Tell me a little bit about yourself.
My name is Sophorth. I am the CEO and Co-founder of Morakot Technology. I am 38. I am from Cambodia.
In your 1 min elevator pitch, how would you best describe your Fintech Solution?
Morakot provides corebanking software for Microfinance Institutions and Banks. The system can be implmented on cloud-based or on-premise server with built-in accounting system and support multi-branch.
What inspired you to start Morakot?
Making core banking software accessible and affordable by Microfinance Institutions and help them provide innovative services to unbank customers, eventually improve the financial inclusion as a whole.
What did you wish you knew before you started your first business?
We wanted to know if our product fit to the market? Is there any demand out there? What would be the best pricing structure we could offer?
How do you see the current Fintech industry and what do you think of it in the next 5 years?
The current FinTech industry is growing pretty fast. Majority of them are in payment service and e-wallet sectors. In the next 5 years, the unbanked people will use FinTech to access financial services. Cambodia could go cashless.
What was the greatest challenge you’ve faced with this start-up?
Hiring a good resource.
If you had one piece of advice to someone just starting out, what would it be?
Being an entrepreneur is tough, but it’s fun. It accelerates your learning curve like never before. You will understand about who you truly are.
To be a successful entrepreneur you must start with what you really love to do. This is called passion. Passion will keep you moving forward regardless of obstacles. You have to get the right partners or co-founders. This helps a lot in your entrepreneurial journey especially when you are in trouble. You need someone to talk to, and the best person to talk to is the one who sits in the same boat as you.
Focus on one thing at a time. Put all your energy on that one-thing and make it move forward. This is more likely to give you success than doing too many things at the same time. Watch your cash flow. Most startups fail because of poor cash flow management. Control your burning rate and maximize your earning.