|28 Jan 2019
Prince Bank officially opened its office for operation after receiving license from the National Bank of Cambodia in July 2018. Before transforming to be a commercial bank, the institution started the business operations in 2015 as an MFI under the name Prince Finance Plc. Currently, Prince Bank has nine branches located in six provinces and cities such as Phnom Penh, Kandal, Battambang, Siem Reap, Kampong Cham, and Preah Sihanouk. (Phnom Penh Post English newspaper)
29, 30 Jan 2019
Wing Specialized Bank contributed a $35,000 grant, as part of its CSR policy, to the Garment Manufacturers Association in Cambodia (GMAC) to help improve education, training and healthcare for GMAC factory workers. During the delivery of the grant donation, Wing and GMAC also signed an extended agreement for 2019 to continue providing financial solutions to GMAC factory workers, in particular payroll services through their Wing account. (Wing website and Facebook page)
01 Feb 2019
ABA Bank supported the “Family Day” event hosted by Footprints International School to foster the family reunion and promotion of cultural diversity among children and families. The Bank organized an entertainment program with a clown and coloring books and crayons for children to develop their painting skill, while their parents could consult ABA staff on the Bank’s products and even open their first bank account on the spot. Over 1,200 parents and children participated in Family Day 2019. ABA has been a Premium Sponsor of the Family Day since 2015 in line with its CSR policy and core values. (ABA website)
Maybank was awarded the “Best CSR Bank in Cambodia” title by Asiamoney Country Awards 2018. The Bank was recognized for the commitment in its community-building program which contributed to the general economy, finance, culture, health and social environment of the country. (Maybank Facebook page)
Maybank aimed to help local businesses by focusing on building strong foundation to ensure sustainable growth. The Bank will provide up to $1 million in loans to the eligible retail SME customers, and commit to deliver better services and simplified credit evaluation process for its clients. (Khmer Times’ CapitalCambodia newspaper)
RHB Bank advertised its RHB Now, an internet banking and mobile banking service. The main features of the RHB Now include Credit Remittance, Foreign Telegraphic Transfer, Fast Payment, Cheque Management, E-Fixed Deposit (placement & withdrawal), Mobile Reload, Bill Payment, Top-up E-wallet, and RHB Pay Anyone (via Facebook, Email, Phone Number). (Khmer Times’ CapitalCambodia newspaper)
28, 31 Jan 2019
National Bank of Cambodia’s 2018 report showed that Cambodia’s financial sector continued to expand robustly last year, with the outstanding loans (a combination of banks and microfinance institutions) grew by 19 per cent to $24.5 billion by the end of 2018, while deposits increased by 15.3 per cent to $22.1 billion. The industry’s total assets also grew to $40 billion at the end of 2018, increasing 19.4 per cent from the end of 2017.
Among the total loans and deposits, bank loans amounted to $19.4 billion at the end of 2018, increasing 20 per cent from the end of 2017, whereas the deposits also grew 14 per cent to $19.8 billion.
In total, there are 43 commercial banks, 14 specialized banks, 7 MDIs, 73 MFIs and 273 rural credit institutions operating in Cambodia by the end of 2018. (Khmer Times newspaper, Phnom Penh Post Khmer and English newspaper and website)
01 Feb 2019
Virtus Media Private Ltd., the company which owns Khmer Times newspaper, officially launched its weekly business newspaper called “CapitalCambodia”. The paper aims to provide the actionable business, financial and policy news and insights to professional and investors in Cambodia, with a global perspective.
NBC’s Director-General Chea Serey, who was presided at the launching event, called for all business publishers to refrain from joining other media reports to echo news that could potentially harm business confidence or create panic among fund suppliers, credit suppliers and borrowers.
“Business publishers should take fake news seriously by using various innovative and creative tools to address the problem at all cost so as to maintain a continued and consistent flow of reliable business news reports,” she said. (Khmer Times website)
CapitalCambodia reported that financial IPOs will power Cambodia’s stock market in 2019. However, CSX Chief Operation Officer Ha Jong Weon said, “it is just an early stage index. It is a bigger challenge attracting more companies to list here, and it is a bigger challenge to attract investors from Cambodia and overseas. We don’t have enough investors because they feel our market is not very attractive.”
For Ha Jong Weon, CSX’s growth is with the entry of FIs, adding that a handful of commercial banks and MFIs are interested in issuing bonds. He also feels the government should draw up policies to support the exchange by urging good companies to list within three years of a solid financial foundation.
At the same time, Sok Dara, SECC Deputy Director General, expected that two IPOs comprising banking and MFIs to list on the Mainboard in 2019. Yet, he declined to mention the names of the participating FIs. (Khmer Times’ CapitalCambodia newspaper)