Banking and financial services

Prince Finance Plc is moving to support the efforts of the National Bank of Cambodia (NBC) to promote the use of the riel by using the domestic currency in all transactions, fees, loans and staff salaries, the microfinance institution’s managing director, Hon Sorachana, told a ...

When Chheung Rattana was married a few years ago, the only thing she and her new husband inherited from their families was a small plot of land to grow rice on. It was a tough start for the newlyweds, who decided that the only way ...

Microfinance institutions (MFIs) have been expanding their financial services to include the use of mobile phones, a move aimed at boosting services for people in rural areas who find it difficult or expensive to travel to offices in towns or villages. ...

Malayan Banking Bhd (Maybank) is further strengthening its operations in Cambodia with the launch of Maybank Tower, a new 10-storey corporate office in the country. ...

Prime Minister Hun Sen told a summit on micro-finance development yesterday that stricter rules needed to be applied to organizations and institutions lending money as many people were being cheated, embezzled and losing their collateral to unscrupulous lenders. ...

A campaign will be launched country-wide to educate the public about how to properly use financial services, a forum on microfinance in Phnom Penh was told yesterday. ...

Cambodia’s central bank has asked all financial institutions, especially rural lenders, to refrain from accepting personal identity cards, residential records and family books as a guarantee while giving out loans to consumers.   ...

Sok Rasmey (not his real name) works for an NGO in Phnom Penh with a salary of $350 a month. This is usually enough to cover his modest living costs, but when urgent expenses arise, he often looks to borrow to cover his costs. Ashamed ...

A former employee of a microfinance institution (MFI) was Tuesday jailed on charges of embezzling some $300,000 from the company, a court official said. ...

In its 10th year, Cambodia’s growing microfinance sector has seen stellar credit and deposit growth. But concerns remain over this speed of credit growth in the sector, as well as the rise in unlicensed lenders operating in rural areas. ...

A former employee of a microfinance institution (MFI) was Tuesday jailed on charges of embezzling some $300,000 from the company, a court official said. ...

The number of microfinance institutions has been growing steadily over the past decade and this has contributed rising living standards in the Kingdom, according to the Cambodian Microfinance Association (CMA). ...

The double-digit growth of consumer lending in Cambodia has created a need for a comprehensive and centralised database of individual credit histories. The Post’s Cam McGrath sat down with Pascal Ly, CEO of the Credit Bureau Cambodia (CBC), to discuss the role of the Kingdom’s ...

A pilot project that offers micro-insurance to help rice farmers cope with the risks of flooding and drought is looking to build on the success of its first season by scaling up beyond three existing provinces. ...

The outgoing CEO of ANZ Royal Bank is leaving with a note of caution about the swift growth of lending in Cambodia, while noting that the banking sector had become much more competitive and technologically advanced during his four-year tenure at the helm of one ...

The National Bank of Cambodia is hosting the National Summit on the Development of the Microfinance Sector in Cambodia next month, marking a decade since the government announced that 2006 was the “Year of Microfinance.” ...

Kasikornbank, Thailand’s fourth-largest lender by assets, plans to open its first branch in Phnom Penh by August, according to a report from Nikkei Asian Review. ...

Cambodia’s microfinance sector experienced another year of explosive growth, with both lending and deposits surging over 40 per cent in 2015, according to new data by an industry association. ...

Since its launch in 2005, ANZ Royal Bank has grown to become one of the top-end banks in Cambodia, and has increased its focus on core areas of e-banking, corporate clients and introducing efficiencies in its operations. ...

The International Finance Corporation (IFC) will provide a $50 million financing package to Amret Co to help the Cambodian microfinance institution increase lending to smaller businesses, particularly those in the agriculture sector and rural areas, it said in a press release. ...

The International Finance Corporation (IFC) will provide a $50 million syndicated loan to Acleda Bank to boost lending to small and medium enterprises, of which at least half will support women-owned enterprises, it said yesterday. ...

Australian banking giant ANZ has come under fire for its response to a scandal over its financing of a sugar plantation previously linked to forced evictions and child labour in Kampong Speu province. ...

Acleda Bank, Cambodia’s largest bank, is morphing its existing training centre into a full-fledged educational institution, after obtaining a licence last month. The new institute will look to provide bachelor’s and master’s degrees in business administration, with majors in finance and banking. The Post’s Sorn ...

Kasikornbank, Thailand’s fourth-largest bank by assets, has received a licence to open its first branch in Cambodia, a bank executive said yesterday. ...