Banks covering their assets
Cambodian financial institutions surveyed yesterday said they were in compliance with the central bank’s revised liquidity coverage ratio (LCR) requirements as the deadline passed to increase their cash and highly liquid assets to weather any internal or external shocks. ...
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. ...
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. ...
Acleda e-commerce hits $500,000 a month
Acleda Bank Plc., the country’s largest commercial bank by branches, has seen rapid growth in online transactions – now about $500,000 a month – since it launched its e-commerce payment gateway late last year, a senior executive at the bank said yesterday. ...
Gov’t waives VAT to support rice millers
Agricultural products have been granted an exemption from the value-added tax (VAT) as part of a government effort to support local rice farmers and millers, according to a prakas issued Wednesday by the General Taxation Department. ...
Acleda among Top 100 banks
Aceleda Bank was the only Cambodian bank to make The Banker’s Top 100 ASEAN Banks 2016 list, and saw the largest jump up the rankings among all entries, securing the 88th position on the financial publication’s annual list, up from 97th last year. ...
Export credit insurance taking off
Export credit insurance is still taking off in Cambodia, but more companies are beginning to take advantage of it, a senior executive from Forte Insurance Company said yesterday. ...
Major Thai lender Kasikornbank to open first Cambodia branch
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. ...
Banking on human resources
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 ...
Patent tax can now be paid at banks, department says
The General Department of Taxation notified patent owners that they have three months to pay taxes owed on their patents, but they can do so at banks this year for the first time, its director general said yesterday. ...
Property tax revenue for this year tops $1M
With the deadline for property owners to pay their dues passing today, Acleda Bank – one of two agencies collecting tax for the government – has received over $1 million in property tax payments this financial year. So Phonnary, executive vice president of Acleda Bank, told ...
Banking on technology in capital
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 sets aside $39M for branch expansion
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 ...
Acleda joins WEF growth club
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 ...
Deposits and loans increase
Deposit and loans at major commercial banks have continued to climb over the first half of this year, industry officials say. Grant Knuckey, chief executive officer of ANZ Royal Bank, said yesterday that ANZ continues to see strong growth in trade finance led by the agricultural ...
Scammers pose as bank staffers
Acleda Bank is trying to protect its customers from getting bamboozled by a phone scam in which callers allegedly posing as bank employees ask for money transfers in exchange for a prize, according to a statement and ads placed in a local newspaper. An Acleda ...
Web hacks a risk for banks
Growing cyber attacks on government institutions and infrastructure could pose a threat to Cambodia’s vulnerable banking sector, officials with the National Cambodia Computer Emergency Response Team (CamCert) said yesterday. Speaking at the fifth annual Banking and Microfinance Conference at the Intercontinental Hotel in Phnom Penh yesterday, ...
Cambodians Abroad Sent Home $256M Last Year
Cambodian migrant workers sent home $256 million last year, according to a report from a U.N. agency and the World Bank, which was released in Bangkok yesterday. The report from the bank and Rome-based International Fund for Agriculture Development (IFAD), titled Sending Money Home to Asia, ...
Acleda Plans to Launch Internet Banking Services
Acleda Bank PLC plans to launch internet banking services in September, the bank’s president and CEO, In Channy, said yesterday. Internet banking will be available to customers in Cambodia and abroad, Mr. Channy said. The system Acleda chose, he said, is used by many leading ...
Central bank mulls its inflation response
Cambodia’s central bank is looking to tighten monetary policy to slow an inflation rate that could hit 8 to 9 percent this year, National Bank of Cambodia Director General and Spokeswoman Nguon Sokha said yesterday. Increases in commodity prices and petroleum has led to rising ...
Growth in vehicle sales fuelled by bank loans, dealers say
Commercial banks are providing more loans for vehicle purchases, leading to a jump in car sales this year, according to dealers. While the improved domestic economy and effects of the March disasters in Japan on its competitors had improved sales figures of Great Wall vehicles, ...