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 ...

http://www.nzweek.com/business/s-koreas-financial-body-inks-deal-to-assist-cambodia-in-banking-supervision-48413/

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, ...

http://www.phnompenhpost.com/2013011760823/Business/acleda-readies-to-open-myanmar-s-first-micro-finance-firm.html

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 ...

http://www.bbc.co.uk/news/business-20954841

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. ...

http://www.phnompenhpost.com

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. ...

http://www.phnompenhpost.com

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

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 ...

http://www.cambodiadaily.com

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 ...

http://www.cambodiadaily.com

$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

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

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