Economy and commerce

Banking and financial services

Book published on history of Kingdom’s microfinance industry

National Bank of Cambodia yesterday launched a book called “Building Inclusive Finance”. It traces the development of microfinance in Cambodia from its origins in rural development programmes in the early 1990s to the globalised industry it is today.​ The book was written by Ron Bevacqua, ...

Sok Chan
https://www.khmertimeskh.com/50762147/book-published-on-history-of-kingdoms-microfinance-industry/

Mr Hun Sen urges MFIs to sympathise with debtors’ difficulties

Prime Minister Hun Sen has reiterated his appeal to all financial institutions not to take tough actions against debtors as they (debtors) faced difficulties in repaying loans amid the COVID-19 pandemicwhich is wrecking havoc on the economy. ...

Ben Sokhean
https://www.khmertimeskh.com/50755539/mr-hun-sen-urges-mfis-to-sympathise-with-debtors-difficulties/

More than $2billion in loans restructured from March

The banking sector saw loan restructuring of $2.16 billion covering 44,500 accounts as of June this year, according to a report from the Association Banks of Cambodia (ABC). ...

Sok Chan
https://www.khmertimeskh.com/50754440/more-than-2billion-in-loans-restructured-from-march/

Small banks ‘underperform’ in thriving sector

As the Kingdom’s energetic banking sector rockets at an average annual rate of 28 per cent and teems with an ever-increasing number of new players vying for a slice of the market, smaller banks have been left in the dust.​ ...

May Kunmakara
https://www.phnompenhpost.com/business/small-banks-underperform-thriving-sector

Millions of dollars of loans dished out

A senior official from the SME Bank of Cambodia said   it has approved around $22 million in loans under the SME Co-Financing Scheme for 175 clients as of Tuesday. ...

Sok Chan
https://www.khmertimeskh.com/50750368/millions-of-dollars-of-loans-dished-out/

NBC head underscores value of women’s access to finance

Unlocking greater access to formal finance for Cambodian women will play a strategic role in the process of the Kingdom’s economic development, National Bank of Cambodia (NBC) director-general Chea Serey said on Monday. She said this at the Training on the Trainers (ToT) Programme on Financial ...

May Kunmakara
https://www.phnompenhpost.com/business/nbc-head-underscores-value-womens-access-finance

Credit guarantee system approved in principle

MINISTER of Economy and Finance Aun Pornmoniroth approved in principle the concept of strategic framework for establishing the Credit Guarantee Corp Cambodia, according to a statement from the Ministry of Economy and Finance (MEF). ...

Sok Chan
https://www.khmertimeskh.com/50748173/credit-guarantee-system-approved-in-principle/

Acleda, CDB ink $130M credit facility pact

Acleda Bank Plc, Cambodia’s largest locally-owned commercial bank, has signed a $130 million long-term facility agreement with Chinese state-owned China Development Bank Corp (CDB), the world’s largest development bank by assets, it said in a press release on Friday. ...

Thou Vireak
https://www.phnompenhpost.com/business/acleda-cdb-ink-130m-credit-facility-pact

Finance sector in good shape: NBC

The National Bank of Cambodia (NBC) says the banking sector will continue to grow confidently and actively contribute to economic activity. At the same time, the banking and finance sector continues to promote financial inclusion with the number of deposit clients reaching 8.2 million accounts ...

Sok Chan
https://www.khmertimeskh.com/50742892/finance-sector-in-good-shape-nbc/

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/

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