Economy and commerce
Banking and financial services
S. Korea’s financial body inks deal to assist Cambodia in banking supervision
South Korea’s Financial Services Commission (FSC) and the National Bank of Cambodia (NBC) on Friday signed a Memorandum of Understanding (MoU) on the provision of technical support for Cambodia’s banking and financial supervision, according to a press release after the signing ceremony. “The MoU will ...
Concern Over Chinese Investment
Cambodia’s largest opposition party has expressed concern that China’s investment in the country is heavily skewed towards exploiting natural resources, wreaking havoc on the environment. China is Cambodia’s largest investor by a wide margin, having poured U.S. $9.7 billion into the country over the past 18 ...
http://www.rfa.org/english/news/cambodia/china-02072013175545.html
Loans and deposits climb
Loans and deposits at Cambodia’s 32 micro-finance institutions and four NGOs, as well as small loans from Acleda Bank, rose sharply last year compared with a year earlier. Industry players say this is a result of the Kingdom’s rapid economic improvement and political stability. Official data from ...
http://www.phnompenhpost.com/2013020461166/Business/loans-and-deposits-climb.html
Acleda readies to open Myanmar’s first micro-finance firm
Cambodia’s largest bank is ready to launch its first micro-finance institution (MFI) in Myanmar, but one final barrier remains: an operating licence from Myanmar’s government. Acleda Bank’s chief executive, In Channy, expects the licence to be granted by the end of this month. Once that is done, ...
Cambodia faces risks from a credit boom, the IMF warns
The International Monetary Fund has warned that a credit boom in Cambodia poses a threat to economic growth. Banks have been cutting interest rates to win customers and private sector credit has increased by almost a third in the past 12 months, the fund said. This ...
Banks give students some tips
The first Banking Careers Forum, organised on Friday by CamEd Business School with the support of leading banks and Micro Finance Institutions (MFIs), attracted hundreds of students – the majority of them studying accounting and banking – to participate and find job opportunities in the ...
http://www.phnompenhpost.com/2013010760648/Business/banks-give-students-some-tips.html
Vietnam investment in Cambodia hits US$2.5 bil
Vietnamese enterprises so far have invested in 124 projects in Cambodia with total registered capital of some US$2.5 billion, four times higher than the figure in 2009. As such, Vietnam is now among the top five investors in Cambodia, said the Association of Vietnamese Investors in ...
http://english.vietnamnet.vn/fms/business/55818/vietnam-investment-in-cambodia-hits-us-2-5-bil.html
Tough times for telecom bosses in 2012
The year 2012 has seen a number of changes of personnel within different companies in Cambodia, particularly in the telecommunications sector, but also in the insurance and banking industry. According to In Channy, ACLEDA Bank’s CEO and vice chairman of the International Business Chamber Cambodia, the ...
http://www.phnompenhpost.com/2013010160558/Business/tough-times-for-telecom-bosses-in-12.html
Malaysian Maybank expands to outskirts
Malaysian-owned Maybank, one of the largest banks in Cambodia, opened its 12th national branch in Phnom Penh on Friday. The bank aims to reach emerging businesses in the city’s Special Economic Zone (PPSEZ) with the new office. ...
OSK Investment Bank and RHB Capital merge
OSK Investment Bank Berhad (OSKIB), the parent company of OSK Indochina Bank Limited (OSKIBL), has become a wholly owned subsidiary of the Malaysia-based financial services group RHB Capital Berhad (RHB Capital), effective from November 9. ...
Bank Accounts Rare in Cambodia, Even for Rich
Despite an expanding financial sector, increasing access to credit and strong economic growth in recent years, fewer than 1 in 20 Cambodians has a bank account, according to a new policy working paper by the World Bank. According to the paper – released earlier this month ...
http://www.cambodiadaily.com/business/bank-accounts-rare-in-cambodia-even-for-rich-6957/
MFI launches 15 ATMs in Cambodia
Hattha Kasekar Limited (HKL), one of Cambodia’s largest microfinance institutions (MFI), plans to install 15 ATM machines to service its increasing number of depositors. It becomes the second MFI after Prasac in Cambodia to provide this service to its clients. ...
