them on the ground to do e-KYC and other digital documentation work.

“We work with eight banks and two MFIs in Cambodia and provide IT solutions. Some of these are focused specifically on rural scenarios,” said George Lee, Chairman, Innov8tif Solutions.

This week, Wing Bank, Wing Commerce, Amru Rice, and Cambodian Agriculture Cooperative Corporation Plc (CACC) banded together to find digital solutions to improve farming. The purpose of the partnership would be to increase rice production in Cambodia and promote sustainable agriculture. This is important in light of Cambodia’s rice exports; which surged 690,000 metric tons between 2019 and 2023. With Cambodia having a strong agri-focused economy, Amru Rice and CACC have partnered with Wing Bank.

With the new partnership, members of agricultural cooperatives can get loans on Wing Bank’s Wingagri Platform up to 100 million riels without the need for collateral. This is expected to ease and boost farming production. khmertimeskh

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