Ripple Chairman Chris Larsen Meets With Cambodian Prime Minister Hun Manet to Explore Renewable Energy Partnership

Executive Chairman of Ripple, Chris Larsen, and his spouse Lyna Lam, Founder of the Khmer Buddhist Foundation, met with Cambodian Prime Minister Hun Manet at the Peace Palace in Phnom Penh to explore a potential partnership focused on expanding Cambodia's renewable energy sector through the production of solar panels for export to the United States.

Chris Larsen, Executive Chairman of Ripple, and his wife Lyna Lam, Founder of the Khmer Buddhist Foundation, met with Cambodian Prime Minister Hun Manet at the Peace Palace in Phnom Penh to discuss a potential partnership aimed at boosting Cambodia's renewable energy sector through the production of solar panels for export to the United States.

According to a report by the Khmer Times, Prime Minister Hun Manet welcomed Larsen's proposal, highlighting that it aligns with Cambodia's goal of increasing its renewable energy usage to 70% by 2030, up from the current 62%. “Chris Larsen's interest in renewable energy cooperation […] is in line with the Royal Government's priority goal of promoting the use of renewable energy to 70% by 2030,” Hun Manet was quoted as saying.

During the meeting, Larsen and Lam also shared other initiatives, such as their efforts to preserve Cambodian culture and tradition in the United States through temple-building, particularly in San Francisco, and their plans to expand educational opportunities for children in rural areas of Cambodia. Prime Minister Hun Manet expressed support for their charitable activities, stating that their networking in Cambodia would help strengthen relations between both Cambodian and American communities and the private sectors of the two countries.

In a separate meeting, former Cambodian Prime Minister Hun Sen, now Senate President, discussed positioning Cambodia as a hub for solar panel exports to the United States and importing low-cost natural gas to support the country's economic growth. The Kiri Post quoted Larsen as saying, “And, importing low-cost natural gas to Cambodia, which not only contributes to Cambodia's economic growth, but also contributes significantly to the development of relations between the two countries.”

Hun Sen further noted on social media that he was “pleased and supported Chris Larsen in finding new opportunities to export solar panels from Cambodia to the United States.” He also emphasized that Cambodia does not subsidize private enterprises for export purposes, adding that this policy helps the country comply with World Trade Organization rules.

These meetings follow Cambodia's announcement of a new regulatory framework for digital assets on December 27, 2024, after the National Bank of Cambodia issued a directive on December 26. The new rules permit commercial banks and payment institutions to handle stablecoins—classified as “Category 1” crypto assets—while continuing to ban unbacked cryptocurrencies like Bitcoin. Financial institutions must now obtain prior approval from the central bank for activities involving stablecoins, such as conversions to fiat and custody services.

It's worth noting that Ripple recently launched a new US dollar-backed stablecoin, RLUSD, on December 17, 2024, after receiving final approval from the New York Department of Financial Services on December 10. The stablecoin is fully backed by US dollar deposits, government bonds, and cash equivalents.

Ripple also has an existing presence in Cambodia: SBI LY HOUR Bank launched the country's first cross-border blockchain transfers via Ripple in May 2021. However, there is no official mention of RLUSD in the meeting agenda.

At press time, XRP is trading at $2.07.