Banking and financial services
Banking and financial services policy and regulation
Will move to cap microfinance interest rates backfire on CPP?
The ruling CPP doubled down on Tuesday on its decision to cap interest rates on microfinance loans as a way to help the poor get out of debt, even as analysts called it a political move that would have long-term negative effects on the rural ...
Hang Sokunthea and Matt Surrusco
https://www.cambodiadaily.com/news/will-move-to-cap-microfinance-interest-rates-backfire-on-cpp-126564/
Central bank sets interest rate ceiling, sparking fears
The National Bank of Cambodia announced on Monday that it would set an annual interest rate ceiling of 18 percent for all microfinance institutions (MFIs), sparking concerns that lenders would stop offering smaller loans that often keep the most financially vulnerable afloat. ...
Hang Sokunthea
https://www.cambodiadaily.com/news/central-bank-sets-interest-rate-ceiling-sparking-fears-126483/
NBC issues prakas for riel loans
The National Bank of Cambodia (NBC) issued a prakas, or directive, last week instructing commercial banks and microfinance institutions to make out more riel loans to their customers, in a bid to promote the use of the national currency. The prakas, which took effect on Thursday, ...
Sok Chan
http://www.khmertimeskh.com/news/32828/nbc-issues-prakas-for-riel-loans/
Cambodia on alert for US taxpayers
With the Internal Revenue Service (IRS), the tax-collection arm of the United States government, stepping up its global sweep to catch American individuals and corporations hiding their overseas earnings, the American Chamber of Commerce in Cambodia yesterday held a presentation for investors and financial institutions ...
Kali Kotoski
http://www.phnompenhpost.com/business/cambodia-alert-us-taxpayers
Banking liquidity tool moves to weekly issuance
Cambodia’s central bank yesterday launched a weekly issuance of Negotiable Certificate of Deposits (NCD) with selling scheduled for every Wednesday – a move aimed at developing the interbank lending market by promoting a secondary market for the short-term interest-bearing certificates. ...
Hor Kimsay
http://www.phnompenhpost.com/business/banking-liquidity-tool-moves-weekly-issuance
Lenders come out of the dark
More than a year into a government-backed campaign to clamp down on unlicensed lenders, nearly 130 small lenders operating under the radar have come into the fold, officials said yesterday. ...
Hor Kimsay
http://www.phnompenhpost.com/business/lenders-come-out-dark
Cambodia, China sign new MoU on money laundering
Cambodia and China last week signed an agreement to exchange financial intelligence to combat money laundering and terrorism financing, though experts said the Kingdom should still be doing more to tackle an issue that has long persisted in the country, in part, due to local ...
Yesenia Amaro
http://www.phnompenhpost.com/national/cambodia-china-sign-new-mou-money-laundering
Banks covering their assets
Cambodian financial institutions surveyed yesterday said they were in compliance with the central bank’s revised liquidity coverage ratio (LCR) requirements as the deadline passed to increase their cash and highly liquid assets to weather any internal or external shocks. ...
Kali Kotoski
http://www.phnompenhpost.com/business/banks-covering-their-assets
Cambodia Securities Exchange open for liquidity provider applications
The Cambodia Securities Exchange (CSX) officially began receiving applications for liquidity providers yesterday as part of an initiative to boost market liquidity, it said in a press release. ...
Post Staff
http://www.phnompenhpost.com/business/cambodia-securities-exchange-open-liquidity-provider-applications
Bank deposits get protection
The Kingdom’s central bank ‒ the National Bank of Cambodia (NBC) ‒ is working closely with experts from the US Treasury to set up a depositors’ protection scheme among banks in the country. This move was welcomed by the country’s banking industry with CEOs saying ...
May Kunmakara
http://www.khmertimeskh.com/news/27744/bank-deposits-get-protection/
Ministry wants tourism businesses to accept Chinese Yuan
The Tourism Ministry has started urging businesses and tour operators to accept Chinese yuan notes as part of a drive to attract tourists from China, sparking concern among some business owners who fear losses and fake currency. ...
Kang Sothear and Michael Dickison
https://www.cambodiadaily.com/news/115814-115814/
MFIs tackle over-indebtedness
Clients of microfinance institutions (MFIs) in the Kingdom can now expect some form of protection from over-indebtedness that arises from their inability to meet their financial obligations on time as agreed in a credit agreement. ...
Sok Chan
http://www.khmertimeskh.com/news/27142/mfis-tackle-over-indebtedness/
Revenue from customs and excise up 20 per cent
Revenue collected by the customs and excise department jumped nearly 20 per cent during the first six months of the year, compared with the same period a year earlier, figures released yesterday show. ...
Post Staff
http://www.phnompenhpost.com/business/revenue-customs-and-excise-20-cent
Wing to process business registry fees
The Ministry of Commerce has tapped Wing (Cambodia) Ltd Specialised Bank to be the fourth financial institution designated to handle payments for companies incorporated using the ministry’s online registration system. ...
Hor Kimsay
http://www.phnompenhpost.com/business/wing-process-business-registry-fees
Memorandum to fight money laundering
The General Department of Taxation (GDT) signed a memorandum of understanding with the Financial Intelligence Unit of the National Bank of Cambodia (FIUNBC) to exchange information on money laundering and the financing of terrorist activities. ...
Sum Manet
http://www.khmertimeskh.com/news/26678/memorandum-to-fight-money-laundering/
Central bank allays dollar concerns
The National Bank of Cambodia responded to rumours yesterday that local banks were no longer accepting US dollar banknotes with minor imperfections, such as small tears, creases or ink stamps, stating that the central bank had not changed its policies. ...
Hor Kimsay
http://www.phnompenhpost.com/business/central-bank-allays-dollar-concerns
Maybank launches new mobile app
Maybank Cambodia launched its first mobile application, which features Augmented Reality and QR Code Reader, on Saturday. ...
Post Staff
http://www.phnompenhpost.com/business/maybank-launches-new-mobile-app
Gov’t calls for microfinance NGOs to register with NBC
A government official lambasted the slow application rate for non-governmental organizations (NGOs) that operate as microfinance lenders, urging them to register with the National Bank of Cambodia (NBC). ...
Kali Kotoski and Cheng Sokhorng
http://www.phnompenhpost.com/business/govt-calls-microfinance-ngos-register-nbc
Forum on financing to be held in Phnom Penh
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. ...
May Kunmakara
http://www.khmertimeskh.com/news/24603/forum-on-financing-to-be-held-in-phnom-penh/
Riel fund transfers to expand under FAST system
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. ...
Kali Kotoski
http://www.phnompenhpost.com/business/riel-fund-transfers-expand-under-fast-system
Acleda’s first-quarter profits up 21 per cent
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. ...
Post Staff
http://www.phnompenhpost.com/business/acledas-first-quarter-profits-21-cent
True money to extend services to Niron MFI
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. ...
Cheng Sokhorng
http://www.phnompenhpost.com/business/true-money-extend-services-niron-mfi
NBC reveals interbank fund payment service
The National Bank of Cambodia will launch a new payment system to increase inter bank activity in a move to shore up confidence in the Kingdom’s rapidly expanding banking sector, it said in a press release yesterday. ...
Post Staff
http://www.phnompenhpost.com/business/nbc-reveals-interbank-fund-payment-service
SECC signs deal for better governance
Cambodia’s securities regulator signed a memorandum of understanding with the International Finance Corporation (IFC) yesterday for technical assistance on corporate governance standards and practices in the Cambodian capital market. ...
Post Staff
http://www.phnompenhpost.com/business/secc-signs-deal-better-governance