Cambodian telco Smart Axiata says it has secured a US$50 million financing facility from Maybank Cambodia to accelerate development of its digital and telecoms infrastructure, particularly its ongoing rollout of 5G.
In a statement released Friday, Smart Axiata said the infrastructure enhancements enabled by the financing will enable greater access to digital education and remote learning, financial and payment services, and help businesses including small and medium enterprises (SMEs) adopt digital technologies and ICT solutions, improve productivity, and expand market reach.
Rath Sophoan, CEO and country head of Maybank Cambodia, said the bank views 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.
“This collaboration with Smart Axiata represents our first new economy-aligned financing in Cambodia, underscoring Maybank group’s ROAR30 strategic plan to mobilise MYR100 billion (US$25 billion) in new economy initiatives and MYR300 billion (US$75 billion) in sustainable finance by 2030.”
News of the loan comes a day after Smart Axiata announced it had rolled out 750 5G sites in 21 provinces in time for the Khmer New Year holiday, which starts today.
Smart Axiata also launched a new 5G data plan, “TamChet!”, which offers customers more data, with flexible weekly and monthly options that are usable across both 4G and 5G networks, depending on coverage.
“As we expand our 5G base stations to 750 sites ahead of the holiday, our customers will be able to enjoy a better experience during the celebration whether its video calling a relative abroad, sharing photos from the family table, or staying in touch on the road,” said Smart Axiata CEO Ritesh Kumar Singh in a statement.
Smart Axiata launched its 5G service at the start of this year, alongside rival telcos Cellcard, and Metfone.
