Economy and commerce

Banking and financial services

MoU signed to push financial literacy

Associations of Banks and Microfinance Institutions signed a Memorandum of Understanding on Monday with a FinTech federation to promote financial literacy and inclusion as part of a move towards greater digital adoption. ...

Prak Chan Thul
https://kiripost.com/stories/mou-signed-to-push-financial-literacy

FinTech workshop responds to growth in digital economy

As more Cambodians tap into the benefits of mobile banking, the Ministry of Economy and Finance is preparing to host a workshop to address the role of the banking sector and FinTech in Cambodia’s digital economy. ...

Mao Sreypich
https://kiripost.com/stories/fintech-workshop-responds-to-growth-in-digital-economy

Microfinance association claims NGO statement “biased”

The Cambodia Microfinance Association (CMA) regarded the commentary by NGOs and civil society organizations on the industry as “biased, incomplete, and cherry-picked”, taking just the negative parts of a report produced by Germany’s Federal Ministry of Economic Cooperation and Development (BMZ) into account while ignoring ...

Samban Chandara
https://www.phnompenhpost.com/business/microfinance-association-claims-ngo-statement-biased

RPR to slap fine on 38 non-bank financial firms

The Real Estate Business and Pawnshop Regulator (RPR) under the Non-Bank Financial Service Authority (FSA) of the Ministry of Economy and Finance (MEF) has prepared notifications to fine 38 businesses that provide non-bank financial services and products to customers, according to a report released by ...

Kang Sothear
https://www.khmertimeskh.com/501146880/rpr-to-slap-fine-on-38-non-bank-financial-firms/

NBC to take legal action against illegal lenders

The National Bank of Cambodia (NBC) along with other competent authorities are considering taking legal action against firms or individuals operating businesses that go against the banking laws and financial institutions of the Kingdom, NBC announced yesterday. ...

Kang Sothear
https://www.khmertimeskh.com/501140412/nbc-to-take-legal-action-against-illegal-lenders/

Cambodia’s agricultural sector immune to impacts of Covid

Cambodia’s agriculture sector has been immune from Covid-inflicted impact and enjoyed strong growth during the pandemic as financing for the sector has increased, a leading banker said on Friday. ...

Thai Sothea
https://kiripost.com/stories/cambodias-agricultural-sector-immune-to-impacts-of-covid

Clampdown on illegal online lending

The National Bank of Cambodia (NBC) said on Thursday they have joined forces with police to take legal action against those involved in fraudulent online lending saying it is a crime, and urged the public to contact official financial institutions when borrowing money. ...

Seng Mengheng
https://kiripost.com/stories/clampdown-on-illegal-online-lending

Banks, MFIs raise interest rates following Fed move

Many banks and microfinance institutions (MFIs) in Cambodia have increased interest rates for deposits in dollar and riel currency by approximately 0.5 percent and 1 percent per annum respectively but not decreased rates for loans in the last three months, according to senior officials in ...

Kang Sothear
https://www.khmertimeskh.com/501128445/banks-mfis-raise-interest-rates-following-fed-move/

MB to set up commercial bank in Cambodia

The State Bank of Vietnam (SBV) has issued a written document allowing the Military Commercial Joint Stock Bank (MB) to establish a 100 percent-owned bank in Cambodia on the ground of its branch in Phnom Penh. ...

Khmer Times Staff
https://www.khmertimeskh.com/501116192/mb-to-set-up-commercial-bank-in-cambodia/

ACLEDA reports 20% less net profit in Q1

Mainboard-listed commercial bank ACLEDA Bank Plc’s net profit for the first quarter ended March 31 fell 20 per cent to $35.36 million from $44.10 million last year as a result of widening net impairment loss, interest expense, and general and administrative expenses. ...

May Kunmakara
https://www.phnompenhpost.com/business/acleda-reports-20-less-net-profit-q1

IELTS available at ACLEDA’s business school

The ACLEDA Institute of Business (AIB) has teamed up with the IELTS Cambodia Official Test Centre at IDP Education to administer the English proficiency exam at the institute, as part of its ambition to gain widespread international recognition. ...

Hom Phanet
https://www.phnompenhpost.com/business/ielts-available-acledas-business-school

Realty firm inks micro-lending deal

Chief (Cambodia) Commercial Bank Plc (Chief Bank) has teamed up with local real estate company Zillennium Co Ltd as part of the bank’s plans to expand the user base of its ‘Chief Easy’ micro-lending app. ...

Hin Pisei
https://www.phnompenhpost.com/business/realty-firm-inks-micro-lending-deal

Three finance sector bodies roll out new conduct code

Three finance industry associations have jointly developed a new code of conduct aimed at ensuring transparency, building trust and strengthening customer protection in the Kingdom’s banking and finance sector. ...

May Kunmakara
https://www.phnompenhpost.com/business/three-finance-sector-bodies-roll-out-new-conduct-code

Cambodia-based Oriental Bank, BPC partner for digital banking

Oriental Bank, a new bank in Cambodia with a digital-first strategy, has announced that it has chosen global payment provider BPC to power its digital banking experiences. ...

Khmer Times Staff
https://www.khmertimeskh.com/501033250/cambodia-based-oriental-bank-bpc-partner-for-digital-banking/

NBC heralds eco-friendly investment fund

The National Bank of Cambodia (NBC), the central bank, welcomed the Bank for International Settlements’ (BIS) February 25 launch of the Asian Green Bond Fund, an open-ended fund for central bank investments in high-quality bonds issued by sovereign states, international financial institutions and corporations. ...

https://www.phnompenhpost.com/business/nbc-heralds-eco-friendly-investment-fund

Ministry of Economy announces $100 million funding increase for SME Bank and Rural Development Bank for Agriculture

The Ministry of Economy and Finance will announce the announcement of additional funding of $100 million for the Cambodian Small and Medium Enterprise Bank and the Agricultural Rural Development Bank  to provide additional support to SMEs, agriculture and agriculture. Industry according to the press release ...

Khmer Times Staff
https://www.khmertimeskh.com/501023375/ministry-of-economy-announces-100-million-funding-increase-for-sme-bank-and-rural-development-bank-for-agriculture/

Fintechnews Singapore says digital financial services picks up steam in Cambodia

Over the past few years, digital financial services have seen greater adoption in Cambodia, a trend that was accelerated by the COVID-19 pandemic and the social distancing measures put in place to limit the spread of the virus. ...

Khmer Times Staff
https://www.khmertimeskh.com/1021708/fintechnews-singapore-says-digital-financial-services-picks-up-steam-in-cambodia/

SME Bank mulls unsecured loans for SMEs

The state-owned Small and Medium Enterprise Bank of Cambodia Plc (SME Bank) plans to waive collateral requirements for new loans to qualifying local small- and medium-sized enterprises (SME) soon, to reduce the barriers and obstacles that limit their access to the necessary cash to fund ...

Hom Phanet
https://www.phnompenhpost.com/business/sme-bank-mulls-unsecured-loans-smes

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