Maybank extends $50 M loan to Smart Axiata to support digital and 5G infrastructure development
In order to expedite the strategic development of Cambodia’s digital and telecommunications infrastructure, including 5G connectivity throughout the nation, Maybank Cambodia has extended a $50 million financing facility to Smart Axiata, a subsidiary of Malaysian-based Axiata Group Berhad.
Maybank and Smart Axiata said in a statement on Friday that the funding demonstrates their shared commitment to bolstering the digital foundation that supports Cambodia’s socioeconomic development.
Infrastructure improvements will help businesses, including small and medium-sized enterprises (SMEs), adopt digital technologies and information and communication technology (ICT) solutions, increase productivity, and reach a wider audience. They will also make digital education and remote learning more accessible for young people and lifelong learners, as well as financial and payment services.
“This financing facilitates community development and the digital economy in line with Cambodia’s Digital Economy and Society Policy Framework 2021 to 2035, and with Maybank’s ROAR30 sustainability and new economy priorities,
“We view the new economy as a core pillar of Cambodia’s national agenda, in addition to being a key driver of ASEAN’s growth to accelerate the shift toward high-impact, high-value sectors,” said Rath Sophoan, Chief Executive Officer and Country Head of Maybank Cambodia.
Additionally, he said that this partnership with Smart Axiata is the bank’s first new economy-aligned financing in Cambodia, highlighting the Maybank group’s ROAR30 strategic plan to raise MYR 300 billion ($75 billion) in sustainable finance and MYR 100 billion ($25 billion) in new economy initiatives by 2030.
Building on this collaboration, Smart Axiata is advancing its network development initiatives to satisfy Cambodia’s increasing need for dependable and future-ready connectivity.
“Connectivity is at the core of everything we do. It is how we enable people’s lives and support Cambodia’s long-term growth,
“This financing from Maybank Cambodia allows us to accelerate investments in 5G and digital infrastructure, expanding access so more Cambodians can learn, work, and grow,” said Ritesh Kumar Singh, Chief Executive Officer of Smart Axiata.
In line with national priorities, he stated that the company’s goal is to provide every Cambodian with access to the new internet, opening doors for individuals, companies, and the country’s economy to prosper in an increasingly digital age through infrastructure that is prepared for the future while assisting in closing the digital divide.
In the meantime, persistent efforts to improve local connectivity will draw investments into Cambodia, generate employment, and support significant regional integration, according to John Chong, Group Chief Executive Officer of Global Banking at Maybank.
“This partnership with Smart, a subsidiary of Axiata Group Berhad, reinforces Maybank’s broader ASEAN aspirations of connecting the dots, navigating cross-border opportunities for clients, while delivering social impact,” he added.
