Cambodia stands at a critical juncture in its economic development.¹ While significant progress has been made, the nation’s ambition to achieve upper middle-income status by 2030 is constrained by structural challenges, most notably the limited access to affordable credit for the private sector. Small and Medium Enterprises (SMEs), which form the backbone of the Cambodian economy, are systematically hindered from growth and innovation due to a legal framework for secured transactions that is outdated, fragmented, and unfit for the demands of a modern market economy. Lenders, faced with legal uncertainty, are hesitant to accept movable assets such as inventory, equipment, and receivables as collateral, forcing an over-reliance on immovable property and effectively locking the majority of SMEs out of the formal credit market.