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Prasac seeks commercial bank status

PRASAC, Cambodia’s largest microfinance institution by outstanding loans, planned to become a licensed commercial bank in the Kingdom, company officials said yesterday. The news comes despite calls from insiders and experts – most recently the International Monetary Fund and World Bank – for the National Bank of Cambodia to stop issuing new licenses for commercial banks.Prasac was preparing its core banking system, management and infrastructure for the transition, and targeting a launch date in 2013 or 2014, General Manager Sim Senacheert told the Post. “We want to transform into a bank because we would be able to offer more services and products to customers,” he said, adding that Prasac had not yet applied for a license at the National Bank of Cambodia.The MFI would not have difficulty meeting the NBC’s reserve requirement of US$37.5 million, Sim Senacheert said, as shareholders would be on hand to inject capital into the would-be bank. The NBC now holds $3.8 million in reserve capital from Prasac.ACLEDA Bank, the country’s largest commercial bank, transitioned from an MFI in 2001. President and CEO In Channy said he expected Prasac’s transition to be much smoother than that of his firm’s given consumers’ growing sophistication with financial services.

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PRASAC, Cambodia’s largest microfinance institution by outstanding loans, planned to become a licensed commercial bank in the Kingdom, company officials said yesterday. The news comes despite calls from insiders and experts – most recently the International Monetary Fund and World Bank – for the National Bank of Cambodia to stop issuing new licenses for commercial banks.Prasac was preparing its core banking system, management and infrastructure for the transition, and targeting a launch date in 2013 or 2014, General Manager Sim Senacheert told the Post. “We want to transform into a bank because we would be able to offer more services and products to customers,” he said, adding that Prasac had not yet applied for a license at the National Bank of Cambodia.The MFI would not have difficulty meeting the NBC’s reserve requirement of US$37.5 million, Sim Senacheert said, as shareholders would be on hand to inject capital into the would-be bank. The NBC now holds $3.8 million in reserve capital from Prasac.ACLEDA Bank, the country’s largest commercial bank, transitioned from an MFI in 2001. President and CEO In Channy said he expected Prasac’s transition to be much smoother than that of his firm’s given consumers’ growing sophistication with financial services.

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Prasac seeks commercial bank status

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Cambodia

CLMV’s economic growth crashes to two-decade low due to COVID-19

The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year

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The COVID-19 pandemic is having a negative impact on CLMV economies through their dependency on foreign-sourced revenue from tourism and exports says KResearchCenter.

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Cambodia

Cambodia’s aid and investment affair with China

China is Cambodia’s biggest aid provider and Chinese investors hold almost a quarter of Cambodia’s total FDI stock. Distinguishing Chinese aid from investment is difficult, but there is no doubting China’s huge economic impact in Cambodia.

East Asia Forum

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The debate about China’s rapidly growing global investment and development financing footprint has focused on deciphering Chinese intentions — whether China aims to revise or maintain the US-led ‘liberal international order’.

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Cambodia

Thailand pushes CLMVT as the “New Value Chain Hub of Asia”

The Ministry of Commerce, in cooperation with 11 relevant agencies, hosted the CLMVT Forum 2019 with delegates from Cambodia, Laos, Myanmar, Vietnam, and Thailand

National News Bureau of Thailand

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BANGKOK, 24 June 2019 (NNT) – Thailand’s Prime Minister, Gen. Prayut Chan-o-cha, today attended the opening of the CLMVT Forum 2019, and urged its member countries to push for the development of the CLMVT Regional Value Chain, so that they can have more bargaining power and improve the well-being of their citizens.

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