Banking and financial services

The National Bank of Cambodia (NBC) on Tuesday released eight billion riel (about $2 million) at three percent interest to just one financial institution that joined the third bidding of the new Liquidity-Provided Collateralized Operation (LPCO). ...

The developer of Banhji, a locally developed accounting platform aimed at small- and medium-size enterprises (SMEs), is in talks with investors to secure funding as part of a plan to expand the application beyond Cambodia. Officially launched in October after a four-month beta testing period, ...

More than 900,000 garment and footwear workers can now get their salaries through Wing (Cambodia) Limited Specialized Bank after a memorandum of understanding (MoU) was signed yesterday between the Garment Manufacturers Association in Cambodia (GMAC) and the Kingdom’s leading mobile banking services provider. ...

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, ...

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 ...

Acleda Bank, a leading locally-owned commercial bank, has received a $30 million loan from the Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, through Goldman Sachs’ 10,000 Women and the International Finance Corporation’s (IFC) Banking on Women program for supporting women-owned small ...

The Association of Banks in Cambodia (ABC) and the Korea Federation of Banks (KFB) yesterday signed a memorandum of understanding (MoU) to expand and strengthen cooperation as well as provide support to South Korean investors, especially those in the banking sector who are now investing ...

The chief executive of ANZ Royal Bank has denied media reports that the Australian and New Zealand Bank Group (ANZ) is considering pulling the plug on its Cambodian operations amid a planned retreat from the region’s markets. ...

Maybank Cambodia recently purchased an online stock and share trading platform to allow its premier wealth customers access regional and global markets. Cythia Liaw, Maybank Cambodia CEO, said Friday that the trading platform – KE Trade – was developed by Singapore-based Maybank Kim Eng, the fully ...

In an effort to help small and medium-sized rice millers and exporters that are presently unable to provide suitable collateral to qualify for the government’s emergency $27 million rice loan, the National Bank of Cambodia (NBC) has joined with the Cambodia Rice Federation (CRF) to ...

Tess International, a Malaysia-based provider of software solutions for the financial sector, signed a distributor agreement yesterday with Cambodian management consulting and business technology firm IdeaLink Consulting to provide software to Cambodian banks and microfinance institutions that helps them combat financial crimes. ...

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 ...

The government’s much-heralded $27 million emergency rice fund, announced last month amid complaints from rice farmers and millers that cheap competition and low-storage capacity was driving down prices, has so far had only limited takers among rice millers. ...

Thailand’s Bank of Ayudhya released its first financial statement since completing its acquisition of Cambodian microlender Hattha Kaksekar Ltd (HKL) last month, showing a quarterly net profit increase of 10.6 percent from a year earlier. ...

The central bank released its first-ever national study yesterday on perceptions and usage of the riel and foreign currencies in Cambodia, which aimed at not only understanding existing trends, but also at steering future financial legislation to boost the circulation of Cambodia’s national currency. ...

The National Bank of Cambodia rolled out a new mechanism yesterday that offers immediate liquidity to financial institutions to cover their payments and reserve obligations, while giving the central bank greater control over the country’s money supply and moving toward the establishment of a benchmark ...

The UN Capital Development Fund (UNCDF) provided Amret Microfinance Cambodia with a grant of $245,000 to help more women in the Kingdom access financial services and eventually contribute to local community development. ...

The National Bank of Cambodia (NBC) will unveil its initial rates that banks and microfinance institutions (MFIs) will be able to use, as the NBC begins its liquidity-providing collateralized operation (LPCO) to boost the country’s riel liquidity, according to a senior bank official. ...

Cambodia’s accounting and finance industries have seen the healthiest growth over the past three months, followed by jobs in sales, hospitality, management and marketing, according to the latest report by jobs website Everjob. More than 2,500 positions in the accounting and finance sectors were listed on ...

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. ...

The Cambodia Rice Federation (CRF) has submitted a proposal to the government for the setting up of a joint executive financial committee to ensure that the $27 million emergency loan to rice millers to purchase paddy rice from farmers, in a bid to prevent rice ...

An obscure NGO is providing life insurance coverage to low-income individuals, mostly garment workers, offering a financial safety net for the families of its policyholders, but triggering the concern of insurance regulators who take issue to its unlicensed operations. ...

The state-owned bank entrusted with extending $27 million in emergency loans to millers to purchase rice paddy has marginally lowered the interest rate on these conditional loans in an effort to shorten some of the strings attached. The Rural Development Bank (RDB) announced late on Sunday ...

Bangkok Life Assurance expects to offer life insurance policies in Cambodia by the beginning of next year, according to Thai news outlets, adding to the list of international insurers looking to tap into the Kingdom’s nascent but potentially lucrative market. ...