Economy and commerce
Banking and financial services
Greater riel use could boost foreign reserves
When Cambodia began accumulating foreign reserves in 1997 – after it switched from a centrally planned market to an open economy – the central bank deposited the $276 million it had saved at the Federal Reserve Bank of New York and allowed it to manage ...
Riel Gains
http://www.khmertimeskh.com/news/36512/greater-riel-use-could-boost-foreign-reserves/
IFC to boost corporate governance
The International Finance Corporation (IFC) launched a corporate governance initiative yesterday aimed at enhancing the efficiency of Cambodia’s private sector to strengthen the business climate and spur foreign investment and job creation, it said in a release. ...
Post Staff
http://www.phnompenhpost.com/business/ifc-boost-corporate-governance
ANZ Royal home loan center
More Cambodians took out home loans last year than the year before, prompting banks like ANZ Royal to provide specialized services for the growing sector. ...
May Kunmakara
http://www.khmertimeskh.com/news/36508/anz-royal-home-loan-center/
Greater use of the riel will lower interest rates
A legal framework that ensures a “sound, strong and efficient” financial sector has ensured the swift expansion of banking services throughout the country, but borrowing rates remain high and a large segment of the population – primarily those in rural areas – face difficulties accessing ...
Riel Gains
http://www.khmertimeskh.com/news/36456/greater-use-of-the-riel-will-lower-interest-rates/
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/
Sathapana Bank proceeds with logo change
Sathapana Bank has pre-emptively removed its signature golden lion logo from all 162 branches nationwide as the private bank aims to deflect government criticism and avoid confusion as being identified as a state-owned institution, a bank executive said yesterday. ...
Hor Kimsay
http://www.phnompenhpost.com/business/sathapana-bank-proceeds-logo-change
KDIC digs in to recover local Korean assets
South Korea’s state-run deposit insurer opened its first overseas branch in Phnom Penh yesterday in a move to sell off the bank and property assets of Korean banks that went belly up in 2011. ...
Kali Kotoski
http://www.phnompenhpost.com/business/kdic-digs-recover-local-korean-assets
New banknotes signal revival of national pride
In his office at the National Bank of Cambodia, Mr. Heng Bomakara recalls the early stages of the nation’s currency with fondness. He still remembers a time when coins were commonplace. First minted in aluminum and then later in steel, these coins are now a ...
Riel Gains
http://www.khmertimeskh.com/news/36156/new-banknotes-signal-revival-of-national-pride/
MFI credit firm to push deeper into Cambodia
Micro-Credit Ratings International Ltd (M-CRIL), an Indian provider of rating and advisory services to the microfinance industry, has secured a $1.5 million equity investment agreement from the Asian Development Bank (ADB) to push into emerging markets including Cambodia, the ADB said in an announcement last ...
Post Staff
http://www.phnompenhpost.com/business/mfi-credit-firm-push-deeper-cambodia
BRED bank to carve out a niche in the market
Bred Banque Populaire – part of the second-largest banking group in France – officially launched operations in Cambodia yesterday after a ribbon-cutting ceremony at its headquarters, marking the first venture of a European bank in the Kingdom since the late 1990s. ...
Hor Kimsay
http://www.phnompenhpost.com/business/bred-bank-carve-out-niche-market
French and Vietnamese banks to open in Cambodia
Two more foreign banks—one French and one Vietnamese—announced plans earlier this week to open branches in Cambodia. ...
Hang Sokunthea
https://www.cambodiadaily.com/news/french-and-vietnamese-banks-to-open-in-cambodia-125674/
Mobile firms told to spread message: MFIs not state-run
Prime Minister Hun Sen on Wednesday pulled the country’s mobile operators into his aggressive campaign to clear up any confusion about the relationship between the government and microfinance institutions (MFIs), ordering them to send audio and text messages telling subscribers that MFIs were private entities. ...
