Economy and commerce

Banking and financial services

South Korean bank invests in Kingdom

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. ...

Sok Chan
https://www.khmertimeskh.com/50818388/south-korean-bank-invests-in-kingdom/

Cashless Cambodia boosted by pandemic

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. ...

Husain Haider
https://www.khmertimeskh.com/50817836/cashless-cambodia-boosted-by-pandemic/

Special tariffs cut to boost auto sales

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. ...

Sok Chan
https://www.khmertimeskh.com/50816772/special-tariffs-cut-to-boost-auto-sales/

ABA reports strong Q4 earnings

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. ...

Husain Haider
https://www.khmertimeskh.com/50814559/aba-reports-strong-q4-earnings/

Cambodia Post Bank authorised to collect taxes

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. ...

Post Staff
https://www.phnompenhpost.com/business/cambodia-post-bank-authorised-collect-taxes

Visa: Cambodia’s 2021 transaction trends

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. ...

Jason Boken
https://www.khmertimeskh.com/50810543/visa-cambodias-2021-transaction-trends/

Prudential and PPCBank insurance partnership

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

Sok Chan
https://www.khmertimeskh.com/50809583/prudential-and-ppcbank-insurance-partnership/

ACLEDA expanding its digitalisation strategy in 2021

ACLEDA Bank Plc, one of the largest commercial banks in Cambodia, announced that it is boosting and expanding its self-automation post banking services as part of its focus on digitalisation in the Kingdom. ...

Sok Chan
https://www.khmertimeskh.com/50809406/acleda-expanding-its-digitalisation-strategy-in-2021/

Buy Now, Pay Later model could supplant credit cards

According to technology business site Tech In Asia, the once-obscure Buy Now Pay Later (BNPL) trend is getting new legs, which could see the option spreading in an increasingly digital Asia-Pacific. ...

Tom Starkey
https://www.khmertimeskh.com/50810014/buy-now-pay-later-model-could-supplant-credit-cards/

Fintech points the way to full financial inclusion for Cambodians

With more cellphones existing in the Kingdom than citizens and one of the youngest populations in the world, Cambodia’s mobile financial industry may be poised to bring the Kingdom’s deficit in financial inclusion to an end. ...

Husain Haider
https://www.khmertimeskh.com/50809969/fintech-points-the-way-to-full-financial-inclusion-for-cambodians/

ACLEDA bank to continue its SME support across 2021

President and Group Managing Director of ACLEDA Bank Plc In Channy has announced that the bank has reserved nearly $600 million for lending to the small and medium enterprises (SMEs) sector in Cambodia in 2021. ...

Sok Chan
https://www.khmertimeskh.com/50809009/acleda-bank-to-continue-its-sme-support-across-2021/

Consumer credit performance improving

Consumer credit performance is showing consistent improvement as both loan balances and the number of loan accounts issued are undergoing sustained positive growth, according to a report from the Credit Bureau Cambodia (CBC). ...

Sok Chan
https://www.khmertimeskh.com/50809008/consumer-credit-performance-improving/

ABC: No shortage in capital for lending

CAMBODIA’s financial sector will not face a shortage of cash to lend to local enterprises and accelerate business anytime soon, according to Association of Banks in Cambodia (ABC) president In Channy. ...

May Kunmakara
https://www.phnompenhpost.com/business/abc-no-shortage-capital-lending

Storefront solution goes live

Kuala Lumpur-based Apigate Sdn Bhd has successfully rolled out its Storefront solution with Cambodia’s leading mobile telecommunications operator Smart Axiata Co Ltd, Apigate said in a press release on January 27. ...

Thou Vireak
https://www.phnompenhpost.com/business/storefront-solution-goes-live

NBC launches new payment and transfer system

National Bank of Cambodia (NBC) officially launched its national retail payment system  “Retail Pay” yesterday to support and provide fast payment facilities for trade settlement and fund transfers in the Kingdom. ...

Sok Chan
https://www.khmertimeskh.com/50807469/nbc-launches-new-payment-and-transfer-system/

UN rolls out fund for women-led firms

Cambodian women-led fintechs, technology or regulated financial institutions are among the enterprises eligible for the recently-launched Women Enterprise Recovery Fund to promote and expand their businesses, according to the UN Economic and Social Commission for Asia and the Pacific (UNESCAP). ...

May Kunmakara
https://www.phnompenhpost.com/business/un-rolls-out-fund-women-led-firms

SME fund fully subscribed

A $100 million small and medium enterprise co-financing scheme (SCFS) fund was fully subscribed by mid-October 2020, according to a senior executive of SME Bank of Cambodia. ...

Sok Chan
https://www.khmertimeskh.com/50803513/sme-fund-fully-subscribed/

CMA says member institutions have restructured $1.38B of loans

The Cambodia Microfinance Association (CMA) has announced that as of January 3, 2021, CMA members have provided loan restructuring worth $1.382 billion.  The total number of restructuring requests stood at 303,593 with 285,234 having been granted. ...

Sok Chan
https://www.khmertimeskh.com/50802377/cma-says-member-institutions-have-restructured-138b-of-loans/

Applause after non-bank finance regulator minted

The private sector applauded the establishment of the Non-Bank Financial Services Authority (NBFSA) following Senate approval of a draft law on its organisation and function. ...

May Kunmakara
https://www.phnompenhpost.com/business/applause-after-non-bank-finance-regulator-minted

CBC wins consumer credit reporting award

Independent financial information provider Credit Bureau (Cambodia) Co Ltd (CBC) scooped an award for “Excellence in Consumer Credit Reporting”, CBC said in a January 5 press release. UK-based “reputed international business magazine” Global Business Outlook (GBO) honoured the locally-owned CBC for its “exceptional performance” in Cambodia’s ...

May Kunmakara
https://www.phnompenhpost.com/business/cbc-wins-consumer-credit-reporting-award

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