Banking and financial services

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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 ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

The National Bank of Cambodia (NBC) and Cambodia Microfinance Association (CMA) have rolled out a pilot campaign to promote financial literature, consumer empowerment and protection in Cambodian communities. ...

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. ...

National Bank of Cambodia (NBC) on Thursday created a new milestone for the country by inking deals with the central banks of the Republic of Fiji and the Solomon Islands to exchange knowledge and experience on financial innovation and inclusion as well as to share ...

The National Bank of Cambodia (NBC) and the Cambodia Microfinance Association (CMA) have jointly launched the “Safe Finance in Community” project to promote financial literacy, rights and consumer protection in communities, a press statement said on Monday. ...

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. ...