Economy and commerce
Banking and financial services
NBC sets new capital, risk rules for banks, financial institutions
The National Bank of Cambodia (NBC) yesterday released two proclamations that set new requirements for depositing-taking banks and financial institutions to strengthen the quality of their capital to increase the effectiveness of preventing main banking risks and assess credit risks at lower rates to boost ...
Kang Sothear
https://www.khmertimeskh.com/501318139/nbc-sets-new-capital-risk-rules-for-banks-financial-institutions/
NBC launches Cambodian Shared Switch
The National Bank of Cambodia (NBC) has launched Cambodian Shared Switch (CSS) for convenient cross-institutional payments and integration with regional countries. ...
Seng Mengheng
https://kiripost.com/stories/cambodia-nbc-launches-cambodian-shared-switch-css-atm
AIIB lends $100m to ACLEDA for SME loans
ACLEDA Bank Plc has borrowed $100 million from China-owned Asian Infrastructure Investment Bank (AIIB) to provide new loans to micro, small and medium enterprises, according to its latest filing with Cambodia Securities Exchange. ...
Sangeetha Amarthalingam
https://kiripost.com/stories/cambodia-aiib-lends-100m-to-acleda-for-sme-loans
Spirits high after NBC’s prakas on capital rules
The National Bank of Cambodia’s (NBC) recent two-pronged prakas on capital buffers and the capital adequacy ratio (CAR) of banking and other deposit-taking institutions, which aims to provide a clearer classification system for assets, is poised to strengthen the industry and enhance risk resilience, local ...
May Kunmakara |
https://www.phnompenhpost.com/business/spirits-high-after-nbcs-prakas-capital-rules
Central bank's regulations to boost financial resilience in Cambodia
The National Bank of Cambodia (NBC) has announced the enforcement of regulations on capital buffer and on credit risk for capital adequacy ratios (CAR) for banks and deposit-taking microfinance institutions (MFIs). These measures aim to bolster the management of diverse risks, it said. ...
Sok Raksa
https://www.phnompenhpost.com/business/central-banks-regulations-boost-financial-resilience-cambodia
NBC expanding Bakong operations to more Asian countries
In a bid to promote cross-border economic activities using local currencies, the National Bank of Cambodia (NBC) is expanding the operations of its Bakong blockchain-based payment system to Vietnam, Laos, Myanmar, China, and India. ...
Chea Vanyuth
https://www.khmertimeskh.com/501317628/nbc-expanding-bakong-operations-to-more-asian-countries/
Bakong likely to make forays into Rwanda
National Bank of Cambodia (NBC) and the National Bank of Rwanda recently held talks to explore ways to establish Bakong online payment system in that country, said an NBC statement. ...
Sreekanth Ravindran
https://www.khmertimeskh.com/501315349/bakong-likely-to-make-forays-into-rwanda/
Mobile financial services impact Cambodian farmers
Several reports have indicated that mobile financial services can play a key role in supporting development, but it is not yet clear how these services would affect the lives of farming households in developing countries. ...
Adur Pradeep
https://www.khmertimeskh.com/501311548/mobile-financial-services-impact-cambodian-farmers/
ThaiQR accessible at 1.5m Cambodian retailers
Thai tourists visiting Cambodia can now pay for goods easier after a bilateral agreement between the two countries was reached for cross-border QR payments. ...
Yatt Malai
https://kiripost.com/stories/thaiqr-accessible-at-150m-cambodian-retailers
SIM card bank scam warning issued
The Association of Banks in Cambodia is cautioning bank customers to avoid clicking on any suspicious links after a $100,000 loss by an ABA bank customer due to a SIM card-related account hack. ...
Mao Sreypich
https://kiripost.com/stories/sim-card-bank-scam-warning-issued
German embassy talks MFI with stakeholders
A meeting between the German Embassy in Cambodia and stakeholders in the microfinance sector has outlined proposals including improving communication with clients, compliance set-ups and grievance redress mechanisms. ...
Sangeetha Amarthalingam
https://kiripost.com/stories/cambodia-german-embassy-talks-microfinance
E-wallet payments nine times GDP: NBC
E-payment trends in Cambodia have significantly consolidated in recent years as more and more people transition from cash-based to digital transaction options, the National Bank of Cambodia (NBC) reaffirmed in a recent report. ...
May Kunmakara
https://www.phnompenhpost.com/business/e-wallet-payments-nine-times-gdp-nbc
GDT, banks vow to step up tax payment efficiency
The finance ministry has to-date signed memorandums of understanding (MoU) with 10 banks to process tax-related payments to the General Department of Taxation (GDT), one of its subordinate units. ...
