Flare Launches Car-Wrapping Advertising Platform Service "Flare AD" in the Kingdom of Cambodia

Flare Inc. (Representative Director: Kazuki Kamiya; hereinafter “Flare”), which develops and operates mobility-related businesses in the Kingdom of Thailand, has launched the car-wrapping advertising platform service “Flare AD” in the Kingdom of Cambodia through a joint venture with ReNet Japan Group Co., Ltd. (Representative Director & President: Takeshi Kuroda; Tokyo Stock Exchange Mothers 3556; hereinafter “ReNet”).

The Kingdom of Cambodia has maintained economic growth exceeding 7% for the past decade, and its middle-income consumer market is expanding rapidly. In particular, the capital Phnom Penh has a per-capita GDP of USD 3,800 (2018), surpassing the USD 3,000 threshold at which motorization is generally considered to begin, and the automotive market is growing strongly. The advertising market is forecast to grow at approximately 11% annually, from USD 198 million (approx. JPY 21.6 billion) in 2018 to USD 220 million (approx. JPY 24.0 billion) in 2019 and USD 240 million (approx. JPY 27.0 billion) in 2020. The advertising market also remains immature, leaving a shortage of both online and offline advertising channels, making Cambodia a highly attractive market for Flare AD.

ReNet currently operates multiple businesses in Cambodia: used car sales (ReNet Japan Cambodia Co., Ltd.), automotive leasing (Mobility Finance Cambodia Plc.), microfinance (Chamuroen Microfinac Plc.), micro-insurance (PREVOIR (KAMPUCHEA) MICRO LIFE INSURANCE PLC.), and automotive technician training and dispatch (Metrey HR Co., Ltd.). With more than 400 employees across its Cambodia operations, ReNet is an ideal partner with a long track record in Cambodia and deep expertise especially in automotive-related businesses.

With the attractive advertising market and ReNet’s proven business track record and expertise, we will launch Flare AD in the Kingdom of Cambodia as our second country of operation following Thailand.