|12, 13 Feb 2019
Sacombank signed a partnership agreement with Ly Hour Pay Pro, a subsidiary of Ly Hour Group, to enable its customers to withdraw and transfer funds as well as pay loans via Ly Hour’s 4,500 agents and branches nationwide and Ly Hour Pay Pro mobile app.
Sacombank entered the Cambodian market in 2009. Currently, the Bank’s total assets are $171 million and total deposits are $132 million.
Ly Hour Pay Pro, with a registered capital of $8 million, obtained its license to carry out operations as third-party processor from the National Bank of Cambodia in 2016, backed by FTB. (Khmer Times newspaper and website, Sacombank Facebook page)
13 Feb 2019
ABA Bank officially opened the Business Banking Center to provide quality banking services to the growing segment of SMEs, large companies, as well as multinational and emerging local corporations operating in Cambodia.
The Center is open from 8 am to 4 pm, Monday through Friday. Around twenty professional staff are positioned to serve business clients and provide advice on business banking solutions from the Bank.
“We are so proud and excited to introduce our Business Banking Center, a place that business customers can rely on to fulfill their banking needs. The presence of the Center, we believe, will respond to the growing demand of the Cambodia’s market and increase the efficiency in serving our business clients,” Mr. Mandy Chhorn, Head of ABA’s Business Banking Department commented on the launch.
“From now on, business clients of ABA can use this newly-established space, in addition to the existing branches of the Bank, which is more convenient for them to process banking transactions and have greater access to their corporate’s finance,” he added. (ABA website and Facebook page, Koh Santepheap newspaper, Rasmei Kampuchea newspaper and website, Kampuchea Thmey newspaper and website, Khmer Note website, Khmer Load website, Fresh News website, Thmey Thmey website, CNC TV, CTN TV, SeaTV, PNN TV).
14 Feb 2019
ABA Bank plans to open about 11 branches in Phnom Penh and in the provinces to support the growth in the number of customers in 2019.
“Our business is growing more than 30% a year so we are expanding to give our customers a better and more convenient service,” said Mey Polin, Chief Business Development Officer of ABA Bank. He added that “Cambodia is growing at more than 7% per annum which creates more opportunities for our bank to increase its customer base.” (Khmer Times newspaper and website)
15 Feb 2019
ABA Bank became the title sponsor of the ITF Junior Series 2019 tournament in Cambodia. Under the name “ABA Bank ITF Junior Series 2019”, the tournament aims at providing more competitions for junior players at 13 – 18 years of age on their path to a professional career. The year-round tournament will be held at the National Tennis Center and divided into four rivalries: the first two will happen through February 16 to March 2, 2019, while the last two will take place within November and December 2019.
Over 100 players from 20 different countries – Cambodia, Malaysia, China, Japan, Thailand, Indonesia, Korea, United States, Denmark, Australia, and others – will compete for the precious ITF Junior Ranking Points during the tournaments. (ABA website and Facebook page)
18 Feb 2019
HongLeong Bank announced to open a new Boeung Snor Branch on February 27, 2019. No other detail is available about the opening. (HongLeong Bank Facebook page)
11 Feb 2019
Khmer Times reported that local businesses are embracing fintech solutions for their business. The business owners explained that it was a challenge for them to adopt the technologies at the beginning, but later on it turned out to be convenient for them and customers to conduct money transfers.
Ouk Sarat, Director of the NBC’s Payments System Department, said fintech continues to grow in Cambodia, particularly when it comes to payment systems and tools for cross-border money transfers and loan disbursements.
“The technologies have increased efficiency, safety, and transparency, while reducing costs and enhancing access to financial services for many. They have revolutionized the sector,” said Sarat. (Khmer Times newspaper and website)
12 Feb 2019
National Bank of Cambodia reported that the rate of microfinance loans with overdue payments dropped from 2% in 2017 to 1% in 2018.
Sok Voeun, CEO of LOLC MFI said that the NPL ratio at nearly 1% shows healthy growth in the industry and a recovering trend after the sector experienced a notable jump in the NPL rate in 2017.
“The price of some main agricultural crops, though not all crops, were good last year and it brought a higher income for farmers compared to previous years,” he said. “Farmers profited from the crops’ higher prices and had been better able to repay their loans,” he added.
Loans in the agricultural sector account for about 30% of all lending in the microfinance industry and most loans are given for main crop production – rice, cassava, peanuts, corn, cashew nuts and rubber. (Phnom Penh Post Khmer and English newspaper and website)
12, 14 Feb 2019
Cambodian Securities Exchange (CSX) reported that stock prices for the five companies listed in the local bourse rose significantly in the last year. All publicly-listed companies showed a strong business performance in 2018, with a total market capitalization rose by 86.2%, from $303.8 million on January 2, 2018, to $565.6 million on Feb 7, 2019.
Stock prices at Phnom Penh Autonomous Port and Sihanoukville Autonomous Port saw particularly strong growth, increasing by 96.5% and 161.4% respectively. Stock prices at Phnom Penh Water Supply Authority grew by 59%, Grand Twins International grew by 5.1%, and Phnom Penh Special Economic Zone grew by 14.8%.
CSX also ran a stock trading competition and organized a seminar to disclose the trading strategy of the eight stock trading competition winners who received a high return on their investments during the competition period from October 30, 2018 to January 18, 2019. (Khmer Times newspaper, Phnom Penh Post Khmer and English newspaper and website)