Economy and commerce

Banking and financial services

E-payments, key to promoting financial inclusion

Cambodia has seen recent and rapid growth in digital and electronic payment services, where the platform is regarded as a key to promote the Kingdom’s financial inclusion. ...

Sorn Sarath
https://www.khmertimeskh.com/50736465/e-payments-key-to-promoting-financial-inclusion/

ARDB farm loans now total $31M

Farm loan applications to the state-owned Agricultural and Rural Development Bank (ARDB) reached $31 million on Friday. ARDB director-general Kao Thach said applications for government loans have been growing rapidly since the government officially launched a $50 million fund in March. ...

Thou Vireak
https://www.phnompenhpost.com/business/ardb-farm-loans-now-total-31m

NBC meet set to shape post-Covid economy

The National Bank of Cambodia (NBC) will host its seventh Annual Macroeconomic Conference under the theme “Discussion of Cambodia’s Economic Development Models” to gather input from academics, researchers, industry insiders and economists about how to structure the economy in a post-Covid-19 world. ...

May Kunmakara
https://www.phnompenhpost.com/business/nbc-meet-set-shape-post-covid-economy

Local vendors shun small US currency

Reports of local vendors refusing to accept small US currency banknotes has continued over the weekend, despite repeated calls from both the Kingdom’s central bank and Prime Minister Hun Sen that all US currency banknotes will still be considered “legal tender”. ...

Harrison White
https://www.khmertimeskh.com/50728832/local-vendors-shun-small-us-currency/

New MoU will make loans easier to decide and repay

Agriculture Rural Development Bank (ARDB) together with Wing (Cambodia) Ltd Specialized Bank and Cambodia Investors Corp (CIC) inked a memorandum of understanding (MoU) to facilitate loan repayments, encourage the use of digital banking and to provide information to borrowers to guarantee the credit deal. ...

Sok Chan
https://www.khmertimeskh.com/50727796/new-mou-will-make-loans-easier-to-decide-and-repay/

New MoU will make loans easier to decide and repay

Agriculture Rural Development Bank (ARDB) together with Wing (Cambodia) Ltd Specialized Bank and Cambodia Investors Corp (CIC) inked a memorandum of understanding (MoU) to facilitate loan repayments, encourage the use of digital banking and to provide information to borrowers to guarantee the credit deal. ...

Sok Chan
https://www.khmertimeskh.com/50727796/new-mou-will-make-loans-easier-to-decide-and-repay/

SME competition set for July

The private sector plans to launch the first small and medium-sized enterprise (SME) competition in Cambodia to promote the SME sector and seek financial loan support for business expansion. ...

Thou Vireak
https://www.phnompenhpost.com/business/sme-competition-set-july

Blockchain system will reduce dependence on the ‘greenback’

Cambodian’s will soon be able to make near-instant payments via a new blockchain payment platform being launched under a system called Distributed Ledger Technology (DLT) that will “ultimately undermine the popularity of the US dollar”, according to the Kingdom’s central bank director. ...

Harrison White
https://www.khmertimeskh.com/50723403/blockchain-system-will-reduce-dependence-on-the-greenback/

Loans in Kingdom soaring

Credit Bureau Cambodia (CBC) has reported that the total outstanding loans in the first quarter of the year reached about $28.4 billion, up to 26 percent compared with the same period last year. ...

Sok Chan
https://www.khmertimeskh.com/50722002/loans-in-kingdom-soaring/

Leasing Industry registers 63 percent surge in 2019

The Central Bank has reported that the total value in the leasing industry was recorded at  1,169 billion KHR ($287million), an increase of about  63 percent in 2019 compared with the year before. ...

Sok Chan
https://www.khmertimeskh.com/50718028/leasing-industry-registers-63-percent-surge-in-2019/

New NBC guidelines on financial institutions

The National Bank of Cambodia (NBC) has requested financial institutions to reduce credit-related fees and lift fines until the end of December 2020, according to a letter it wrote. ...

Sok Chan
https://www.khmertimeskh.com/50717330/new-nbc-guidelines-on-financial-institutions/

PPCBank raises $10M, lists first corporate bond on CSX

South Korea-owned Phnom Penh Commercial Bank Plc (PPCBank) on Tuesday officially listed its first corporate bond on the Cambodia Securities Exchange (CSX). ...

May Kunmakara
https://www.phnompenhpost.com/business/ppcbank-raises-10m-lists-first-corporate-bond-csx

MFIs respond to affected customers

Microfinance institutions (MFIs) have taken some actions to restructure their loans for affected customers because of the COVID-19 pandemic, according to the Cambodia Microfinance Association (CMA). ...

Sok Chan
https://www.khmertimeskh.com/50714667/mfis-respond-to-affected-customers/

Cambodian Public Bank offers loan repayment deals during COVID-19

Cambodian Public Bank is responding to the Coronavirus crisis by taking pro-active action to provide help to its customers in distress by restructuring and rescheduling their loans to eligible individual and business customers. ...

Khmer Times Staff
https://www.khmertimeskh.com/50710323/cambodian-public-bank-offers-loan-repayment-deals-during-covid-19/

Jica loans $50M to HKL to aid rural MSMEs

Hattha Kaksekar Limited (HKL), a subsidiary of Thai-based Bank of Ayudhya Pcl (Krungsri), received a $50 million loan from Japan International Cooperation Agency (Jica) to expand its operations and support micro-, small- and medium-sized enterprises (MSMEs) in rural areas. ...

May Kunmakara
https://www.phnompenhpost.com/business/jica-loans-50m-hkl-aid-rural-msmes

Extra $120 mln in capital for ABA Bank

National Bank of Canada has injected an additional capital investment of $120 million to support the further growth of Cambodia-based ABA Bank. ...

Chhut Bunthoeun
https://www.khmertimeskh.com/50709858/extra-120-mln-in-capital-for-aba-bank/

A serious concern: Cambodians’ $8 billion microfinance debt

Impending COVID-19 health measures and high levels of micro debt pose a serious concern for the approximately 2.4 million Cambodians with a combined outstanding debt of $8 billion, according to a World Bank report released this week. ...

Harrison White
https://www.khmertimeskh.com/50708402/a-serious-concern-cambodians-8-billion-microfinance-debt/

Cash infusion set for financial sector

The government will disburse between $500 and $600 million in low-interest loans to financial institutions to enable them to provide loans to businesses at lower interest rates. ...

May Kunmakara
https://www.phnompenhpost.com/business/cash-infusion-set-financial-sector

SME Bank operation date accelerated to counter sectors economic headwinds

The state-run Small and Medium Enterprise (SME) Bank has been confirmed to bring forward their opening date to earlier this year than previously planned, stated a senior government official yesterday at the Council of Ministers. ...

Chea Vannak
https://www.khmertimeskh.com/50698611/sme-bank-operation-date-accelerated-to-counter-sectors-economic-headwinds

Microfinance commits to fulfilling tax obligations

Cambodia Microfinance Association (CMA) yesterday said it has taken steps to fulfill its tax obligations to the government. ...

Chhut Bunthoeun
https://www.khmertimeskh.com/50696115/microfinance-commits-to-fulfilling-tax-obligations

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