Cambodian people used banks less than any other country in the Asia-Pacific region last year in percentage terms of using financial services, recent data from the World Bank showed.
The report, released this month, also pointed to high growth in the percentage of borrowers, which insiders said was concentrated in Cambodia’s mircofinance sector.
Informal lending, a threat to the financial stability of many low-income earners, was high above the regional average.
Myanmar and Timor-Leste were excluded from the report because no data was available on the countries.
Only 4 per cent of Cambodians had an account at a formal financial institution in 2011, compared with 27 per cent in Lao PDR and 21 per cent in Vietnam.
The regional average was 55 per cent, taking into account highly banked nations. Japanese account holders composed 96 per cent of the country’s population over the age of 15. The number of Cambodians saving at a financial institution was 1 per cent, and the report showed no credit card usage in the country.
About 3 per cent used debit cards.
The Importance of E-Wallets for Online Gaming Sites
With e-wallets and cryptocurrency being the most relevant options, banks have been put on the side burner, especially when e-wallets and cryptocurrency allow for fast electronic transfer, that is done instantly.
Thai Government to issue Bt50 bln ( $1.57 bln)Savings Bonds to fund COVID-19 Relief Measures
The special savings bonds are available via the “Sasom Bond Mung Kung” e-wallet, abbreviated to “Sor Bor Mor” in Thai on Krungthai Bank’s Pao Tang mobile app, and through four dealer banks. The minimum purchase of these bonds is 1,000 baht, without no maximum. Interest is paid twice a year.
BANGKOK (NNT) – Thailand’s Public Debt Management Office (PDMO) plans to issue “Ying Aom Ying Dai” (the more you save, the more you earn) government savings bonds, worth 50 billion baht, next month, aiming to use the funds to finance state projects to ease the impacts of the pandemic.(more…)
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