Smart Axiata connects Cambodia with first ever structured treasury product
Published: Feb 2026
Best in Class Treasury Solution in ASEAN
Highly Commended Winner
Smart Axiata Co. Ltd.
Photo of Goh Paik Hwa, Smart Axiata Co. Ltd.
Goh Paik Hwa
Head of Corporate Finance
Headquartered in Phnom Penh, Smart Axiata is Cambodia’s leading telecommunications provider, offering integrated ICT solutions, mobile voice, data and internet services under the ‘Smart’ brand.
The challenge
As Smart Axiata prepared for major investments to enhance network quality and future technology readiness, the company needed a financing approach that safeguarded liquidity while supporting long-term growth. Conventional funding routes, whether internal resources or long-tenor facilities were not optimal given ongoing operational priorities and broader market conditions.
At the same time, Cambodia’s trade finance landscape required careful navigation of approval norms and prudential limits. Smart Axiata therefore sought a structure that would remain fully aligned with regulatory expectations while supporting the scale and timing of its nationwide infrastructure programme.
The solution
Smart Axiata’s treasury team led the development of the financing structure, collaborating closely with global suppliers and banking partners to co-create a tailored trade finance model aligned to the company’s investment roadmap.
Leveraging strong supplier relationships and the trade finance capabilities of its banking partners, the treasury team designed a structured, multi-year financing arrangement supported by a phased US$100m Letter of Credit facility. The model enhanced payment flexibility, synchronised financial flows with project milestones and upheld regulatory and governance standards within Cambodia’s evolving financial environment.
“This Adam Smith Award Asia is a proud moment for both Smart Axiata and Cambodia. It recognises our commitment to strong financial governance and innovative treasury practices that support national connectivity and digital progress. For me personally, it reinforces the belief that impactful, forward-looking treasury work can originate from any market when teams unite behind a common vision.”
Goh Paik Hwa, Head of Corporate Finance
Best practice and innovation
Within Cambodia’s financial landscape, Smart Axiata’s treasury team implemented a supplier-assisted trade finance structure. The model introduced enhanced visibility, disciplined sequencing and strong counterparty collaboration demonstrating how thoughtful treasury leadership can support large-scale infrastructure programmes in frontier markets without compromising financial stability.
The initiative has since drawn interest from corporates and financial institutions seeking more collaborative bank‑corporate-supplier models as Cambodia’s digital economy accelerates. Rather than relying solely on conventional trade finance tools, the structure showcased how strategic partnerships can advance national connectivity programmes while operating fully within prudential requirements.
What distinguished this achievement was not only the structure itself, but the way Smart Axiata’s treasury team successfully bridged regulatory, operational and commercial considerations to deliver a balanced, future‑oriented outcome.
Key benefits
Streamlined processes and improved visibility.
Reinforced client-supplier credibility.
Strengthened strategic banking relationships.
Scalable, future-ready financing framework.
Delivered within budget and timelines.
The successful execution of this model created impact well beyond the balance sheet. It enabled Smart Axiata to progress critical network readiness and nationwide infrastructure upgrades aligned with national digital priorities without placing additional pressure on liquidity.
The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. To find out more please visit treasurytoday.com/adam-smith-awards-asia
