Banking and financial services

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). ...

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. ...

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 ...

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. ...

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. ...

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. ...

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”. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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

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). ...

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. ...

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. ...

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

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. ...

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. ...

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. ...

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

Phnom Penh Commercial Bank (PPCBank) and Prasac Microfinance Institution Ltd (Prasac) have been granted initial permission to issue bonds on the Cambodia Securities Exchange (CSX). ...