Kuch Naren
https://www.cambodiadaily.com/news/mobile-firms-told-to-spread-message-mfis-not-state-run-125665/
PM orders another logo change
Prime Minister Hun Sen yesterday ordered microfinance institute (MFI) Prasac, one of the largest in Cambodia, to change its logo immediately for fear that the public may confuse it as representing the government. ...
Sok Chan
http://www.khmertimeskh.com/news/35753/pm-orders-another-logo-change/
Acleda to issue new ATM cards
Acleda Bank will issue new ATM, debit and credit cards to all its customers nationwide with the new bank logo, in compliance with an order issued by the Council of Ministers, said the bank’s CEO yesterday. ...
Sum Manet
http://www.khmertimeskh.com/news/35668/acleda-to-issue-new-atm-cards/
VN, Cambodia state banks foster ties
Governor of the State Bank of Vietnam (SBV), Lê Minh Hưng, and Governor of the National Bank of Cambodia (NBC), Chea Chanto, have agreed to step up co-operation between the two banks. ...
Viet Nam News
http://vietnamnews.vn/economy/351435/vn-cambodia-state-banks-foster-ties.html#VSUuqSzs55vRy9a4.97
Bank ordered to replace its logo
ACLEDA Bank, Cambodia’s largest bank in terms of assets, will have to shell out millions in the next three weeks to comply with a Council of Ministers decision last Friday that the private financial institution must redesign and replace its logo on all company materials ...
Hor Kimsay
http://www.phnompenhpost.com/business/bank-ordered-replace-its-logo
Few takers for emergency rice loans
With the Kingdom’s main rice harvesting season wrapping up, just a fraction of a government emergency loan package that aimed at giving millers the liquidity they needed to purchase rice paddy duringthe harvest cycle has been disbursed, leaving the government and private sector divided on ...
Cheng Sokhorng
http://www.phnompenhpost.com/business/few-takers-emergency-rice-loans
KBank unveils capital branch
Kasikornbank (KBank), one of the largest banks in Thailand, officially unveiled its first branch in Phnom Penh with the aim of offering financial services to local businesses as well as corporate and retail customers. ...
Sok Chan
http://www.khmertimeskh.com/news/35257/kbank-unveils-capital-branch/
Record growth in insurance
Cambodia’s insurance industry saw record growth in 2016 and was valued at $113 million, according to a report from the Insurance Association of Cambodia (IAC). ...
Sok Chan
http://www.khmertimeskh.com/news/35153/record-growth-in-insurance/
Interbank lending gains traction
The central bank’s efforts to foster development of an interbank lending market appears to be taking off as the demand for negotiable certificates of deposits (NCDs) increased sharply last year, with the financial tool seeing wider usage among the Kingdom’s financial institutions. ...
Hor Kimsay
http://www.phnompenhpost.com/business/interbank-lending-gains-traction
ABA Bank gets brand revamp
Advanced Bank of Asia Limited (ABA Bank of Cambodia) officially unveiled a new logo yesterday, as it builds on its majority ownership by the National Bank of Canada.The National Bank of Canada integrated the ABA Bank as part of its group after becoming the major ...
Sok Chan
http://www.khmertimeskh.com/news/34741/aba-bank-gets-brand-revamp/
FAST payment system transfers top 10B riel
Six months since the central bank launched its FAST payment system, a new scheme to provide instant riel-denominated fund transfers between financial institutions and their clients, the bank recorded a total fund transfer of 10 billion riel ($2.5 million) as of end-2016. ...
Hor Kimsay
http://www.phnompenhpost.com/business/fast-payment-system-transfers-top-10b-riel
Cambodia eyes AIIB loan
Cambodia will begin applying for a loan from the newly established China-backed Asian Infrastructure Investment Bank (AIIB) from next year in response to the current need for infrastructure development. ...
May Kunmakara
http://www.khmertimeskh.com/news/34470/cambodia-eyes-aiib-loan/