Informal Economy Registrants to Have Easier Access to Loans and Investment Capital

Phnom Penh: Registering as an informal economy participant is like having a key to open the door to formal financial services, including loans and investment capital from financial institutions, to expand a business. It can also help people avoid turning to informal lenders or borrowing at high interest rates. Prime Minister Samdech Moha Borvor Thipadei Hun Manet made the remarks at the official launch of the “Digital Platform for Registration of Informal Economy Participants” on Monday morning, December 16, 2024.

The Prime Minister said: “Not only will you gain access to formal financial services, loans or investment capital from financial institutions, but you will also be able to open savings accounts and business accounts (Merchant Accounts—accounts registered under a shop’s name) with financial institutions, as the National Bank of Cambodia issued a circular providing guidance on this on October 9, 2024.”

Samdech Thipadei explained: “Those of you working in the informal economy should not hesitate to register for fear of incurring obligations or other expenses going forward, because once you have registered, you will receive many benefits.” 

Samdech Moha Borvor Thipadei Hun Manet continued that, after registering and receiving approval through the digital platform, informal economy participants will receive a registration certificate recognizing their roles and contributions to the national economy. The certificate identifies their occupations, businesses and work, and is recognized by all ministries and institutions of the Royal Government at both the national and sub-national levels. It can also be used officially with the private sector.

Samdech Moha Borvor Thipadei Hun Manet said registration will give participants the opportunity to improve their technical and professional skills by strengthening existing skills and acquiring new ones (upskilling and reskilling). With this support, informal economy participants will have greater capacity and better opportunities to expand their businesses, increase their incomes and create jobs for themselves and others.

Samdech Thipadei Hun Manet said the “Digital Platform for Registration of Informal Economy Participants” is considered an important milestone in implementing the “National Strategy for the Development of the Informal Economy 2023–2028.” He also called on and encouraged all informal economy participants to register and access the various benefits, with the aim of improving their living standards and contributing to the process of national economic development.