Banking and financial services
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. ...
Cambodia’s banking industry sees three percent GDP growth last year despite pandemic, $38.5 billion in deposits
Cambodia’s banking industry had seen robust growth in loans and deposits in 2021 despite the impact of the COVID-19 pandemic, according to a report of the National Bank of Cambodia (NBC) on Saturday. ...
Khmer Times Staff
IFC may provide ACLEDA $200 mn to help female entrepreneurs and SMEs
ACLEDA Bank Plc has proposed a five-year, $200 million blended finance investment from the World Bank Group’s International Finance Corporation (IFC), disclosure documents reveal. ...
South Korean bank invests in Kingdom
The embassy of Cambodia to the Republic of Korea signed a memorandum of understanding (MoU) with DGB Bank to provide cooperation in promoting investment in Cambodia as well as protection for Cambodians in South Korea. ...
ACLEDA awarded credit upgrade by ratings agency
ACLEDA Bank (CSX: ABC)’s standalone credit profile has been upgraded by global ratings agency, Standard & Poor’s (S&P) from ‘bb-’ to ‘bb’ with the bank’s overall credit rating listed as a B+. ...
Acleda, CDB ink $130M credit facility pact
Acleda Bank Plc, Cambodia’s largest locally-owned commercial bank, has signed a $130 million long-term facility agreement with Chinese state-owned China Development Bank Corp (CDB), the world’s largest development bank by assets, it said in a press release on Friday. ...
Acleda Bank reports $28M net profit in Q1
Aceleda Bank, Cambodia’s largest bank by assets, reported a net profit of $28.39 million in first quarter this year, down slightly from $30.19 million in the same period in 2016, according to the bank’s latest financial report. ...
The Phnom Penh Post Staff
Acleda’s new ATM cards
Acleda Bank spent about $1 million to produce 800,000 new ATM cards with EMV chips to enable them to be used globally and also to mitigate the risk of fraud, said the bank’s president and group managing director on Friday. ...
Correspondent banking in retreat, but growing in Asia
While financial inclusion is a top priority for emerging economies, new research suggests more stringent enforcement of anti-money regulations in recent years has resulted in major Western banks disconnecting from these regions, leaving local businesses without access to the international financial system. ...
Sathapana Bank secures $50M to scale up
Sathapana Bank Plc has received a hefty $50 million bilateral loan from the Bangkok branch of Mizuho Bank, a subsidiary of one of Japan’s largest financial institutions, in a move that banking insiders say will help the newly consolidated bank expand its lending portfolio as ...
Kali Kotoski and Hor Kimsay
Maybank sees mobile banking as key to promoting the riel
There is a simple reason why Maybank has been named the most innovative bank in Malaysia, explains the CEO of its Cambodian subsidiary. “We have observed that innovation has no borders,” says Ms. Cynthia Liaw in her office at the bank’s headquarters on Norodom Blvd. ...
Sathapana Bank proceeds with logo change
Sathapana Bank has pre-emptively removed its signature golden lion logo from all 162 branches nationwide as the private bank aims to deflect government criticism and avoid confusion as being identified as a state-owned institution, a bank executive said yesterday. ...
Bank ordered to replace its logo
ACLEDA Bank, Cambodia’s largest bank in terms of assets, will have to shell out millions in the next three weeks to comply with a Council of Ministers decision last Friday that the private financial institution must redesign and replace its logo on all company materials ...
KBank unveils capital branch
Kasikornbank (KBank), one of the largest banks in Thailand, officially unveiled its first branch in Phnom Penh with the aim of offering financial services to local businesses as well as corporate and retail customers. ...
ABA Bank gets brand revamp
Advanced Bank of Asia Limited (ABA Bank of Cambodia) officially unveiled a new logo yesterday, as it builds on its majority ownership by the National Bank of Canada.The National Bank of Canada integrated the ABA Bank as part of its group after becoming the major ...
China, Cambodia to share credit reports
The central banks of Cambodia and China are in talks to share customers’ credit reports in an effort to boost bilateral private investment, as a response to rising trade between the two countries. The National Bank of Cambodia (NBC) director general Chea Serey told Khmer Times ...
Canadian bank soars after ABA investment
National Bank of Canada attributed its 5.5 per cent jump in fiscal third-quarter profit to its acquisition of Cambodia’s Advanced Bank of Asia Ltd. (ABA Bank) earlier this year. ...
Novel ATM service for the ‘unbanked’
With mobile money transfer services such as Wing and True Money continuing to spread their agent-based networks into rural parts of the country, local banks are increasingly leveraging their branch locations and ATM presence to provide a similar service through “Cash by Code”. ...
First-ever FDI survey identifies $20B in capital inflow
Foreign direct investment (FDI) to Cambodia over a 20-year period – from 1994 to 2014 – is estimated to have reached $19.2 billion and was heavily weighed by inflows of capital from China, according to the first-ever comprehensive survey on FDI, released yesterday. ...
FAST payments to move riel quickly
Three months since the central bank soft-launched its FAST payment system it is taking the system public, making electronic riel-denominated transfers available to the customers of more than a dozen financial institutions. ...