News

On the lookout for US taxpayers in Cambodia

The General Department of Taxation called last week on banks, insurance companies and microfinance institutions (MFIs) to accurately report the taxpayer identification numbers (US-TIN) of clients with US citizenship. ...

Chea Vannak
http://www.khmertimeskh.com/50100906/lookout-us-taxpayers-cambodia/

Banks roll out cards with new logos

Financial institutions that were abruptly ordered to change their logos earlier this year due to the perceived similarities with state iconography have begun issuing new bank cards to their clients free of charge. ...

Kali Kotoski
http://www.phnompenhpost.com/business/banks-roll-out-cards-new-logos

Acleda Bank reports $28M net profit in Q1

Aceleda Bank, Cambodia’s largest bank by assets, reported a net profit of $28.39 million in first quarter this year, down slightly from $30.19 million in the same period in 2016, according to the bank’s latest financial report. ...

The Phnom Penh Post Staff
http://www.phnompenhpost.com/business/acleda-bank-reports-28m-net-profit-q1

Acleda’s new ATM cards

Acleda Bank spent about $1 million to produce 800,000 new ATM cards with EMV chips to enable them to be used globally and also to mitigate the risk of fraud, said the bank’s president and group managing director on Friday. ...

Sok Chan
http://www.khmertimeskh.com/news/38780/acleda---s-new-atm-cards/

Acleda launches smart phone app

Acleda Bank on Tuesday launched a smart phone app in an effort to reach low-income earners who do not use banks.​ Unity ToanChet, a Fin-Tech application, lets customers carry out transactions anywhere and at any time. ...

Sok Chan
http://www.khmertimeskh.com/news/37801/acleda-launches-smart-phone-app/

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/

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

Decline in transfers linked to rice prices

International fund transfers to Cambodia through Acleda Bank, which claims to handle a quarter of all inbound fund transfers to the country, decreased slightly last year as a result of lower rice prices, a bank executive said yesterday. ...

Hor Kimsay
http://www.phnompenhpost.com/business/decline-transfers-linked-rice-prices

Finance for women easier

Acleda Bank, a leading locally-owned commercial bank, has received a $30 million loan from the Overseas Private Investment Corporation (OPIC), the US government’s development finance institution, through Goldman Sachs’ 10,000 Women and the International Finance Corporation’s (IFC) Banking on Women program for supporting women-owned small ...

May Kunmakara
http://www.khmertimeskh.com/news/31993/finance-for-women-easier/

Control credit, says Moody's

While Cambodia’s Moody’s rating is still at the same B2 level as last year, its economic growth has been downgraded two points from 2015, with the international credit rating agency warning that the Kingdom’s rapid pace of credit growth could pose financial stability risks. “The pace ...

May Kunmakara
http://www.khmertimeskh.com/news/28970/control-credit--says-moody-s/

MFI lending continues on course

Cambodia’s microfinance sector continued to expand rapidly during the first half of the year, despite concerns over rising default rates as the industry’s main borrowers – provincial farmers – struggle to repay their loans after successive seasons of drought and poor harvests. ...

Hor Kimsay
http://www.phnompenhpost.com/business/mfi-lending-continues-course

US to provide $125M for Acleda financing

The Overseas Private Investment Corporation (OPIC), the US government’s development financial institution, signed a commitment letter for $125 million direct loan to Acleda Bank to support all sectors through microenterprises and small- and medium-size enterprises (SMEs), Acleda Bank said in a press release yesterday. ...

Post Staff
http://www.phnompenhpost.com/business/us-provide-125m-acleda-financing

Acleda Bank net profit, assets grow in 1H16

Acleda Bank, Cambodia’s largest financial institution, experienced sturdy year-on-year growth during the first half of the year, according to figures from its latest audited financial statement. ...

Post Staff
http://www.phnompenhpost.com/business/acleda-bank-net-profit-assets-grow-1h16

Payment card gains traction

MasterCard, the plastic payment-card brand of global financial services firm MasterCard Worldwide, has been present in the Kingdom since 2001, but until recently it was relatively unknown to most Cambodians. However, there are signs its signature debit and credit cards are poised for robust growth ...

Cam McGrath and Hor Kimsay
http://www.phnompenhpost.com/business/payment-card-gains-traction

Cambodia-Laos trade

Laos has asked Cambodia to increase trade and investment in its northern neighbor as bilateral trade between the two countries is small and has plenty of room to expand. ...

Chea Vannak
http://www.khmertimeskh.com/news/26568/cambodia-laos-trade/

Global transactions easier with Acleda Mastercard

Cambodia’s leading commercial bank Acleda in partnership with MasterCard Asia and the Pacific, last week launched the Acleda MasterCard electronic plastic card to allow customers to make withdrawals through any ATM as well as make payments around the world where the MasterCard logo is displayed. ...

Sok Chan
http://www.khmertimeskh.com/news/26520/global-transactions-easier-with-acleda-mastercard/

Wing, GmoneyTrans ink partnership deal

A South Korean phone-based money transfer company has partnered with Wing Specialized Bank to tap into remittance services for Cambodians living and working abroad. ...

Hor Kimsay
http://www.phnompenhpost.com/business/wing-gmoneytrans-ink-partnership-deal

Banks, MFIs urged to support SMEs

Banks and financial institutions are urged to provide more support to small and medium enterprises (SMEs), especially those owned by women, as access to capital remains a major obstacle for their growth. ...

Chea Vannak
http://www.khmertimeskh.com/news/25720/banks--mfis-urged-to-support-smes/

IFC banking on smart graduates

The International Finance Corporation (IFC), a member of the World Bank Group, has provided a $13 million loan to support a higher education campus for the Acleda Institute of Business that will help raise education standards, enhance students’ employability and encourage sustainable economic growth. ...

Sum Manet
http://www.khmertimeskh.com/news/25667/ifc-banking-on-smart-graduates/

Acleda gets $70M to support women

Acleda Bank signed an agreement in Bangkok yesterday with International Finance Corporation and the Goldman Sachs 10,000 Women initiative for a $70 million long-term loan project to support Cambodia’s small- and medium-size enterprises (SME) owned by women. ...

Hor Kimsay
http://www.phnompenhpost.com/business/acleda-gets-70m-support-women

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