Wing Bank, Wing Commerce, Amru Rice, and CACC Join Hand to Boost Cambodia’s Rice Production

What’s New

Farmers now have convenient access to a one-stop solution, providing financial and digital marketplaces, to enhance their farming businesses and improve their livelihoods.

Phnom Penh, February 28, 2024 – Wing Bank, WingCommerce, Amru Rice, and Cambodian Agriculture Cooperative Corporation Plc (CACC) have signed a Memorandum of Understanding to enhance rice production and promote sustainable agriculture in Cambodia.

The MoU was signed during the 4th Sustainable Agriculture Summit in Phnom Penh, held on 28th February 2024. This pivotal event brought together influential stakeholders from the private sector and the government for discussions on Regenerative Agriculture for Agro-Environmental Sustainability of Intensive Agricultural Systems in Cambodia, attracting around 350 participants.

Manu Rajan, CEO of Wing Inter Logistic Technologies Co., Ltd, said, “Our focus is on leveraging technology to bridge the gap between agriculture stakeholders and digital banking services. The ‘Wingagri’ platform is designed to empower stakeholders in the agriculture sector by providing efficient and accessible solutions.”

This transformative partnership allows Amru Rice and CACC, along with their members as agricultural cooperatives and farmers, to utilize the Wingagri Platform, expanding their market reach nationwide and securing financial aid up to 100 million Riels from Wing Bank without the need for collateral to ease and boost their farming production.

“This partnership is not merely a business collaboration; it is a commitment to the heart of Cambodia. We’re sowing the seeds of sustainable practices, and with the right financial support, we’re nurturing a future where every farmer thrives,” stated Hor Bunthe, Deputy CEO of Wing Bank.

Amru Rice consistently promotes a supply-by-contract model with farmers organized under Agricultural Cooperatives since 2013, focusing on organic and sustainable food products. Nearly 30,000 metric tons of organic rice are supplied by 6,000 farmers in about 35 cooperatives, with an additional engagement of 16,000 households across 16 provinces for sustainable rice cultivation via the AIMS project in coordination with the Cambodian Rice Federation.

The company plans to scale up its efforts by cooperating with 16,000 families over 25,000 hectares by 2024 and reaching 100,000 hectares with 50,000 families by 2030.

Okhna Song Saran, Chairman and CEO of Amru Rice, said, “We are delighted to be part of this collaborative effort to boost Cambodia’s rice production and promote sustainable agriculture. Through digital marketplace support, accessing platforms like Wingagri, and financial solutions from Wing Bank, we aim to empower agricultural cooperatives and stakeholders in the agricultural value chain.

Cambodian Agriculture Cooperative Corporation Plc, with Amru Rice as a shareholder, operates on a Public Private Producer Partnership concept, facilitating the trade, storage, and management of agricultural crops procured from farmers, cooperatives, and contract farming agreements.

“Through this partnership, we are enabling access to cutting-edge solutions like the Wingagri Platform and vital financial aid from Wing Bank,” said, Kann Kunthy, Managing Director of CACC. “This collaborative effort is a testament to our dedication to advancing sustainable agriculture and ensuring the prosperity of every farmer.”

Cambodia’s rice exports surged, reaching 690,000 metric tons between 2019 and 2023. Disclosed at the 4th Sustainable Agriculture Summit on February 28, 2024, this data reflects the country’s shift towards an agribusiness-focused economy, capitalizing on the global demand for organic and sustainable food, valued at USD 200 billion in 2021 and projected to grow by 13% annually until 2030.

This collaborative effort signifies a significant stride towards enhancing Cambodia’s agricultural landscape, fostering sustainability, and empowering stakeholders across the agriculture value chain. The integration of technology and accessible financial solution will pave the way for a thriving and environmentally conscious rice production industry.