News

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. ...

Kali Kotoski
http://www.phnompenhpost.com/business/banks-covering-their-assets

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/

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

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. ...

Sum Manet
http://www.khmertimeskh.com/news/24022/acleda-e-commerce-hits--500-000-a-month/

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. ...

Post Staff
http://www.phnompenhpost.com/business/govt-waives-vat-support-rice-millers

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. ...

Sor Chandara
http://www.phnompenhpost.com/business/acleda-among-top-100-banks

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.​ ...

Sok Chan
http://www.khmertimeskh.com/news/23690/export-credit-insurance-taking-off/

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. ...

Sum Manet
http://www.khmertimeskh.com/news/21765/major-thai-lender-kasikornbank-to-open-first-cambodia-branch/

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 ...

Sorn Sarath
http://www.phnompenhpost.com/business/banking-human-resources

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. ...

Sum Manet
http://www.khmertimeskh.com/news/19467/patent-tax-can-now-be-paid-at-banks--department-says/

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 ...

Hor Kimsay
http://phnompenhpost.com/business/property-tax-revenue-year-tops-1m

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. ...

Hor Kimsay
http://www.phnompenhpost.com/business/banking-technology-capital

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 ...

May Kunmakara
http://www.phnompenhpost.com/business/acleda-sets-aside-39m-branch-expansion

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 ...

Eddie Morton
http://www.phnompenhpost.com/business/acleda-joins-wef-growth-club

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 ...

http://www.phnompenhpost.com/business/deposits-and-loans-increase

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 ...

http://www.phnompenhpost.com/2013070966730/Business/scammers-pose-as-bank-staffers.html

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, ...

http://www.phnompenhpost.com/2013060766124/Business/web-hacks-a-risk-for-banks.html

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, ...

http://www.cambodiadaily.com/business/cambodians-abroad-sent-home-256m-last-year-25574/

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 ...

http://www.cambodiadaily.com

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 ...

http://www.phnompenhpost.com/index.php/2011080250793/Business/central-bank-mulls-its-inflation-response.html

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