The Memorandum of Understanding (MOU) was signed on February 8, 2023, in Phnom Penh by Souliyo Vongdala and Phonepasong Mixab, the CEO and Co-Founders of LOCA, and Soreasmey Ke Bin, the CEO of Confluences.
Confluences will guide LOCA’s first steps in Cambodia as part of this strategic cooperation. The Kingdom is LOCA’s first market outside of Laos, and the app’s regional expansion begins here.
With over 700 cars and 100,000 users since its inception in 2018, LOCA has grown to become Laos’ largest 24-hour ride-hailing and taxi service. The app has since evolved into a lifestyle super app with the addition of a wide range of lifestyle services such as out-of-home advertising, EVFinancing, the EV Fast Charging Network, and Loca Pay, making it the first Lao startup to be recognized on Forbes Asia’s 100 to Watch.
Following rapid growth and widespread recognition in Laos, the company has decided to begin its regional expansion with Cambodia as a logical extension of its Laotian achievements, and to bring some of its most innovative and successful products and services to the Cambodian market, most notably its electric vehicle taxi fleet, EV Fast charging station network, and Loca Pay payment platform.
Confluences’ DNA is to encourage, promote, and invest in cutting-edge projects that will have a long-term good impact on the Kingdom.
Confluences is integrating and applying its Market Access and Ventures expertise with LOCA.
Confluences is facilitating the introduction of LOCA’s activities to the necessary regulatory bodies in the country by using its local relationships.
Confluences Ventures is also bringing LOCA under its wing in order to accelerate the app growth hacking goals in Cambodia through its network of potential partners and investment funds.
CEO of Confluences, Soreasmey Ke Bin said,
‘Cambodia is an excellent country for corporations looking to expand into new markets in the Greater Mekong Subregion.’ With the advantage of having unique and functional products with a proven track record in Laos, LOCA has very solid foundations to attract potential partners and thrive and expand.Furthermore, their products are perfectly in line with the Kingdom’s growth aspirations. Our collaboration with LOCA will not only protect their operations in Cambodia, but will also open up future potential in ASEAN. Finally, this project is consistent with our aim of bringing Cambodia to the regional economic scene in a sustainable manner’.
LOCA’s Co-Founders, Souliyo Vongdala and Phonepasong Mixab, expressed their strategic aspirations and relationship with Confluences as follows:
Souliyo Vongdala, CEO and Co-Founder of LOCA said on the occasion that,
“Cambodia is a country that particularly appreciates eco-friendly, sustainable and innovative products and services. The Khmer market offers huge prospects, with the government encouraging such activities, a surging urban population with expanding revenues and an increasing green conscience, high mobile penetration, and the emergence of a cashless culture. Sustainability, product quality, innovation, and convenience with excellent customer service have always been essential to our growth at LOCA. We believe that our innovative goods and environmentally friendly mobility and payment services will suit Cambodians’ demands, and we look forward to contributing to the country’s growth in the same way as we did in Laos.”
“We are thrilled to join with Confluences to enter the Cambodian market. Confluences has successfully advised entrepreneurs, reputable local and worldwide corporations, and their principles are consistent with those of LOCA. Winning the hearts of customers is a must while expanding the market to Cambodia. We hope that this collaboration will help us establish a strong presence in Cambodia and beyond.” Phonepasong Mixab, Co-CEO and Co-Founder of LOCA
