Tag Archives: banking system

WING gets A$1.5m grant from Australia

THE Australian government gave a A$1.5 million (US$975,000) grant Wednesday to WING, a mobile payment service and a wholly owned subsidiary of the Australia and New Zealand Banking Group (ANZ), through its Enterprise Challenge Fund. This grant will help support financial literacy, increase income opportunities and provide millions of dollars worth of savings for Cambodians … Continue reading

ACLEDA posts rise in loans, deposits in Laos

ACLEDA Bank has posted healthy first-quarter figures for its operations in Laos, a bank representative said Tuesday, with the Cambodian-owned bank recording large increases in both deposits and loans, defying the financial crisis. Yin Virak, ACLEDA vice president and head of the bank’s International Department, said the bank’s loans had more than doubled from US$1.2 … Continue reading

From a banking boom to financial hardship

Chan Kok Choy, executive director of Vattanac Bank, speaks to the Post about the onset of the financial crisis, the general outlook for 2009 and how his bank plans to respond. Has the crisis slowed Vattanac Bank’s progress? Do you plan to lay off staff or reduce recruitment to cut costs? The economic crisis has … Continue reading

Vattanac Bank opened 3th Branch in Phnom Penh

Despite the global financial crisis, Vattanac Bank extended its operation by opening the third branch on Monday near Olymic stadium in Phnom Penh. The bank received its banking license from the National Bank of Cambodia on June 07, 2002 and commenced operations on November 08, 2002. Vattanak bank which operated since 2002 with a $13 … Continue reading

Liquidity to stay tight: IMF

THE International Monetary Fund (IMF) on Friday said banking sector liquidity would remain tight for the rest of the year in a statement on the Cambodian economy following a routine visit to the Kingdom that ended Wednesday. The IMF blamed “slowing external inflows” for the reduction in free capital in the banking system despite recent … Continue reading

Credit crunch hits MFIs

MICROFINANCE organisations said they expect slower growth and higher interest rates as the credit crunch hits foreign lenders who had been a key source of funding to local MFIs. The main threat, sources said, stems from the decrease in available capital as foreign backers trim their emerging market investments, leaving microfinancers less able to serve … Continue reading