Welcome to Southtech Limited

Mr. Chea Phalarin, Chairman of the Cambodia Microfinance Association, Mr. Syed Quader, Managing Director & CEO of Southtech, Mr. Muhammad Kafi, Director of Southtech, Mr. Mizanur Rahman, Product Manager of Southtech, distinguished representatives of the Cambodian Microfinance Institutions, ladies and gentlemen. Good Morning.

As you all know, the purpose of microfinance is to allow poor people to participate in economic development and thus improve their own living standards. It has been proven clearly in many developing counties around the world including our own, that microfinance can play an important role in national economic development by providing the poor with access to capital. Currently, Cambodia has 20 licensed MFIs, 25 registered microfinance operators and 1 microfinance bank that reach 24 provinces through 623 branch offices. I am happy to state that the National Bank of Cambodia has played a crucial role in enacting business-friendly regulations for the development of MFIs in Cambodia.

The Government of Cambodia is very keen to establish an enabling environment that allows the provision of efficient, transparent and cost-effective financial services to its citizens. We are therefore determined to harness all our energy and resources towards that aim. I am sure that in that pursuit, our friends in the international community, donor agencies and financial institutions from around the world will continue to come forward to help MFIs in Cambodia. It is an excellent way to demonstrate social responsibility through business.

It is a fact that technology nowadays plays an important role in every sector of human development. The pace of change in technology has allowed organizations to look at new ways to manage themselves and at the same time has allowed them to offer services to their clients more easily and more cost-effectively than ever before. Moreover, technology has allowed organizations to explore new target markets that were previously out of reach. Likewise, investors are also looking for financial and operational transparency in MFIs so that they may feel comfortable in investing in this interesting and potential sector. Technology is thus a great enabler for development.

I am therefore very happy to note that the CMA in association with Southtech has organized this intensive one-day seminar for its member organizations to review a major microfinance and retail banking software from Bangladesh. As you may already know, Bangladesh is a pioneering microfinance country and many MFIs there have reached a certain level of maturity. Perhaps we can learn from their experience.

I understand that the solution that will be demonstrated today is called Southtech Ascend Banking System which has been independently reviewed by CGAP and has been rated highly. I also understand that it is running in several countries. Furthermore it is a multilingual and multi-currency solution with provision of multiple delivery channels and central bank returns suitable for Cambodia. I therefore request you to carefully assess this system against your own needs and see if you will benefit from such technology.

In conclusion, I would like to thank Mr. Hout Ieng Tong, the ex-Chairman of CMA for organizing this seminar. I also thank Southtech representatives for taking the interest to come to Cambodia and sharing their skills and experience with us. Last but not least, I would like to express my great appreciation to the representatives of Cambodia’s MFIs who have taken a keen interest to attend this seminar despite having very busy schedules. I hope that the day spent here will be worthwhile for all of you.

Thank you for your patient hearing.

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