Banking and financial services

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 ...

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. ...

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. ...

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.   ...

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. ...

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.   ...

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. ...

“The Microfinance Sector in Cambodia: Opportunities and Risks” is an attempt to get a wider view and deeper insight from various researchers on fostering a robust, stable and sustainable microfinance sector, the National Bank of Cambodia (NBC) said in a statement yesterday.   ...

Cambodia’s current account balance deficit was the equivalent of $542 million in the fourth quarter of 2015, the equivalent of 11.5 per cent of GDP, the National Bank of Cambodia said in a report released yesterday.   ...

Sathapana Microfinance Plc., the third largest MFI in Cambodia, has officially transformed itself into a commercial bank with total capital of $120 million, a move in line with Japanese-owned Maruhan Japan Bank acquiring a 95.1 percent stake in 2012.​ ...

Cambodia Post Office (CPO) and Wing (Cambodia) Specialized Bank have signed a partnership allowing Wing customers to transfer money and pay bills through the government agency as the post office moves into e-commerce. ...

Despite strong growth in investment in the construction sector, investors, builders and developers still largely neglect insurance on projects, industry and government officials say.​ ...

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. ...

Acleda Bank Plc., the country’s largest commercial bank by branches, has seen rapid growth in online transactions – now about $500,000 a month – since it launched its e-commerce payment gateway late last year, a senior executive at the bank said yesterday. ...

Sustainability Finance Real Economies SICAV – SIF (SFRE, pronounced Sapphire) has made an investment totalling USD 4 million in PRASAC (Cambodia) a microfinance institution, in line with its strategy of advancing social, environmental and economic development by providing capital to banks. ...

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. ...

Aceleda Bank was the only Cambodian bank to make The Banker’s Top 100 ASEAN Banks 2016 list, and saw the largest jump up the rankings among all entries, securing the 88th position on the financial publication’s annual list, up from 97th last year. ...

Export credit insurance is still taking off in Cambodia, but more companies are beginning to take advantage of it, a senior executive from Forte Insurance Company said yesterday.​ ...

As Thailand is surrounded by neighbouring countries that only circulate banknotes, the Royal Thai Mint is eyeing Cambodia, Laos, Myanmar and Vietnam (CLMV) for its regional expansion plan. Deputy director-general of the Treasury Department Werawut Sripaoraya said that officials would tour Laos and Cambodia this year ...

Sovannaphum Life Assurance Plc, a joint venture between Canadia Investment Holding and Muang Thai Life Assurance, last week officially opened its office in the Kingdom to provide services to Cambodians. ...

The National Bank of Cambodia (NBC) has doubled the minimum capital requirements for commercial banks and significantly raised the requirements for microfinance institutions in a move experts say will protect and consolidate the country’s banking sector.   ...

Sathapana Microfinance Plc, one of the largest in Cambodia, will officially transform itself into a commercial bank late next month, a move in line with Japanese-owned Maruhan Bank acquiring a 95.1 percent stake in 2012. ...

Amret Microfinance Institution, one of the largest in Cambodia’s crowded market, yesterday announced it had received an A- rating from independent rating agency Microfinanza, which is based in Italy, for improving its operation and for its strong performance over the past year. ...

The National Bank of Cambodia (NBC) marked the 36th anniversary of its reintroduction of the national currency on Sunday, using the event to continue its calls to boost use of the riel in a highly dollarized economy. ...