Banking and financial services

The National Bank of Cambodia (NBC) will soon begin a national payment system that will allow the clearance of checks at all banks within a day, as well as facilitate intra-bank electronic payments, Nguon Sokha, director general of the NBC, said yesterday. Through the establishment of the national ...

India is financing the construction of a US$70 million transmission line to bring electricity from hydroelectric projects in Laos to Cambodia, according to Indian Chamber of Commerce President Debasish Pattnaik. Speaking yesterday after the official launch of the Indian Chamber of Commerce in Cambodia (ICC), Pattnaik ...

Although US businesses across ASEAN have expressed a positive investment outlook towards Cambodia and the other members of the regional group, they are unsure of how to take advantage of the free-trade agreement with China, insiders said at the first-ever ASEAN-US Business Summit, which kicked ...

Assets of Cambodian Microfinance Institution Prasac reached US$210 million with the combination of newly borrowed $15 million from Germany’s Deg-Deutsche Investitions Und Entwicklungsellschaft Mbh (DEG), officials said during the signing ceremony. The seven-year agreement at an annual interest rate of 5.5 per cent would help Prasac ...

Construction at Camko City, an unfinished, US$2 billion satellite city in northwestern Phnom Penh, has resumed after at least one sentence connecting the mega-project’s chief executive with a Korean banking scandal was dropped. , the company behind Camko City, has resumed the construction of retail space ...

US-listed corporations in Cambodia, including Chevron, Total, CNOOC and ConocoPhillips, that are engaged in extractive industries are now required to comply with additional transparency rules. The US Securities and Exchange Commission (SEC) implemented new regulations last week, two years after the legislation was initially passed by Congress. Cambodian monitors ...

One of Japan’s biggest banks, Sumimoto Mitsui Banking Corporation (SMBC) signed agreement with Acleda Bank to share market data and banking services. The deal will give Japanese investors information on the economy and offer other banking services and is aimed at improving bilateral trade and investment. The deal would ...

China’s Export-Import Bank officials proposed to provide loans of up to US$70 million for rice milling in an effort to aid Cambodia’s efforts to export a million tonnes of rice by 2015, government officials said yesterday. The bank’s officials visited Cambodia last week to met with Cambodian ...

Sumitomo Mitsui Banking Corporation (SMBC) of Japan will sign a memorandum of understanding with Acleda Bank Plc this weekend for mutual business co-operation. Senior Acleda officials said the agreement would help to improve investment and trade from Japan to Cambodia.   Acleda will also give Japanese investors and businesses advice ...

One of the largest banks in Japan, Sumimoto Mitsui Banking Co., will sign an agreement with Acleda Bank Friday to share market data and banking services, Acleda announced yesterday. The deal would allow Sumimoto Mitsui, which currently only has a representative branch in Cambodia, to access ...

Cambodia’s government yesterday announced it had chosen the largest local bank, Acleda Bank Plc, to be its partner for vehicle tax stamp sales. Acleda will operate for the General Department of Taxation of the Ministry of Economy and Finance in all 23 provinces and Phnom Penh.   Sim Eang, royal ...

Election monitoring groups are questioning the National Election Committee (NEC) recent decision to let a Phnom Penh casino fund its new multi-million dollar headquarters, a move they said would cast further doubt on the body’s independence. NagaCorp, the owner of Phnom Penh’s only licensed casino, NagaWorld, ...

The stabilisation of the riel over the first half of this year is a reflection of increased confidence in using riel in the economy as well as improvements in the agricultural sector, according to economists and the National Bank of Cambodia (NBC). The slowdown in the US economy ...

Delegates from the Import-Export Bank of China will visit Cambodia next week to discuss loans for the rice-processing and exporting sector, according to government officials. Son Kunthor, president of the state-owned Cambodian Rural Development Bank, said yesterday that Chinese delegates will come to study the feasibility of ...

Almost five months after the launch of the Credit Bureau Cambodia (CBC), experts agree that it has given financial institutions valuable new access to information about creditworthiness of potential borrowers, improving efficiency and loan quality. At the same time, there are still a few rough ...

Samdech Prime Minister Hun Sen said this week that he will talk with Chinese leaders especially his Chinese counterpart PM Wen Jiaboa about finance to build 300-500 km rural roads in the country in contribution of helping poverty reduction and living conditions of the local ...

The United Nations Industrial Development Organisation (UNIDO) in cooperation with a number of organisations launched a new e-waste management project yesterday in Cambodia in a bid to recycle the country’s burgeoning electronic waste and to provide job opportunities, as Hurleypalmerflatt opened an office in Cambodia to provide jobs for ...

The exclamations of dismay that come from small-business people in Cambodia when someone tries to take a picture of their shop are to be expected, as they believe the photo will be used to make them pay taxes they cannot afford, but that doesn’t mean ...

The Chinese government is considering loaning an unspecified amount of money to cover the cost of constructing 20 new national roads, Prime Minister Hun Sen said yesterday. Speaking at the inauguration of 128-km stretch of National Road 62 linking Kampong Thom and Preah Vihear provinces, also primarily funded by ...

Amret, one of the largest micro-finance institutions (MFIs) in the country, has announced that it is making plans to raise the capital required to become a full commercial bank by 2015, an official at the institution said yesterday. Chea Phalarin, CEO of Amret, said the decision to expand ...

After sudden increase in price to KHR 6, 600 (US$ 1.62) on July 25, over the next week the price rose for a couple of days before eventually changing direction, falling to 6,400 (US$1.57) on August 1. Trading volumes were larger compared to the week ...

Deputy Prime Minister and Minister of Economy and Finance H.E. Keat Chhon announced that Cambodia would be free from the Official Development Assistance (ODA) by 2030. Speaking to the U.S. Ambassador to Cambodia H.E. William E. Todd in a discussion at the ministry yesterday, H.E. Keat ...

Bank of China is in negotiations with Cambodia’s central bank on the promotion of business transactions in Chinese yuan. The official talks reflect rapid trade growth between the two countries at a time when several commercial banks in Cambodia have launched yuan remittance and trade-settlement products. The ...

Revenues generated by insurance firms increased 40 percent ro $18.9 million between january and June compared to the same period last year, according to data released yesterday by the General Insurance Association of Cambodia (GIAC). Fire insurance continued to reign as the sector’s top earner, accounting ...