Sousdey Finance, a subsidiary of Thitikorn Limited in Thailand, will start a financial hire-leasing service for motorbikes in Phnom Penh, with an initial start-up fund of $100,000.
Prathama Phornprapha, president of Sousdey Finance, said the company will initially observe the market and increase funds when required. Speaking at a ceremony in Phnom Penh launching the business, she added that the company would use its experience in Thailand to become competitive here.
“We see that the growth for the future has to be from the neighbouring countries, so we think the Cambodia market is really a good place for us,” Phornprapha said.
The company will link with motorbike dealers, like Honda, Suzuki and Yamaha, to provide financing options to prospective customers. Like other hire-leasing service, the firm will provide credit for the purchase in return for monthly instalments, transferring ownership after the last payment is made.
Kim Vada, director general of banking supervision at the National Bank of Cambodia, said at that financial leasing is getting popular among urban residents. According to Vada, there are now seven licensed financial leasing companies in Cambodia, including Sousdey.
“Financial leasing businesses have helped small and medium enterprises and people to expand their business and production,” he said.