Banking and financial services

Payment systems in Cambodia have seen remarkable strides in line with the evolution of financial technology (fintech) and significantly contribute to the development of the national economy, as digital transactions witness a Covid-19 boom, the National Bank of Cambodia (NBC) said in the 2020 annual ...

Cambodia Microfinance Association (CMA) on April 27 urged its members to release more credit to customers as the spread of Covid-19, exacerbated by the February 20 community transmission is having a huge impact on all businesses, especially in Phnom Penh and Takmao town. ...

The Association of Banks in Cambodia (ABC) and the Cambodian Microfinance Association (CMA) on April 23 informed the public that business operations in the industry are continuing as normal nationwide although some areas in the provinces and capital have been placed in lockdown to curb ...

Financial institutions (FI) logged a sudden spike in digital transactions during lockdown, adding further to the upward momentum fuelled by rising fears triggered by a spike in new Covid-19 cases found in connection to the February 20 community transmission. ...

Cambodia’s digital retail ecosystem was ranked first in Asia and second globally in the PricewaterhouseCooper (PwC) inaugural Central Bank Digital Currency (CBDC) Global Index. ...

The chief executive officer of the Agricultural Rural Development Bank (ARDB) and the president of ACLEDA Bank met to discuss the possibility of a joint-lending programme that would extend support to farmers in the country. ...

The Association of Banks in Cambodia (ABC) and Cambodia Microfinance Association (CMA) on April 7 ordered members to adopt six measures of financial relief in light of the economic fallout and depressed incomes caused by the February 20 community transmission of Covid-19. ...

Three prominent financial houses – Hattha Bank Plc, PRASAC Microfinance Institution (MFI) Plc and PPCBank Plc  – released their annual financial reports and, in so doing, delivered a comprehensive look at how the sector in general fared over the course of pandemic-struck 2020. ...

A coalition of 103 civil society organisations (CSOs) reiterated a call for the government to issue a set of guidelines for all financial institutions in Cambodia to suspend loan payments, set interest rates to zero per cent and waive accrued interest for at least three ...

Cambodian banks must integrate automated payment processing, according to Sabay Digital Corp’s co-founder Mike Gaertner. Its absence is a gaping hole in the Kingdom’s financial services. As a result, the Kingdom is notably left out of crucial consumer behaviour shaping the 21st century, including subscription ...

South Korean-owned Phnom Penh Commercial Bank Plc (PPCBank) announced a first coupon payout to investors in its second bond despite unrest in the Cambodian economy fuelled by the spread of the Covid-19 pandemic. ...

Agriculture and Rural Development Bank of Cambodia (ARDB) expects to receive an additional $30 million from the government for special-purpose loans to keep the Kingdom’s smaller businesses afloat amid the ongoing economic duress of Covid-19, according to the state-owned bank’s director-general Kao Thach. ...

Cambodia continues to face a multitude of challenges as digital payments and solutions graduate from a niche business to a key segment in the Kingdom’s development strategy, according to National Bank of Cambodia (NBC) assistant governor Chea Serey on March 17. ...

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. ...

ACLEDA Bank Plc has proposed a five-year, $200 million blended finance investment from the World Bank Group’s International Finance Corporation (IFC), disclosure documents reveal. ...

According to a new think-piece released by Visa, small businesses have demonstrated their resilience by adapting quickly to the impact of COVID-19. ...

Financial institutions that are members of the Cambodia Microfinance Association (CMA) restructured some $1.397 billion in loans for 289,422 borrowers as of February 28 since the National Bank of Cambodia (NBC) on March 27 issued a circular on loan restructuring during Covid-19, according to CMA. ...

The embassy of Cambodia to the Republic of Korea signed a memorandum of understanding (MoU) with DGB Bank to provide cooperation in promoting investment in Cambodia as well as protection for Cambodians in South Korea. ...

The COVID pandemic is intensifying the Kingdom’s push towards becoming a cashless society as consumers increasingly opt to conduct digital payments instead of physical transactions. ...

From early next month, the special tariffs on imported family vehicles will be reduced by 10 to 25 percent according to engine size, according to an announcement from the General Department of Custom and Excise. ...

Advanced Bank of Asia Limited (ABA Bank) reported a pre-tax profit increase of 19.12 percent to $50.2 million in its quarterly report released yesterday. ...

Cambodia Post Bank Plc achieved another significant milestone on Monday after the General Department of Taxation of Cambodia allowed the financial institution to collect taxes. ...

A desire for increased security and an acute awareness of current health guidelines has generated an uptick in the use of non-cash payments, according to US multinational financial services corp Visa, as measured in its latest Consumer Payments Attitudes survey. ...

Prudential Cambodia Life Insurance (Prudential Cambodia) and PPCBank have announced a joint collaboration, Bancassurance, to serve the financial protection needs of Cambodians. ...