Overview of the Cambodian Financial Market 21 – 27 Jan 2019

Financial Overview / Monday, January 28th, 2019
22, 23 Jan 2019

Chip Mong Commercial Bank (CMCB), a subsidiary of Chip Mong Group, was officially launched and committed to offer a wide range of digital banking products to customers. Leang Meng, Chairman of CMCB, said the Bank will focus heavily on its digital offer, which is in line with the government’s goal to turn the country into a predominantly digital economy by 2023.

CMCB was approved in principle by NBC in May 2018. Up to now, a total of 39 commercial banks and 15 specialized banks are being operated in Cambodia. (Phnom Penh Post Khmer and English newspaper, Khmer Times website, Koh Santepheap newspaper, Rasmei Kampuchea newspaper, Kampuchea Thmei newspaper)

23, 24 Jan 2019

ABA Bank advertised the recent reaffirmation of its ‘B’ credit rating from S&P Global Ratings with ‘Positive’ outlook. The positive outlook is underpinned by the Bank’s continuous loan and deposit growth, increase of its market share, and good profitability. In addition, experts praised the Bank’s advanced digital platforms and its governance structure that form the strong base for substantial growth. (Phnom Penh Post Khmer and English newspaper, Koh Santepheap newspaper, Khmerload website, ThmeiThmei website, Sabay News website, Rasmei Kampuchea newspaper, Kampuchea Thmei newspaper)

23 Jan 2019

CAB offered a fixed deposit account opening at the interest rate of 6% p.a. for 24-month deposit. (Khmer Times newspaper, CAB website)

Wing Specialized Bank offered 30% discount for movie tickets and beverages purchased at Legend Сinema (Steung Meanchey, City Mall and Siem Reap) using Mastercard QR via WingPay. The promo period is from January 21 to February 21 for Phnom Penh, and February 14 to March 14 for Siem Reap. (Wing Facebook page and website)

25 Jan 2019

ABA Bank issued Public Announcement to deny the allegations circulating in social media regarding unfit bank notes being withdrawn from its ATMs or bank counters. The Announcement also provides details on the execution of a very strict cash operation procedure that ensures that the notes distributed by the Bank are genuine. The Bank also advises its clients to always check and count their money thoroughly before leaving the ATM or bank counter as the Bank doesn’t bear any responsibility afterwards. (ABA Facebook page and website)

ACLEDA Bank’s management & staff at Headquarters and branches around Phnom Penh voluntarily donated blood to the National Blood Transfusion Center to rescue people’s lives in case of emergency. (ACLEDA Facebook page and website)

26 Jan 2019

Canadia Bank received “2018 Best Domestic Bank in Cambodia” and “2018 Best SME Bank in Cambodia” awards from International Finance magazine. (Canadia Facebook page)

Wing Specialized Bank partnered with Mastercard and SOHO Diversified Group of Companies (SOHO) to offer Wing SOHO Club Mastercard to the unbanked customers. Wing customers will be able to link their Wing Wallets to the Wing SOHO Club Mastercard and shop at SOHO’s global brands – such as Havaianas, Birkenstock, Swatch and Crocs, and Bonchon – and purchase products and services at over 8,000 other Mastercard merchants in Cambodia, as well as thousands more abroad. The service will be available for customers from February 1, 2019. (Wing website, Fresh News website)

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