Banking and financial services

Banking and financial services policy and regulation

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. ...

Sok Chan
http://www.khmertimeskh.com/5074917/riel-strategy-takes-shape/

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
http://www.phnompenhpost.com/business/new-rules-digital-payments

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
http://www.phnompenhpost.com/business/bank-services-vat-seen-inefficient

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.   ...

May Kunmakara
http://www.khmertimeskh.com/news/39098/central-bank-to-carry-out-on-site-mfi-audits/

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 ...

Brian Ng
http://www.phnompenhpost.com/business/custodian-could-spur-fund-interest

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. ...

Robert ​Carmichael
http://www.voacambodia.com/a/interest-cap-poses-body-blow-for-cambodian-microfinance/3783292.html

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. ...

Khmer Times
http://www.khmertimeskh.com/news/36598/credit-bureau-cambodia-expands--database--makes-switch-to-riel/

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
https://www.cambodiadaily.com/news/will-move-to-cap-microfinance-interest-rates-backfire-on-cpp-126564/

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. ...

Hang Sokunthea
https://www.cambodiadaily.com/news/central-bank-sets-interest-rate-ceiling-sparking-fears-126483/

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, ...

Sok Chan
http://www.khmertimeskh.com/news/32828/nbc-issues-prakas-for-riel-loans/

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 ...

Kali Kotoski
http://www.phnompenhpost.com/business/cambodia-alert-us-taxpayers

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. ...

Hor Kimsay
http://www.phnompenhpost.com/business/banking-liquidity-tool-moves-weekly-issuance

Lenders come out of the dark

More than a year into a government-backed campaign to clamp down on unlicensed lenders, nearly 130 small lenders operating under the radar have come into the fold, officials said yesterday. ...

Hor Kimsay
http://www.phnompenhpost.com/business/lenders-come-out-dark

Cambodia, China sign new MoU on money laundering

Cambodia and China last week signed an agreement to exchange financial intelligence to combat money laundering and terrorism financing, though experts said the Kingdom should still be doing more to tackle an issue that has long persisted in the country, in part, due to local ...

Yesenia Amaro
http://www.phnompenhpost.com/national/cambodia-china-sign-new-mou-money-laundering

Banks covering their assets

Cambodian financial institutions surveyed yesterday said they were in compliance with the central bank’s revised liquidity coverage ratio (LCR) requirements as the deadline passed to increase their cash and highly liquid assets to weather any internal or external shocks. ...

Kali Kotoski
http://www.phnompenhpost.com/business/banks-covering-their-assets

Cambodia Securities Exchange open for liquidity provider applications

The Cambodia Securities Exchange (CSX) officially began receiving applications for liquidity providers yesterday as part of an initiative to boost market liquidity, it said in a press release. ...

Post Staff
http://www.phnompenhpost.com/business/cambodia-securities-exchange-open-liquidity-provider-applications

Bank deposits get protection

The Kingdom’s central bank ‒ the National Bank of Cambodia (NBC) ‒ is working closely with experts from the US Treasury to set up a depositors’ protection scheme among banks in the country. This move was welcomed by the country’s banking industry with CEOs saying ...

May Kunmakara
http://www.khmertimeskh.com/news/27744/bank-deposits-get-protection/

Ministry wants tourism businesses to accept Chinese Yuan

The Tourism Ministry has started urging businesses and tour operators to accept Chinese yuan notes as part of a drive to attract tourists from China, sparking concern among some business owners who fear losses and fake currency. ...

Kang Sothear and Michael Dickison
https://www.cambodiadaily.com/news/115814-115814/

MFIs tackle over-indebtedness

Clients of microfinance institutions (MFIs) in the Kingdom can now expect some form of protection from over-indebtedness that arises from their inability to meet their financial obligations on time as agreed in a credit agreement. ...

Sok Chan
http://www.khmertimeskh.com/news/27142/mfis-tackle-over-indebtedness/

Revenue from customs and excise up 20 per cent

Revenue collected by the customs and excise department jumped nearly 20 per cent during the first six months of the year, compared with the same period a year earlier, figures released yesterday show. ...

Post Staff
http://www.phnompenhpost.com/business/revenue-customs-and-excise-20-cent

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