The Reverse Innovation (RI) accelerator program is a groundbreaking initiative focused on fostering innovation in the FinTech sector. It identifies key challenges faced by large corporations and seeks innovative solutions from startups.
Organized by the Ministry of Economy and Finance (Cambodia) in collaboration with the Techo Startup Center, the program was co-hosted by the Ministry of Industry, Science, Technology & Innovation, Khmer Enterprise and the The Association of Banks in Cambodia, with Wing Bank as the Diamond Sponsor. Media support was provided by Fresh News and Technology Cambodia.
Program Highlights
This year, 20 startups participated in this rigorous accelerator program, with 5 standout winners emerging to receive a combined 128 million Riel in equity-free investments during the final Demo Day.
– Top Performance: MyLekha POS received 40 million Riel.
– Special Mention: KrubKrong-គ្រប់គ្រង received 28 million Riel.
– Top Finalists: Snaprec, JayTech and Quanta each received 20 million Riel.
Program Timeline:
- Challenge Roadshow (2 weeks): Virtual Challenge Pitching Session.
- Kickoff Program (4 weeks): Call for Applications & Reverse Pitch Day 23 July – 3 Sep 2024.
- Pre-RI Bootcamp (2 weeks): Group training, shaping solutions, elimination pitching 09 – 20 Sep 2024.
- RI Accelerator Phase (8 weeks): Weekly group training, 1-on-1 mentoring, final pitching 30 Sep – 22 Nov 2024.
- Demo Day (1 day) Startup showcase, top finalist announcement and award ceremony on 28 Nov 2024.
Meet the Top Startups:
– Mylekha (Top Performance)
Mylekha empowers micro and small enterprises (MSMEs) with user-friendly enterprise solutions. Its innovative tools include the MyLekha Dashboard for efficient business management and the MyLekha POS for seamless retail operations, guided by the philosophy: “If they grow, we grow.”
– Krubkrong (Special Mention)
Krubkrong offers a robust POS and inventory management system tailored for MSMEs and small businesses. The platform integrates with Localize for hassle-free accounting, providing a ready-to-use solution for business owners.
– Snaprec (Top Finalist)
Snaprec revolutionizes receipt management through AI-driven automation, enabling SMEs and bookkeepers to enhance accuracy and efficiency while integrating seamlessly with existing accounting software.
– JayTech (Top Finalist)
JayTech simplifies personal finance with its intuitive mobile application that integrates expense tracking with users’ bank accounts, offering an all-in-one financial management solution.
– Quanta (Top Finalist)
Quanta leads the way in Cambodia’s P2P lending sector, connecting borrowers and lenders via a secure and user-friendly platform. Its mission is to foster economic inclusion and empower underserved communities by facilitating access to innovative financial solutions.
This collaborative effort underscores Cambodia’s unwavering commitment to fostering FinTech innovation and nurturing the nation’s burgeoning startup ecosystem. By empowering visionary entrepreneurs to tackle pressing corporate challenges, the program serves as a catalyst for transformative solutions that not only address immediate business needs but also drive long-term economic growth.
These rising Cambodian startups represent a beacon of hope and ingenuity, showcasing the immense potential of local talent to revolutionize the financial landscape. With access to mentorship, resources and funding, these innovators are poised to redefine the way businesses operate, enabling greater efficiency, inclusivity and accessibility in financial services.
Through initiatives like Reverse Innovation, Cambodia is building a robust foundation for a thriving tech-driven economy, where startups are empowered to deliver cutting-edge solutions that uplift communities, create jobs and foster financial inclusion. This collective vision ensures a promising future, where Cambodia emerges as a regional leader in innovation, setting new benchmarks for growth and opportunity in the digital era.
