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In a recent report by the World Bank, Cambodia has once again been highlighted for its commendable legal protections for women, marking it as one of the leading countries in the ASEAN region for women’s rights. The “Women, Business and the Law” annual report places Cambodia alongside Vietnam, Laos, and Singapore, as the ASEAN nations…
The Green Climate Fund (GCF) has given the green light for the Cambodian Climate Financing Facility (CCFF) at its 38th board meeting held in Rwanda. This pivotal move, involving a $100 million concessional funding, is set to propel Cambodia towards a more sustainable and eco-friendly economic framework. Designed as a $100 million loan facility, the…
KB Kookmin Bank has officially inaugurated KB PRASAC Bank in Phnom Penh, Cambodia, marking a significant expansion of its operations in the region. The opening ceremony, held on Friday, was attended by around 700 guests, including notable figures such as CheaSerey, the Governor of the National Bank of Cambodia, ChringBotumRangsay, the Ambassador of Cambodia to…
In a significant development for financial services in Cambodia, leading banks such as ABA Bank, ACLEDA Bank, and the newly joined Wing Bank, are now providing instant loan facilities against fixed deposits. This innovative financial product allows customers to secure loans swiftly without having to liquidate their term deposits, preserving their interest earnings. ABA Bank…
The National Bank of Cambodia (NBC) and India’s NPCI International Payments Limited (NIPL) are moving forward with plans to launch a cross-border QR code payment system, aiming to facilitate seamless financial transactions between the two nations. This initiative was discussed in a recent meeting in Mumbai, India, where NBC Governor Chea Serey met with representatives…
In 2023, the microfinance industry played a crucial role in supporting economic activities by extending a collective $5.12 billion in loans to approximately 1.57 million clients, with an average loan value of $3,260 per client. This significant financial contribution not only facilitated the growth of numerous small-scale businesses but also generated 21,567 direct job opportunities…
Wing Bank (Cambodia) Plc is revolutionizing the financial landscape with the introduction of Wingcoin, a pioneering blockchain-based rewards program designed to enhance the purchasing capabilities of its users. Through every transaction made using the Wing Bank App, users can now accumulate ‘Wingcoins,’ unlocking new dimensions of savings and spending. With Wingcoin, each transaction is not…
The Asian Development Bank (ADB) reaffirmed its commitment to Cambodia’s renewable energy initiatives, particularly the development of the ASEAN Power Grid (APG), during a meeting with Keo Rattanak, Cambodia’s Minister of Mines and Energy. This support is in line with enhancing green energy security across the ASEAN region. ADB’s Executive Director, Rachel Thompson, lauded Cambodia’s…
In the final quarter of 2023, Cambodia witnessed a notable increase in consumer loan applications, with a 5% rise compared to the third quarter of the same year. This uptick reflects a burgeoning demand for credit among Cambodian consumers, culminating in a total consumer loan volume of $15.01 billion by year’s end, marking a 0.51%…
The Credit Guarantee Corporation of Cambodia (CGCC) announced on Wednesday that it has facilitated loan guarantees totaling $164 million for 1,928 micro, small, and medium enterprises (MSMEs) since its inception three years ago. Launched during the Covid pandemic to assist businesses in navigating economic challenges, the CGCC has made significant strides, currently boasting an active…
Panda Bank is excited to introduce the ‘Treasure Vault’, a novel savings solution designed to revolutionize the way customers earn interest on their deposits. This innovative product offers a flexible term deposit scheme with the unique advantage of daily interest accrual, setting a new standard in the banking sector. With a minimum deposit period of…
The National Bank of Cambodia (NBC) is set to extend the reach of its innovative mobile payment application, Bakong, to China and India within this year, aiming to facilitate easier cross-border transactions using local currencies. This strategic move follows the successful integration of payment systems between Cambodia and its neighboring countries, Thailand, Vietnam, and Laos,…
In a significant economic milestone, Cambodia’s international reserves surged to an impressive $20 billion in 2023, marking a substantial year-on-year increase of 12.3 percent, as announced by the central bank. This growth reflects the country’s economic resilience and stability in a fluctuating global financial landscape. Managed by the National Bank of Cambodia, these international reserves…
