We are on Week 6 of the Startupbootcamp FinTech Singapore program and catching up with startup BanhJi!
This is NOT BanhJi’s first interview. FinTech stars of the week Chakiriroth Sim, Prak Sokdararith and Thath Dawine are shaking things up in the enterprise solutions arena and launching this in their homeland Cambodia, where the number of certified accountants are close to nil, and disruption in automating the space is waiting to happen.
1) Tell us what BanhJi is about in 10 words.
BanhJi is a 100% free and localized industry specific accounting platform.
2) What does BanhJi mean and what prompted you to venture into this space?
BanhJi is often referred to as “Accounting” in the Cambodian language and it also referred to similarly in the Thai and Lao languages. It has been quite a journey since we were conceptualizing this idea 3 years ago. Our aim is to address SME’s inherent challenges in preparing reliable and proper financial statements, ensuring their compliance with local accounting and tax regulations, and improving their productivity. Ultimately, we want to be the bridge for their access to finance.
3) How do you think the platform will help to ease SME’s and NGO’s financial management system and what is the potential of bringing BanhJi across Asia?
We believe that accounting software should be 100% free and simple. Moreover it should be powerful and localized in terms of language and regulatory requirements. With this, we seek to be the operating system behind ASEAN SMEs’ successes, by focusing on four value propositions:
- Improving financial position and performance – helping customers take back the control of their financial strength
- Ensuring compliance – helping customers comply with local accounting, tax, and other related regulations
- Increasing productivity – helping SMEs to focus on what is matter most to their business
- Building confidence – helping SMEs to gain more confidence from the financial institutions, debts financing providers and investors.
4) What are you focusing on this week of the program and what challenges are you tackling?
It has been a very busy week as we are preparing for a closed beta launch in Cambodia. To date, we have achieved our target with 100 SMEs ready to use BanhJi. In addition, financial modeling will be the main focus for this week as well.
5) Are there opportunities for collaborations and partnerships with BanhJi? What are you seeking?
To reach a critical mass, our success factors are centered around strategic partnerships. Hence, we have been working to secure partnerships across the region with financial institutions (SMEs lending focus), telecommunications firms, accountant & accounting firms, business associations, and universities.
6) Where do you see in 5 years time?
We want to be the preferred accounting software for SMEs in the ASEAN region and maybe beyond.
7) You must be so busy with the program and the launch, Given the novelty to stop time for one day, what would you do?
Spend quality time with my wife and sons.
BanhJi has come a long way since we first met them at the start of the year. For those who are keen to get a preview, sign up to get an early access!
Catch up on Startupbootcamp FinTech Singapore’s #StartupOfTheWeek series here: