Economy and commerce

The International Finance Corporation (IFC) signed a Memorandum of Understanding with the National Bank of Cambodia (NBC) yesterday in a move that officials are predicting will usher in a new era of responsible corporate governing practices, transparency, financial risk management and public confidence in the ...

With a $148 million injection of capital through a Share Purchase Agreement, National Bank of Canada (NBC) now holds a 90 percent stake in ABA Bank, according to ABA and NBC executives, who ensured that the agreement will not alter ABA Bank’s strategy but enhance ...

Six months since Cambodia’s market regulator officially launched derivatives trading in Cambodia, Phnom Penh Securities Plc is poised to become the first local securities firm to legally trade the complex and little-understood financial instrument. ...

The Cambodian government needs to take stock of its economic place within ASEAN, and globally, to continue its growth trajectory given the anticipated ratification of a major international trade pact expected to erode the competitiveness of the Kingdom’s biggest industrial sector, US Ambassador to Cambodia ...

Acleda, a leading commercial bank in Cambodia, and Forte Insurance (Cambodia) signed an agreement on Friday on general insurance and micro insurance and agreed to establish a basic framework to cooperate and promote a range of insurance products. ...

The insurance industry in Cambodia reported a 38-percent increase in gross premium in the first quarter of 2016 over the same period last year, the Insurance Association of Cambodia (IAC) said on Sunday. ...

The Cambodia Chamber of Commerce has discussed the possibility of establishing arbitration and a mediator to solve commercial conflicts in Cambodia’s business community, where every conflict now ends up in the court system. ...

Officials from China will arrive in Cambodia soon to audit and evaluate rice producing companies and to check warehouses. ...

After an unexpected surge in Thai investor interest, Phnom Penh SEZ Plc has secured sufficient commitments to fully cover the strategic and bookbuild share allocations of its initial public offering (IPO), and has determined an issue price for shares to be listed on the Cambodian ...

Construction on the $580 million project The Peak, a joint venture between local and Singaporean companies, started earlier this week on Tuesday. ...

Cambodia’s exports to the United States, the second largest importer of local goods after the European Union, declined slightly during the first quarter of the year compared with the same quarter last year. ...

Five international financial institutions will join forces with the National Bank of Cambodia (NBC) to hold the 1st Mekong Financial Inclusion Forum in Phnom Penh in July to explore and discuss the differences, similarities and opportunities for achieving financial inclusion in this unique region. ...

The prolonged drought is raising fears that domestic fish supplies will be so depleted that the Kingdom may need to start importing fish to compensate for a shortfall at markets, officials said. ...

Two weeks since the central bank launched its FAST system, which provides instant riel-denominated fund transfers between banking institutions, operations are running smoothly, with usage of the new electronic payment system expected to pick up as it integrates more customers.   ...

Loans and deposits in the Kingdom’s crowded microfinance sector rose about 10 percent during the first quarter of the year from the same period last year, according to a report from the Cambodia Microfinance Association, which put the rise down to an expanding economy. ...

Mango growers now have access to the South Korean market following an agreement signed on Friday between officials from Korea and the Ministry of Agriculture, Forestry and Fisheries. ...

The price of cashew nuts has jumped about 15 percent this year prompting processers and exporters to call for the government to help funnel more investment into growing the crop. ...

The 9th session of the Cambodia-EU Joint Committee for bilateral cooperation to ensure the smooth operation and effective implement of trade and economic relations as well as the political development between the Kingdom and the EU is underway, and set to run until tomorrow. ...

Thai manufacturers are being urged to transfer some of their production facilities to Cambodia and other neighboring countries, according to a report in the Thai media yesterday.   ...

Cambodia is a major player in ASEAN for realizing China’s Belt and Road Initiative, which Chinese President Xi Jinping proposed last year to connect China to neighboring countries and the world, Chinese officials said.   ...

ACLEDA Bank announced its first-quarter results for 2016 on Friday, reporting $30.19 million in profit for the quarter, up almost 21 per cent compared to the same period last year.   ...

Mobile payment provider True Money Cambodia signed a memorandum of understanding with local microfinance institution Niron Mikroheranhvatho Plc on Friday to facilitate bill payments for the microlender’s 60,000 customers. ...

“The Microfinance Sector in Cambodia: Opportunities and Risks” is an attempt to get a wider view and deeper insight from various researchers on fostering a robust, stable and sustainable microfinance sector, the National Bank of Cambodia (NBC) said in a statement yesterday.   ...

Gold Tower 42 owner Yon Woo Cambodia is calling on creditors, buyers and lessees of the project to lodge any claims by May 12 to clear outstanding issues and pave the way for moving the development forward. ...