News

Major banking houses deny relationship with GFX as ‘embezzled’ funds reach $27M

Allegations that GoldFX Co Ltd (GFX) board members embezzled what is now understood to be $27 million took a twist as financial houses said they had no relationship with the derivatives company. ...

Husain Haider
https://www.khmertimeskh.com/50840914/major-banking-houses-deny-relationship-with-gfx-as-embezzled-funds-reach-27m/

Annual reports show three pictures of financial sector’s 2020

Three prominent financial houses – Hattha Bank Plc, PRASAC Microfinance Institution (MFI) Plc and PPCBank Plc  – released their annual financial reports and, in so doing, delivered a comprehensive look at how the sector in general fared over the course of pandemic-struck 2020. ...

Husain Haider and William Nygren
https://www.khmertimeskh.com/50834597/annual-reports-show-three-pictures-of-financial-sectors-2020/

Over 100 CSOs call for debt relief

A coalition of 103 civil society organisations (CSOs) reiterated a call for the government to issue a set of guidelines for all financial institutions in Cambodia to suspend loan payments, set interest rates to zero per cent and waive accrued interest for at least three ...

Thou Vireak
https://www.phnompenhpost.com/business/over-100-csos-call-debt-relief

New NBC guidelines on financial institutions

The National Bank of Cambodia (NBC) has requested financial institutions to reduce credit-related fees and lift fines until the end of December 2020, according to a letter it wrote. ...

Sok Chan
https://www.khmertimeskh.com/50717330/new-nbc-guidelines-on-financial-institutions/

NBC gives banks, MFIs greenlight to issue bonds

The National Bank of Cambodia (NBC) announced on Friday that local banks and microfinance institutions (MFIs) can now issue corporate bonds or list equity securities on the nascent Cambodian stock market, a move industry insiders claim will help financial institutions raise capital and be less ...

Hor Kimsay
http://www.phnompenhpost.com/business/nbc-gives-banks-mfis-greenlight-issue-bonds

National Bank to begin LPCO

The National Bank of Cambodia (NBC) will unveil its initial rates that banks and microfinance institutions (MFIs) will be able to use, as the NBC begins its liquidity-providing collateralized operation (LPCO) to boost the country’s riel liquidity, according to a senior bank official. ...

Sok Chan
http://www.khmertimeskh.com/news/30852/national-bank-to-begin-lpco/

Striving to make finance accessible

Access to finance could reduce violence, empower the most vulnerable in society and improve the livelihoods of Cambodia’s poorest people, a conference on community-led funding heard on Wednesday. Sarah Sitts, country manager of the international NGO Pact, introduced the funding model of savings-led micro-finance (SLMF). In ...

http://www.phnompenhpost.com/2013032964776/Business/striving-to-make-finance-accessible.html

Acleda readies to open Myanmar’s first micro-finance firm

Cambodia’s largest bank is ready to launch its first micro-finance institution (MFI) in Myanmar, but one final barrier remains: an operating licence from Myanmar’s government. Acleda Bank’s chief executive, In Channy, expects the licence to be granted by the end of this month. Once that is done, ...

http://www.phnompenhpost.com/2013011760823/Business/acleda-readies-to-open-myanmar-s-first-micro-finance-firm.html

The Credit Bureau Cambodia at the five-month mark

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 ...

High interest rates on loans remain a big hurdle for Cambodian farmers

Sitting in front of her small house in the Chey Thorn commune of Kandal province, 35-year-old Sokhun’s face is etched with worry. She would like to plant crops on her four hectares of land, but she only has enough money to cultivate two of them. She could go to a microfinance finance institution ...

http://www.etmcambodia.com/blog.php?article=487

BDO expands Cambodia operations

The former country partner and staff of Grant Thornton Law and Associates in Cambodia have joined the accountancy and advisory firm BDO Malaysia effective July 1, according to a statement. As a result, BDO Cambodia’s team will now comprise over 30 staff and partners, a ...

http://www.phnompenhpost.com/index.php/2011070550176/Business/bdo-expands-cambodia-operations.html

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