Binance Sets up a Joint Venture with Royal Group to Expand Blockchain Ecosystem in Cambodia

13 November 2022 - Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, entered into a joint venture (JV) agreement with Royal Group of Companies (Royal Group), Cambodia’s strategic investment holding company, to solidify the relationship between the two parties and to expand blockchain ecosystem in Cambodia.

The JV agreement is followed by the MoU that was signed earlier this year. In the previous MoU, Binance and Royal Group agreed to collaborate on various initiatives to explore the roll out of Web3/blockchain initiatives in Cambodia including raising awareness and lowering the barrier of information acquisition on blockchain and digital assets through educational programs.

Leon Foong, Head of Binance APAC said: “We are excited to deepen our strong relationship and collaboration with Royal Group. This JV will allow for users in Cambodia to enjoy a seamless user experience to make it easier for users to learn about blockchain and tap into the Royal Group network to find ways to on-ramp and start their web3.0 journey. We will continue to strengthen the collaboration so Cambodia benefits from the growth of the blockchain ecosystem and together we strive to drive up financial inclusion by building a stronger blockchain infrastructure which in turn will increase usage of blockchain related services and products.”

Neak Ohkna Kith Meng, Chairman and CEO of Royal Group mentioned that, “We live in an exciting time in what the next decade and Web3 will bring to us. Technology companies are already imagining the unimagined and paving the way for this world to be an inclusive and open society where multilateral trade could bring economic prosperity for all. 

“We want Cambodia and Cambodians to be at the forefront of this change and along with support from the Royal Government of Cambodia, we would want technology to help us leapfrog into a developed economy. We are excited to be partnering with Binance, the global leader in the blockchain ecosystem and are sure that this JV will go a long way in accelerating inclusive economic growth in Cambodia,” added Neak Ohkna Kith Meng .

About Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com 

About Royal Group

Royal Group was established in 1991 and is one of the largest premier investment and development conglomerates in the Kingdom of Cambodia. The Group is focused on bringing quality investment to the country and on providing investors with the platform to run successful and profitable operations. Cambodia’s booming economy, one of the fastest growing worldwide, enjoys a stable political situation, together with the most welcoming and liberal business, investment, and trade environments in ASEAN. For more information, please visit www.royalgroup.com.kh.