Banking and financial services
Banking and financial services policy and regulation
NBC, Bank of China discuss cross-border payment
National Bank of Cambodia (NBC) and Bank of China on Wednesday discussed means to expand the cross-border payment between the two countries as well as develop transactions in other member states of the Association of Southeast Asian Nations (ASEAN), said a release. ...
NBC to take legal action against illegal lenders
The National Bank of Cambodia (NBC) along with other competent authorities are considering taking legal action against firms or individuals operating businesses that go against the banking laws and financial institutions of the Kingdom, NBC announced yesterday. ...
Banks, MFIs raise interest rates following Fed move
Many banks and microfinance institutions (MFIs) in Cambodia have increased interest rates for deposits in dollar and riel currency by approximately 0.5 percent and 1 percent per annum respectively but not decreased rates for loans in the last three months, according to senior officials in ...
NBC’s director-general: Promoting financial inclusion
During an interview with CoinDesk’s online web show, “Money Re-imagined”, the Director-General and Assistant Governor of the National Bank of Cambodia (NBC) Chea Serey explained how the central bank is working towards financial inclusion by encouraging the opening of formal savings accounts. ...
NBC yet to issue ‘small banknote fee’
The National Bank of Cambodia (NBC) is continuing to accept small denomination US banknotes ($1, $2 and $5) “free of charge” from financial institutions, despite the August 31 deadline it had set out in May. ...
Harrison White and Sok Chan
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. ...
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. ...
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. ...
Riel strategy takes shape
Cambodia’s first draft national strategy on promoting the riel is to be finalised next month and has been sent to the economic and financial policy committee of the Ministry of Economy and Finance for review and endorsement by end of the year. ...
New rules for digital payments
The central bank has issued new regulations governing the licensing of payment services providers (PSPs), requiring that all firms providing online services to accept electronic payments have at least $2 million in registered capital, a move expected to increase the stability of the sector and ...
Hor Kimsay and Matthieu de Gaudemar
Bank services VAT seen as ‘inefficient’
Banking sector leaders have expressed concern over a new government decree that places additional fees on financial services, warning that the costs of what some have described as an “impractical and inefficient” tax would likely be passed along to consumers. ...
Kali Kotoski and Hor Kimsay
Central bank to carry out on-site MFI audits
Cambodia’s central bank is to conduct on-site audits of microfinance institutions to check if they are complying with the interest rate cap that came into force more than two months ago, industry insiders have said. ...
Custodian could spur fund interest
The government is working on legislation that would create a framework for the establishment of a custodian bank in Cambodia, according to securities firms, which claim the absence of this institution could be deterring foreign investors from participating in share offerings on the local stock ...
Interest cap poses body blow for Cambodian microfinance
Just months ahead of local elections, the Cambodian government has ordered the microfinance industry to cap interest rates on new and refinanced loans at 18 percent a year starting April 1. ...
Credit Bureau Cambodia expands database, makes switch to riel
The credit histories of about 400,000 borrowers were added to its database last year, raising the number to slightly more than 4 million in credit bureau database, Credit Bureau Cambodia Interim CEO Mr. Oeur Sothearoath says at the bureau’s newly opened office in Vattanac Capital. ...
Will move to cap microfinance interest rates backfire on CPP?
The ruling CPP doubled down on Tuesday on its decision to cap interest rates on microfinance loans as a way to help the poor get out of debt, even as analysts called it a political move that would have long-term negative effects on the rural ...
Hang Sokunthea and Matt Surrusco
Central bank sets interest rate ceiling, sparking fears
The National Bank of Cambodia announced on Monday that it would set an annual interest rate ceiling of 18 percent for all microfinance institutions (MFIs), sparking concerns that lenders would stop offering smaller loans that often keep the most financially vulnerable afloat. ...
NBC issues prakas for riel loans
The National Bank of Cambodia (NBC) issued a prakas, or directive, last week instructing commercial banks and microfinance institutions to make out more riel loans to their customers, in a bid to promote the use of the national currency. The prakas, which took effect on Thursday, ...
Cambodia on alert for US taxpayers
With the Internal Revenue Service (IRS), the tax-collection arm of the United States government, stepping up its global sweep to catch American individuals and corporations hiding their overseas earnings, the American Chamber of Commerce in Cambodia yesterday held a presentation for investors and financial institutions ...
Banking liquidity tool moves to weekly issuance
Cambodia’s central bank yesterday launched a weekly issuance of Negotiable Certificate of Deposits (NCD) with selling scheduled for every Wednesday – a move aimed at developing the interbank lending market by promoting a secondary market for the short-term interest-bearing certificates. ...