Banking and financial services

Adoption of digital payments has helped in reducing remittance costs, said Chea Serey, Governor, National Bank of Cambodia at a panel discussion on ‘Sustainable Capital: Environmentally Consolidated Finance’ on Monday at the Dubai Fintech Summit in UAE. ...

Cambodians running small businesses are continuing to find the need for working capital as their most pressing need, as per data. As high as 54 percent of 1.89 million loans issued were for working capital, as per the first quarter report of the Small Business ...

We do not need to be a rocket scientist to deduce that higher interest rates often cause more pain than (being a) panacea. ...

The National Bank of Cambodia (NBC) and the Economic Research Institution for ASEAN and East Asia have recently entered cooperation to develop a strategy for green digital finance in Cambodia. ...

Women clients of micro-finance institutions (MFIs) tend to have 9 percent more savings than men on average, as per a recent study. ...

The Association of Banks in Cambodia (ABC) has committed to further increase the usage of riel through its members’ operations, as the local currency is now increasingly used in cash and digital transactions. ...

KEAN SVAY, KANDAL PROVINCE, CAMBODIA — Five years ago, Lun Sam Ath took out a $12,000 loan to build a new wooden house and repay a previous loan that she had used to buy a motorbike. ...

The government is offering tourism-related businesses in Siem Reap struggling from the slow tourist rebound a share of a $50 million pot of loans to keep operations afloat, however, concerns have been raised that the 6.5 percent interest rate may be too high for some. ...

National Bank of Cambodia (NBC) governor Chea Serey announced an increase in electronic transactions and payments in Cambodian riel for 2023, noting that they were 44% higher than in 2022. ...

Opening a bank account from the comfort of your home is possible today thanks to e-KYC services in Cambodia. ...

Witnessing the merger between PRASAC Minority Depository Institution (MDI) and Kookmin Bank Cambodia, the Governor of the National Bank of Cambodia (NBC) Chea Serey expressed hope to see more consolation happening in the industry to boost its resilience and efficiency. ...

In the age of digitalisation, banks play a crucial role in safeguarding the money and information of both people and businesses. However, as Cambodia embraces this digital revolution, the Kingdom also makes itself vulnerable to the constant danger of cyberattacks and breaches, putting financial data ...

Showing a shift in mindset, more Cambodians are now taking loans from microfinance institutions (MFIs) over home needs than for farming. ...

The microfinance sector has provided a credit sum of $5.12 billion to 1.57 million clients, an average of $3,260 per account last year, creating direct employment for 21,567 people nationwide with a business network of 904 offices. ...

Cambodia and Australia are willing to further strengthen their banking and financial cooperation, especially in the field of green finance and financial knowledge. ...

The banking and financial industry has remained strong despite uncertainties on global economic growth causing the bankruptcies of banks in some countries. ...

Microfinance has grown exponentially in Cambodia and is not as stressed as reported by the international media, according to a study by research firm M-CRIL in partnership with the Cambodia Microfinance Association (CMA). A sector which had only 50,000 clients in 1995, now services 2.1 ...

Since the government, through the Ministry of Economy and Finance, started issuing sovereign bonds in September 2022, they have emerged as a new financial instrument, enabling the government to augment domestic revenue, thereby reducing the need to borrow from foreign sources for infrastructure development. ...

A study on over 3,200 microfinance borrowers from 450 villages in 10 provinces in the country has revealed that two thirds of them have seen an improvement in their lives, according to the Cambodian Microfinance Association (CMA). ...

The impact of digital transformation on the European banking sector and the potential for Cambodia to tap into fintech innovations were hot topics of discussion at EuroCham’s latest event. ...

Total outstanding loans in the microfinance sector stood at $5.13 billion during the end of the third quarter of the last year, according to the latest data published by the Cambodia Microfinance Association (CMA). ...

Cambodia’s version of a central bank digital currency (CBDC) and online banking and mobile payments app, Bakong, has seen its adoption levels grow in leaps and bounds to surpass 10 million accounts. ...

China’s central bank announced on Monday that it has authorized the Bank of China (BOC) Phnom Penh Branch to be the clearing bank for renminbi (RMB) business in Cambodia. ...

The fintech sector is playing a major role in the financial inclusion efforts pioneered by the National Bank of Cambodia (NBC), Governor Dr Chea Serey said while delivering the keynote address at the CamTech Summit 2023 yesterday at the Centre for Banking Studies. ...