Overview of the Cambodian Financial Market 31 Dec 2018 – 6 Jan 2019


Finance and Banking, Financial Overview / Sunday, January 6th, 2019
BANKS
31 Dec 2018

ABA​ Bank​ extended​ working​ hours​ of its Sihanoukville branch to 12/7 from January 1, 2019 onwards. The​ service​ improvement​ is​ made​ to​ bring​ more​ convenience​ and​ better​ flexibility​ to​​​ customers​ in​ Krong​ Preah​ Sihanouk​ after​ witnessing​ rapid​ development​ and​ growth​ in​ number​ of​ businesses​ and​ transactions​ in​ town. (ABA Facebook page and website)

2 Jan 2019

Cambodia Securities Exchange (CSX)’s market capitalization rose more than 40% in 2018, mostly boosted by the rise in Sihanoukville Autonomous Port (PAS) share price. The market capitalization increased roughly 44 per cent from $303.8 million at the end of 2017 to about $442.9 million at the end of 2018.

“The increase in market cap in 2018 shows the growth and robustness of the securities sector in Cambodia,” said Kim Sophanita, Acting Director of CSX Market Operation Department.

RHB Indochina Securities Plc’s CEO Iv Ranarith said the CSX is now attracting greater attention from domestic and foreign investors, subsequently pushing up the volume of the stock trading and prices, especially from Q3 2018.

“For 2019, I think that trading activity in the CSX will be visibly more positive. On stock prices, I dare not say how it will change because it depends on the strength of each listed company,” he added. (Phnom Penh Post Khmer and English newspaper)

3, 4, 7 Jan 2019

CIMB Bank was named the “Best International Bank in Cambodia 2018” by Asiamoney magazine. The award was given to CIMB Cambodia during the Country Awards 2018 hosted by Asiamoney.

The magazine judged banking institutions according to retail banking, credit card, priority banking operations, cash management, trade finance and several other factors using quantitative and qualitative data collected and submitted by participating banks as well as conducted interviews with independent analysts in the banking sector.

“I, on behalf of CIMB, am extremely proud to have been awarded as the best international bank in Cambodia. This award signified the potential of CIMB regarding the quality of its services and products which is evaluated and acknowledged by a well-known Asiamoney magazine,” said Bun Yin, CIMB’s executive director designate in Cambodia. (CIMB Facebook page, Koh Santepheap newspaper, Rasmei Kampuchea newspaper, KhmerTimes website)

5 Jan 2019

Wing Specialized Bank partnered with mobile operating companies to provide up to 7% and 4% cashback when customers top up their friends’ phone credit on Cellcard and on elected networks respectively using Wing account. (Wing Facebook page)

6 Jan 2019

CIMB Bank allowed its customers to withdraw money without fee charge from a network of 6,700 ATMs across ASEAN countries such as Indonesia, Malaysia, Singapore, and Thailand. (CIMB Facebook page)

OTHERS

31 Dec 2018

CREDIT Bureau Cambodia (CBC) announced that it will launch a new credit reporting system which will transform the current consumer credit report into a commercial credit report that functions as a ­­­platform detailing a company’s credit history.

The CBC will also launch a “Financial Health Check”, starting in January 2019, that will help borrowers understand their credit health and dispute it if the information is incorrect. This will also help them to be well prepared before applying for a loan. (Phnom Penh Post Khmer and English newspaper)

4 Jan 2018

National Bank of Cambodia (NBC) expects that Cambodia’s economy will grow by seven per cent this year, while monetary risks remain manageable given Cambodia’s low 2.6 per cent inflation rate. The exchange rates remain stable at 4,050 riels to the US dollar and international currency reserves sit at $11.3 billion, enough to guarantee five months of imports.

“Credit in the Cambodian banking sector is expected to accelerate to 17.1 per cent [this year] and financial inclusion will continuously grow, boosting economic activity and reducing the poverty rate,” said the NBC. (Phnom Penh Post Khmer and English newspaper and website)

 

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