Van Socheata
https://www.phnompenhpost.com/business/gdt-banks-vow-step-tax-payment-efficiency
Kampot oknha arrested over $40M of losses in realty ‘fraud’
Kampot provincial police arrested Chea Saron, who holds the honorific title Oknha, and his eight accomplices for alleged fraud perpetrated on over 2,000 families, bilking them out of nearly $40 million total through “scam” real estate projects. ...
Long Kimmarita
https://www.phnompenhpost.com/national/kampot-oknha-arrested-over-40m-losses-realty-fraud
NBC closes 104 rural credit institutions
The Coalition of Cambodia Farmers Community said on Thursday that the recent shutdown of 104 rural credit institutions that provided loans to farmers will not affect their livelihoods, saying that past interest rates were high. ...
Meas Molika
https://kiripost.com/stories/cambodia-nbc-closes-104-rural-credit-institutions
Losing 104 rural credit agencies ‘may allow growth’ in finance sector
The central bank’s recent revocation of the operating licences of 104 rural credit institutions (RCI) – nearly half – should not have significant ramifications on the Kingdom’s wider financial system, industry insiders and observers have assured. ...
New loan agreement standard for financial industry breeds debate
A “Standard of Loan Agreement” for the financial sector is under preparation, and institutions are expected to begin adopting its principles by June. But insiders and observers have expressed differing views on the precise provisions of the instrument, its potential effects on market competition, and ...
Rann Reuy
https://www.phnompenhpost.com/business/new-loan-agreement-standard-financial-industry-breeds-debate
IMF cuts world growth outlook as ‘debt stress’ rises: researcher
Low-income countries and emerging economies – including Cambodia – are facing heightened sovereign debt distress amid a rise in interest rates in advanced economies, according to International Monetary Fund (IMF) economic counsellor and director of research Pierre-Olivier Gourinchas. ...
May Kunmakara
https://www.phnompenhpost.com/business/imf-cuts-world-growth-outlook-debt-stress-rises-researcher
Microfinance sector plays important role in economic development: NBC
The microfinance sector in Cambodia has been playing an important role in contributing to economic and social development, especially the reduction of poverty in rural areas, said a senior official at the National Bank of Cambodia. ...
Chea Vanyuth
https://www.khmertimeskh.com/501268058/microfinance-sector-plays-important-role-in-economic-development-nbc/
42% of loans taken in capital; women outnumber men in provinces
As much as 42 percent of the loans disbursed by banks and commercial banks in Cambodia has been taken by residents living in its capital Phnom Penh while women borrowers outnumber men in most of the provinces. ...
Manoj Mathew
https://www.khmertimeskh.com/501266501/42-of-loans-taken-in-capital-women-outnumber-men-in-provinces/
PM Hun Sen re-appeals to people not to panic over international banking institutions’ warning
Prime Minister Hun Sen has once again called on the people not to panic over the recent warning of the International Monetary Fund (IMF) and the World Bank over the risks of a global recession. ...
Khmer Times Staff
https://www.khmertimeskh.com/501265570/pm-hun-sen-re-appeals-to-people-not-to-panic-over-international-banking-institutions-warning/
Riel-based deposits and lending help NBC’s de-dollarisation efforts
The banking system has played a crucial role in supporting Cambodia’s recovery from the economic downturn in the wake of Covid-19 with National Bank of Cambodia (NBC) pursuing an accommodative and prudent monetary policy to meet the needs of the economy. ...
Manoj Mathew
https://www.khmertimeskh.com/501263299/riel-based-deposits-and-lending-help-nbcs-de-dollarisation-efforts-2/
NBC pushes for de-dollarisation on 43rd Riel Day
National Bank of Cambodia (NBC) deputy governor Chea Serey on March 20 made a general call to keep using the local currency in day-to-day transactions, as part of de-dollarisation and other monetary policy initiatives, as a means to promote economic development. ...
May Kunmakara
https://www.phnompenhpost.com/business/nbc-pushes-de-dollarisation-43rd-riel-day
Central bank, CMA roll out local-level ‘safe finance’ plan
The Kingdom’s central bank and the Cambodia Microfinance Association (CMA) have jointly launched a project aimed at promoting financial literacy, consumer empowerment and consumer protections at the community level. ...
Yuth Vireak
https://www.phnompenhpost.com/business/central-bank-cma-roll-out-local-level-safe-finance-plan