Economy and commerce
Banking and financial services
Wing, GmoneyTrans ink partnership deal
A South Korean phone-based money transfer company has partnered with Wing Specialized Bank to tap into remittance services for Cambodians living and working abroad. ...
Hor Kimsay
http://www.phnompenhpost.com/business/wing-gmoneytrans-ink-partnership-deal
Acleda increases share capital
Cambodia’s leading commercial bank Acleda announced late last week that it has injected an additional $42 million to top up the current share capital of $265.7 million, bringing the total registered share capital to $307.7 million. ...
Sok Chan
http://www.khmertimeskh.com/news/26026/acleda-increases-share-capital/
Wing plans for more growth
Wing Specialised Bank is trying to stay ahead of the game in the money transfer and mobile payment sector by forging new partnerships. The Post’s Ayanna Runcie sat down with Wing’s recently appointed CEO Jojo Malolos to discuss his plan for the company’s future. ...
Ayanna Runcie
http://www.phnompenhpost.com/business/wing-plans-more-growth
Eco Park, Maybank in deal
The Singapore investor of Le Urban Eco Park, an ecologically-friendly satellite city, and Maybank have reached a deal to sell residential apartments and shop buildings in the park as the project nears completion by the end of the year. ...
Chea Vannak
http://www.khmertimeskh.com/news/25913/eco-park--maybank-in-deal/
Microfinancer Prasac looking to partner up with Korean giant
Woori Bank, South Korea’s second-largest bank in terms of assets, is vying to purchase a 50 per cent stake Cambodia’s largest microfinance institution, Prasac, the company’s CEO confirmed yesterday. ...
Hor Kimsay
http://www.phnompenhpost.com/business/microfinancer-prasac-looking-parter-korean-giant
NBC modernizes payment system
The National Bank of Cambodia (NBC) received a grant totaling $8 million from the South Korean government, through the Korea International Cooperation Agency (KOICA) to modernize its national retail payment system as the Kingdom gets ready to trade in the Asean Economic Community. ...
May Kunmakara
http://www.khmertimeskh.com/news/25854/nbc-modernizes-payment-system/
Phillip Bank launches collateral-free credit
Singapore-based Phillip Bank announced yesterday that Cambodian borrowers that can prove a consistent monthly income will be able to access lines of credit without putting down collateral. ...
Hor Kimsay
http://www.phnompenhpost.com/business/phillip-bank-launches-collateral-free-credit
IFC banking on smart graduates
The International Finance Corporation (IFC), a member of the World Bank Group, has provided a $13 million loan to support a higher education campus for the Acleda Institute of Business that will help raise education standards, enhance students’ employability and encourage sustainable economic growth. ...
Sum Manet
http://www.khmertimeskh.com/news/25667/ifc-banking-on-smart-graduates/
Cambodian Public Bank symbolizes close ties between Malaysia and Cambodia
Malaysia’s award-winning Public Bank, which is celebrating its 50th Golden Jubilee this year, is one of the first foreign banks to open its door in Cambodia in 1992. ...
Khmer Time Team
http://www.khmertimeskh.com/news/25641/cambodian-public-bank-symbolizes-close-ties--between-malaysia-and-cambodia/
Cha-Ching teaches financial literacy
Prudence Foundation, established by Prudential Life Insurance, launched its nationwide financial literacy program Cha-Ching yesterday. ...
Ayanna Runcie
http://www.phnompenhpost.com/business/cha-ching-teaches-financial-literacy
Acleda gets $70M to support women
Acleda Bank signed an agreement in Bangkok yesterday with International Finance Corporation and the Goldman Sachs 10,000 Women initiative for a $70 million long-term loan project to support Cambodia’s small- and medium-size enterprises (SME) owned by women. ...
Hor Kimsay
http://www.phnompenhpost.com/business/acleda-gets-70m-support-women
ANZ Royal wins best trade finance bank awards
ANZ Royal announced yesterday that it has bagged the prestigious 2016 Triple A Awards from The Asset magazine after being named as the best trade finance bank in Cambodia. ...
Sum Manet
http://www.khmertimeskh.com/news/25555/anz-royal-wins-best-trade-finance-bank-awards/
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
South korean bank eyes Cambodia
The South Korea-based Nong Hyup Bank plans to open a branch in the Kingdom and will focus on investments and loans in the agriculture sector, according to a senior official in the Ministry of Agriculture. ...
May Kunmakara
http://www.khmertimeskh.com/news/25465/south-korean-bank-eyes-cambodia/
Sathapana Bank gets $35 million from Taiwan lenders
Facilitated by Taiwan’s First Commercial Bank, seven foreign banks provided $35 million in a syndicated loan to Sathapana Bank Plc, a newly formed Cambodian commercial bank, to expand its existing microfinance operations and broaden its commercial lending portfolio. ...
Kali Kotoski and Cheng Sokhorng
http://www.phnompenhpost.com/business/sathapana-bank-gets-35-million-taiwan-lenders
Khmer specialized bank opens
Khmer Specialized Bank, a subsidiary of Khmer Holding Group, was officially inaugurated to offer financial services to Cambodians yesterday, with $21 million worth of investment capital and becoming the 13th specialized bank in Cambodia. ...
Sok Chan
http://www.khmertimeskh.com/news/25178/khmer-specialized-bank-opens/
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
National bank to receive support from IFC
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 ...
May Kunmakara
http://www.khmertimeskh.com/news/24858/national-bank-to-receive-support-from-ifc/
ABA bank gets capital boost
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 ...
Sum Manet
http://www.khmertimeskh.com/news/24800/aba-bank-gets-capital-boost/
Acleda, Forte insurance to work together
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. ...
Sok Chan
http://www.khmertimeskh.com/news/24706/acleda--forte-insurance-to-work-together/
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
Micro lenders see steady expansion
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. ...
Sok Chan
http://www.khmertimeskh.com/news/24525/micro-lenders-see-steady-expansion/
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