Overview of the Cambodian Financial Market 14 – 20 Jan 2019


Finance and Banking, Financial Overview / Sunday, January 20th, 2019
BANKS
14 Jan 2019

ABA Bank offered​ the​ exclusive​ promotion​ “ZERO​ inward​ fee​ for​ SWIFT​ transfers” ​for​ international​ money​ transfers​ sent​ to​ Cambodia​ in​ EUR, GBP, THB, SGD​ or​ CNY starting​ from​ January​ 14​ until​ May​ 1, ​2019. During this period, the inward fee of ABA Bank is waived for the transfers in the above-mentioned currencies to customer’s ABA bank account. (ABA Facebook page and website)

15, 16 Jan 2019

ACLEDA Bank partnered with Credit Bureau Cambodia (CBC) to provide financial health check services, allowing clients from financial institutions to check their own credit history at ACLEDA Bank. In the initial stage of the partnership, the services are available at five of the ACLEDA Bank’s 262 branches: Headquarters, Siem Reap, Kampong Speu, Takeo and Kandal branches. The services will be expanded to other branches in various provinces by the end of this year. (ACLEDA Facebook page and website, Phnom Penh Post Khmer and English and website)

SME Bank, the Kingdom’s new bank with an initial capital of $100 million, was set to launch later in 2019 and aims to provide financing service to SMEs.

“The funds are already in place for activation, and any sector that can be a new engine for the economic growth will be supported by SME bank,” said Vongsey Vissoth, Permanent Secretary of State at the Ministry of Economy and Finance. (Phnom Penh Post Khmer and English and website)

18 Jan 2019

Maybank offered a refinancing business loan at 6.99 % p.a. The offered interest rate is applicable for the first year with the loan amount up to 80% of property value and repayment period up to 15 years. (Maybank Facebook page and website)

OTHERS

14,15 Jan 2019

National Bank of Cambodia (NBC) revoked licenses from 4 rural credit institutions – Niwat Credit Association, Finance Plc., Sakal Finance, and CC Finance – as they did not fulfill the requirement by the NBC. In 2018, NBC also revoked the Certificate of Registration from two rural credit Institutions and allowed 24 rural credit institutions to stop operations per their requests. There are 302 rural credit institutions operating in Cambodia by mid-2018. (Koh Santepheap newspaper and website)

17 Jan 2019

The Government granted a huge tax incentive to companies listed on the Cambodia Securities Exchange (CSX). Signed by Prime Minister Hun Sen, the sub-decree stated that the General Department of Taxation (GDT) will grant listed public equity and debt companies a 50 per cent reduction on all corporate income taxes for a period of three years from the date of their initial public offering (IPO). The firms listed within the period will also be granted tax relief, including indemnity from paying full income tax, withholding tax, value added tax (VAT), specific tax on certain merchandise and services, and public lighting tax (indirect 3% tax on all alcoholic drinks and cigarettes). (Phnom Penh Post Khmer and English and website)

 

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