http://www.phnompenhpost.com/2012122760495/Business/mfi-launches-15-atms-in-cambodia.html
Cambodia's banking industry sees robust growth in 2012
Cambodia’s banking sector has maintained strong and steady growth in terms of loans and deposits in 2012 thanks to better economic performance, a central bank’s senior official said Tuesday. “Our banking system remains robust this year despite economic crisis in Europe and economic slowdown in the ...
http://news.xinhuanet.com/english/business/2012-12/25/c_132062871.htm
MFIs as one commercial bank
PhillipCapital, a Singapore-based integrated financial services provider and a majority stakeholder in three of Cambodia’s micro-finance institutions (MFIs), plans to consolidate the three into a commercial bank. ...
http://www.phnompenhpost.com/2012122560462/Business/mfis-as-one-commercial-bank.html
More investment from India
Cambodia expects to attract more investment from India after an agreement on trade and investment was made by all ASEAN leaders last week in New Delhi. Officials said India would become a potential market for Cambodia. The agreement will encourage Indian investors to invest in ASEAN ...
http://www.phnompenhpost.com/2012122460431/Business/more-investment-from-india.html
National Bank Constructing New Office Building
The National Bank of Cambodia (NBC) is constructing a spacious new office building in Phnom Penh’s Sen Sok district, though officials at the central bank yesterday insisted there were no plans in store to vacate their current, storied headquarters on Norodom Boulevard. “The headquarters will remain where it is ...
Deputy PM promises tighter fiscal controls
Cambodia’s Deputy Prime Minister yesterday reiterated his commitment to criminalising money laundering and terrorist financing in the Kingdom. Sok An reassured delegates at the Asia-Pacific Group (APG) on Money Laundering of Cambodia’s commitment to implementing comprehensive procedures to stop illegal monetary transactions. ...
http://www.phnompenhpost.com/2012122060381/Business/deputy-pm-promises-tighter-fiscal-controls.html
World Bank Report Predicts 6.6 Percent Growth
Cambodia’s economy will grow by an average of 7 percent in each of the next five years, the World Bank said yesterday in a report on the country’s economic outlook. In its periodic update on economies in the region, the World Bank predicted gross domestic product ...
$500M Leaves Cambodia Illegally Each Year
Almost $500 million a year was taken out of Cambodia in “illicit financial flows” between 2001 and 2010, a report released yesterday in the U.S. claims. People in the Cambodian finance sector, however, expressed doubts about the accuracy of the figure, which appears in a report ...
http://www.cambodiadaily.com/business/500m-leaves-cambodia-illegally-each-year-6748/
ACLEDA builds new HQ
ACLEDA Bank, Cambodia’ leading commercial bank, held a ground-breaking ceremony yesterday for its new 20-storey headquarters, which will be located directly behind its present building. The new headquarters will cover 43,000 square metres, with parking for 700 cars. Construction is scheduled for completion in two years. ...
http://www.phnompenhpost.com/2012121860336/Business/acleda-builds-new-hq.html
Cambodia organizes large-scale trade fair to boost import-export activities
The 7th Cambodia Import-Export Promotion Exhibition kicked off here on Saturday, aiming at promoting local trade and trade between the country and its foreign trading partners. The four-day event, held at the capital’s Diamond Island Exhibition Center, brought together products from 21 countries around the world, ...
http://news.xinhuanet.com/english/business/2012-12/15/c_132042699.htm
New services, branches in Cambodia woo bank customers
Maybank, one of the largest banks in Cambodia, has officially launched an internet banking service to provide a convenient service to its more than 10,000 customers and says it hopes to increase that number by around 10 per cent. The service, called M2U, will enable customers ...
http://www.phnompenhpost.com/Business/new-services-branches-woo-bank-customers.html
Prasac inaugurates new HQ in Phnom Penh
Officials expressed optimism that microfinance institution Prasac would be able to attract more deposit placing clients, after the inauguration of its new headquarters in Phnom Penh’s Boeung Tompun district yesterday. Representatives from the National Bank of Cambodia and Prasac expect the new 10-storey building to enhance ...
http://www.phnompenhpost.com/Business/prassacs-new-hq-inaugurated.html
Cambodia's central bank launches national clearing system
The National Bank of Cambodia (NBC) on Wednesday officially launched the country’s national clearing system in order to increase efficiency and expand clearing and settlement services for inter-bank transactions. A central bank statement said that the central system can clear and settle payment instruments such as ...
http://news.xinhuanet.com/english/world/2012-12/12/c_132036029.htm