Banking and financial services
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. ...
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. ...
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. ...
MFIs seek boosting financial literacy at communal level
A project to strengthen financial literacy at the local level has been launched to promote knowledge related to finance, rights, and client protection as well as to increase clients’ access to formal financial services within communities. ...
Microfinance to tap into WASH sector
A partnership between Cambodia Microfinance Association (CMA) and Water.org aims to increase access to safe water and sanitation nationwide by offering incentives to finance the sector. ...
Microfinance sector grows at 20% by end of 2022
Cambodia’s microfinance sector recorded over 20 percent growth both in terms of loans and deposits by the end of 2022 compared to the same period in 2021, despite the Covid-19 pandemic and the war in Ukraine, according to the Cambodia Microfinance Association (CMA). ...
MFIs agree to loan repayment relief for borrowers hit by flooding
Financial institutions said on Wednesday that they will provide favorable easing to customers who have been affected by severe floods, following an appeal by Prime Minister Hun Sen. ...
MFIs urged to help ease flood victims' financial burden
Prime minister Hun Sen on Monday called on all microfinance institutions (MFIs) to throw a financial lifeline to people affected by flooding and defer loan repayments and ease interest rates. ...
Microfinance association claims NGO statement “biased”
The Cambodia Microfinance Association (CMA) regarded the commentary by NGOs and civil society organizations on the industry as “biased, incomplete, and cherry-picked”, taking just the negative parts of a report produced by Germany’s Federal Ministry of Economic Cooperation and Development (BMZ) into account while ignoring ...
Korea’s KB Kookmin Bank says completes acquisition of Prasac
South Korea’s KB Kookmin Bank, New York-listed KB Financial Group Inc’s (KB) commercial banking unit, on October 20 announced the completion of the acquisition the remaining 30 per cent interest in Prasac, Cambodia’s largest microfinance institution, as it expands its business into the Kingdom’s financial ...
National Bank of Cambodia announces $50 million auction tomorrow
The National Bank of Cambodia has issued a notice to banks, microfinance institutions and exchange traders to participate in the auction of US $50,000,000 for October 12, 2021. ...
Khmer Times Staff
CMA: Loan restructures increasing
Restructured loans at member institutions of the Cambodia Microfinance Association (CMA) totalled about $1.5 billion as of April, according to the organisation. ...
Microfinance ‘bad loans’ fall to 2.27% in October
The microfinance sector’s nonperforming loan (NPL) ratio decreased from 2.56 percent in September to 2.27 percent in October after rising from 1.33 percent in January and peaking in May at 2.61 percent. ...
Book published on history of Kingdom’s microfinance industry
National Bank of Cambodia yesterday launched a book called “Building Inclusive Finance”. It traces the development of microfinance in Cambodia from its origins in rural development programmes in the early 1990s to the globalised industry it is today. The book was written by Ron Bevacqua, ...
A serious concern: Cambodians’ $8 billion microfinance debt
Impending COVID-19 health measures and high levels of micro debt pose a serious concern for the approximately 2.4 million Cambodians with a combined outstanding debt of $8 billion, according to a World Bank report released this week. ...
Microfinance commits to fulfilling tax obligations
Cambodia Microfinance Association (CMA) yesterday said it has taken steps to fulfill its tax obligations to the government. ...
MFI loans, deposits grow in first nine months of this year
Outstanding loans and deposits in Cambodia’s crowded microfinance institution (MFI) sector have seen a sharp rise in the first three quarters of this year. ...
Report: 28.1% of Cambodians take out loans for healthcare
A new report has found that 28.1 per cent of Cambodians borrow money to pay for healthcare, with microfinance insiders claiming it does not reflect the reality in the financial sector. The University of New South Wales (UNSW) surveyed 5,000 households across Cambodia and found ...
The macro challenges in Cambodia’s microfinance sector
In August, two local Cambodian organizations, Licadho and Sahmakum Teang Tnaut (STT) published Collateral Damage: Land Loss and Abuses in Cambodia’s Microfinance Sector, a report about the dangerous growth of the country’s microfinance sector. It spotlighted an issue that researchers have been warning about for years. A report ...
State Bank of Vietnam strengthens relations with Cambodian partner
The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) held a bilateral meeting in Phnom Penh, Cambodia on September 16 to exchange and share experiences on macroeconomic management, especially in finance and banking. ...
Nhan Dan Newspaper
NGOs slammed over retraction refusal
The government yesterday slammed rights group Licadho and Sahmakum Teang Tnaut for refusing to attend a scheduled meeting and make a public statement retracting a critical report on the negative impacts of microloans. Last week, the two NGOs defended their research during a meeting with the ...
NGOs ordered to retract MFI report
The government yesterday ordered two NGOs to retract a critical report on the negative impacts of microloans after summoning their representatives for a meeting to defend their research. The report, published last month by Licadho and Sahmakum Teang Tnaut, featured seven case studies of abuse chosen ...