Woori Bank, NICC, and Royal University of Phnom Penh Join Forces to Boost Cambodia’s Startup Ecosystem

Phnom Penh April 10, 2024 – Woori Bank, a leading financial institution committed to driving innovation and growth, is pleased to announce the signing of a Memorandum of Understanding (MOU) with the National Incubation Centre of Cambodia (NICC) and the esteemed Royal University of Phnom Penh. This agreement is to be formalized on, marks a significant step towards boosting Cambodia’s growing startup landscape.

With a steadfast commitment to empowering entrepreneurs and fostering digital transformation, Woori Bank is poised to deepen its strategic partnership with NICC. Through the establishment of robust financial infrastructure and special financial services, this collaboration aims to provide helpful support to NICC’s professors, mentors, trainers, trainees, and students.

H.E. Dr. Cheat Chealy, Rector of Royal University of Phnom Penh, expressed his enthusiasm, stating, “We are delighted to embark on this transformative journey with Woori Bank. Through this strategic partnership, we aim to equip Cambodian startups and entrepreneurs with the necessary tools and resources to thrive in an increasingly digital world.”

Mr. Cho Byung Kyu, President of Woori Bank Head quarter, echoed this sentiment, emphasizing the significance of the partnership in fostering entrepreneurship and technological advancement. He announced plans for Woori Bank Cambodia to establish a branch office with the concept of “The bank in University,” aiming to provide convenient banking services for professors, staff, students, and the public.

“In the digitalization, while the bank is seeking for the best Fintech solution, then we are staying in the same building so that we could support each other closely like Woori Bank will be able to give capital support to startup company in finance and NICC including its startup will support the Woori Bank for innovative solution”, he continued.

By leveraging Woori Bank’s extensive resources and expertise, NICC endeavors to catalyze the digital transformation of startup companies and foster an environment conducive to innovation and sustainable growth. This collaboration signifies a shared commitment to driving socioeconomic development and fostering a culture of entrepreneurship in Cambodia.

Dr. Srun Sovila, Director of NICC, stated the significance of the partnership, “Thanks to Woori bank for trust in NICC and step to the official MOU signing ceremony today. Together, we will embark on a journey of collaboration, innovation, and growth, making a positive impact on the startups and entrepreneurial landscape of Cambodia. To all the entrepreneurs and innovators present here today, I urge you to seize the opportunities that this partnership brings onwards. Let us work together to harness the power of innovation, startups and entrepreneurship to drive positive change and create a brighter future for Cambodia.”

RUPP and Woori Bank ​have a good cooperation since January 2023, Woori Bank  has provided 100 scholarships to undergraduate students of RUPP from key specialized subjects which include the newly established program on sustainable urban planning and development (DSUPD), Economic Development (Eds), Community Development (CDs), Computer Science, International Business Management (IBM), and Mathematics.

About Woori Bank:

Woori Bank (Cambodia) Plc. has milestone significant achievements in Cambodia for 30 years. With beginning of the funding program in 1990 and getting official license to operate as a microfinance institution in 2004. Then, updating license in 2011 to become a micro-deposit taking finance institution as well as merging with Woori Finance Cambodia Plc. in 2020 to broaden network. Additionally, the National Bank of Cambodia has approved a license as a commercial bank since November 2021 and officially launched in January 2022, enabling Woori Bank (Cambodia) Plc. to provide the market with full-fledged commercial bank’s products and services.​

As of as of December 2023, the bank has 140 branches nationwide, employs over 4,200 staffs, and serves more than 455 thousand customers with​ total asset of USD 1.4 Billion, a loan portfolio of USD 1,212 million and deposit savings balances up to USD 434 million. “Woori Bank, Your Smart Choice in Finance!”


About NICC:

National Incubation center of Cambodia (NICC) was established in purpose of supporting to Cambodia startup by providing training, Research and Technology Innovation, Information and Communication. The center is also a linkage between entrepreneurs, startups, students, and enterprises to discuss in purpose of finding out the best solution.


About Royal University of Phnom Penh:

The Royal University of Phnom Penh is a premier academic institution dedicated to excellence in education, research, and community engagement. With a proud tradition of fostering intellectual curiosity and innovation, the university plays a pivotal role in shaping the future of Cambodia’s workforce and society.