SERC, VTEAM Financial, and Stronghold Trustee Launch Cooperation to Develop Asset Securitisation and Securities Financing in Cambodia
The Securities and Exchange Regulator of Cambodia (SERC) has signed a tripartite Memorandum of Understanding (MOU) with VTEAM Financial Corp. and Stronghold Trustee to jointly develop asset securitisation and securities financing frameworks in Cambodia. This initiative is expected to advance the country’s securities sector and unlock new investment opportunities.
The signing ceremony was held on December 12, 2025, at Sofitel Phnom Penh Phokeethra, with the participation of H.E. Sou Socheat, Director-General of SERC; Chang Chung-Kai, Founder of Stronghold Trustee; and Liang Haining, Chairman and Governor of VTEAM Financial Service Group.
Liang said the partnership marks an important step as Cambodia’s capital market enters a new phase of development. While the market has grown rapidly in recent years, he noted that three key elements remain essential: diversified financial instruments, a clear and transparent operating system, and highly professional supervisory capabilities.
“This MOU is a significant step in the creation of new financial instruments,” he said, adding that under this partnership, SERC will provide supervisory expertise, VTEAM will bring international technology and experience, and the Trust Regulator together with Stronghold Trustee will offer guidance in establishing the trust architecture.
According to Chang Chung-Kai, the agreement includes a study on the proposed asset securitisation of Angkor Wat ticket revenue, which could become Cambodia’s first cultural-tourism financial product. Such a product would not only demonstrate Cambodia’s innovation, but also support the revival of the tourism sector.
“Angkor Wat is a national symbol, but after the COVID era, tourism has not fully recovered. By securitising Angkor Wat ticket revenue, we hope to encourage the world to return to Cambodia while strengthening our capital market,” noted Liang.
VTEAM Group has extensive experience in international trade and supply-chain finance, serving tens of thousands of enterprises worldwide. The group previously structured China Mobile’s RMB 200 billion (around USD 3 billion) ABN issuance and has established a presence across Europe, the United States, Australia, Hong Kong, and ASEAN.
“Today, we want to use these experiences to participate in the development of the Cambodian market at a higher level,” Liang added.
Key Areas of Cooperation Under the MOU
- Asset Securitisation of Angkor Wat Ticket Revenue: This initiative would introduce a new cultural-tourism asset class to Cambodia and is expected to attract global investor interest.
- Establishing a Securities Financing and Securitisation System: The three parties will work with SERC to build a complete and practical regulatory and operational framework for future securitisation activities.
H.E. Sou Socheat said the partnership will support innovation in financial technology and help assess the feasibility of a regulatory framework for asset-backed securitisation and securities financing. It will also strengthen the capacity of SERC officials in supervising such instruments.
Since the launch of Cambodia’s securities market, SERC has licensed, authorised, and recognised 131 companies operating and providing services in the sector. As of 2025, 25 companies have listed securities on the Cambodia Securities Exchange (CSX), with a combined market capitalisation of approximately USD 550 million.
