Banking and financial services

Maybank Cambodia Plc has launched its 17th branch at Ta Khmao, Kandal Province to expand its footprint across the nation and to provide the community with convenient access of banking services. ...

ACLEDA Bank PLC, the Cambodia’s leading commercial bank, has launched a new service called “ACLEDA Internet Bank”, according to a statement on its website. The statement said the new service would offer additional alternative for its value customers in doing financial transactions via the internet at ...

The commercial relationship between Australia and New Zealand Banking Group Ltd and Cambodia’s Phnom Penh Sugar has come to an end, The Australian reported Saturday. ...

Electricite du Cambodge (EdC) on Monday announced it will offer customers in Sihanoukville, Battambang and Siem Reap the option to pay their bills via mobile payment provider Wing. EdC and Wing officials signed an agreement on July 1 at the Cambodiana Hotel in Phnom Penh authorising ...

Publicly listed Japanese conglomerate Resona Holdings signed an agreement yesterday with Cambodia Public Bank (Campu) aimed at increasing its customer base in the Kingdom’s banking sector. Resona Holdings subsidiary firms Resona Bank, Saitama Bank and Kinki Osaka Bank are all part of the agreement, which allows ...

South Korea-based Woori Bank has purchased Cambodian microfinance institution Malis Finance for $4.9 million. Hun Soopheak, general manager of Malis Finance, said the deal was finalised two weeks ago; however, the firm is still awaiting approval from Cambodian regulators. ...

Woori Bank has decided to acquire Cambodia’s microfinance institution Malis Finance for 5 billion won ($4.9 million) to accelerate its global expansion. The Financial Services Commission approved Woori Bank’s acquisition of Malis on Wednesday, according to bank officials. ...

The Cambodian finance industry is to celebrate the sixth Banking and Finance Conference a week from today, at a meeting that will focus on developing technology in the country’s financial sector. ...

Acleda Bank has reinvested $39 million of profits back into its operations instead of paying out dividends to shareholders, an announcement on its website states. It is the 11th time Alceda has opted to increase registered capital, with the latest top-up taking the bank’s total capital ...

Canadia Bank said on Thursday it was investigating how two fake $100 notes were allegedly given to a customer who cashed a check. The customer, Eam Sopheap, a human resources manager at The Cambodia Daily newspaper, said he received two fake $100 notes from a teller ...

Chamroeun Microfinance Limited and Prevoir Kampuchea Micro Life Insurance PLC (PKMI) on Wednesday joined efforts to provide insurance to those on lower incomes. The partnership will provide health insurance to its clients at about $0.51 per month for adults and $0.26 per month for those aged between ...

Lending by Cambodia’s commercial banks rose by 6 percent while deposits grew by 10 percent in the first quarter of this year, a National Bank of Cambodia (NBC)’s report said Tuesday. The report said the country’s 34 commercial banks had lent a total of 7.87 billion ...

ANZ Royal Bank and local microfinance institution Hattha Kaksekar Limited (HKL) on Monday entered into the first partnership of its kind in Cambodia in a bid to bring together clients from either side of the financial spectrum. Following the signing of a Memorandum of Understanding at ...

ORO Financecorp Plc held its official launch on Friday, joining the growing ranks of microfinance institutions in the Kingdom. ORO Financecorp started providing business, agricultural and tractor loans in January with a $4 million capital investment from Seng Enterprise Co Ltd of Cambodia and Creed Asia ...

The Asian Development Bank (ADB) on Wednesday signed a 75 million U.S. dollars loan with Cambodia’s largest bank, Acleda Bank, to address the rising financing requirements of micro, small and medium-sized enterprises (MSME) in the country. The agreement was inked between Christine Engstrom, director in ADB’s ...

Foreign currency deposits grew briskly during the first four months of the year, a sign that public confidence in Cambodia’s financial institutions is high despite the uncertainty after last year’s disputed national election, bankers said this week. Cheam Teang, executive vice president of Acleda Bank Plc., ...

CIMB Bank, Malaysia’s second-largest, has entered the insurance market via a partnership agreement signed yesterday with Cambodia Life Insurance Company (CLIC). In Meatra, director general of CLIC, said that under the partnership, CIMB had received full access to offer their insurance products to customers. ...

Cambodia’s largest financial institution, Acleda Bank, has been adopted into the World Economic Forum’s group of Global Growth Companies (GGC), an exclusive club made up of some of the world’s fastest-growing medium-size firms. The WEF yesterday announced that 20 companies from the Asia-Pacific region had been ...

Amret Microfinance received a $10 million boost yesterday by a loan from German development bank KfW, according to a joint statement from the finance institutions. Chea Phalarin, chief executive officer of Amret Microfinance Institution, said yesterday that the new loan – equal to nearly double its ...

Rights groups are calling out the Australian government for being “curiously absent” from discussions about further compensation for thousands of families affected by a railway rehabilitation project that it co-funded with the Asian Development Bank. The bank has borne the brunt of criticism over botched resettlement ...

Cambodia’s banking sector is looking to establish a collective fund to help recoup staff training expenses lost from competitors poaching employees off one another, Grant Knuckey, CEO of ANZ Royal said yesterday. Speaking at the launch of ANZ Royal’s business confidence index in Phnom Penh yesterday, ...

The National Bank of Cambodia on Tuesday officially issued a new 50,000-riel banknote (in equivalent to 12.5 U.S. dollars) in order to mark King Norodom Sihamoni’s 61st birthday, which falls on May 14. A sub-decree on the issuance of the new banknote was endorsed by ...

When Sor Songheng, a manager for an accountancy firm, wanted to replace his cheap Nokia phone a few months ago, he set his heart on a top-of-the-line iPhone 5S worth $780—nearly his entire monthly salary of $800. But instead of scrimping and saving for months to ...

Savings levels at Cambodia’s microfinance institutions (MFIs) have recovered well since the widespread withdrawal that followed last July’s disputed national election, with more than $90 million deposited in the first quarter of this year. The amount of deposits in MFI accounts fell from $378 million in ...