Mr. Kanda, 59, currently serves as Special Advisor to Japan’s Prime Minister and Minister of Finance. He will assume office on 24 February 2025, succeeding Masatsugu Asakawa, who will leave office on 23 February 2025. Mr. Kanda will complete the unexpired term of President Asakawa, which ends on 23 November 2026.

“Mr. Kanda’s extensive experience in international finance and proven leadership in multilateral settings will serve ADB well in navigating complex global economic challenges and fostering international cooperation,” said Chair of the ADB Board of Governors and Governor of the Bank of Italy Fabio Panetta. “The ADB Board of Governors looks forward to working with Mr. Kanda.”

With nearly 4 decades of experience, Mr. Kanda has held key leadership roles at the Ministry of Finance of Japan, including Vice-Minister of Finance for International Affairs. He has extensive experience in financial sector policy and macro-fiscal policy, having served as Deputy Commissioner at the Financial Services Agency, Deputy Director-General of the Budget Bureau, and Deputy Vice-Minister for Policy Planning and Coordination. He is also a leading expert in education and science policy as well as university reform.

Mr. Kanda has been actively engaged in the G7, G20, and other international forums, addressing key policy challenges such as multilateral development bank (MDB) evolution, pandemic prevention, preparedness and response, and debt sustainability and transparency. During his tenure as Vice-Minister of Finance for International Affairs, Japan made a record contribution of more than $1 billion to the Asian Development Fund 13th replenishment (ADF 14).

Since 2016, Mr. Kanda has served as Chair of the OECD Corporate Governance Committee, overseeing the review of the G20/OECD Principles of Corporate Governance in 2023. He also has substantial experience in strategic discussions and decision-making at MDBs, having served as Alternate Executive Director for Japan at the World Bank.

Mr. Kanda obtained his Bachelor of Laws from the University of Tokyo in 1987, and M.Phil in Economics from Oxford University in 1991.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

The post Masato Kanda Elected as ADB President first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Through this collaboration, they will offer their customers the country’s popular and secure payment methods for enhanced convenience in cashless transactions.

The​ partnership​ introduces​ an​ Account-on-File​ (AoF)​ feature,​ allowing​ Grab​ users​ to​ securely​ link​ their​ accounts​ within​ the​ Grab​ app​ for​ hassle-free,​ automatic​ payments.​

Once​ the​ ABA​ account​ is​ linked,​ users​ can​ pay​ seamlessly​ for​ rides​ and​ food​ deliveries​ without​ any​ extra​ steps.​ This​ integration​ enhances​ the​ convenience​ and​ security​ of​ cashless​ transactions,​ benefiting​ millions​ of​ customers​ across​ Cambodia.

Additionally,​ the​ PayWay​ Plus​ platform,​ powered​ by​ Visa’s​ CyberSource​ solution,​ was​ chosen​ as​ Grab’s​ new​ local​ payment​ gateway​ for​ processing​ all​ card​ payments​ within​ Cambodia.​

This​ shift​ to​ a​ local​ gateway​ improves​ Grab’s​ transaction​ management​ and​ reliability​ while​ supporting​ various​ payment​ methods,​ including​ Visa,​ Mastercard,​ and​ UPI​ cards.​

“Grab’s​ mission​ has​ always​ been​ to​ drive​ Southeast​ Asia​ forward.​ By​ partnering​ with​ ABA​ Bank,​ we​ are​ taking​ a​ significant​ step​ towards​ providing​ our​ users​ with​ a​ seamless​ and​ secure​ digital​ payment​ experience,”​ said​ Kang​ Sovannarot,​ Cambodia​ Country​ Head​ of​ Grab.​

“This​ partnership​ is​ a​ testament​ to​ our​ commitment​ to​ bring​ more​ value​ to​ our​ users.” He added.

ABA Bank partners with Grab to offer seamless, secure digital payments, enhancing convenience and supporting a cashless, digital economy in Cambodia, says Zokhir Rasulov, ABA’s Chief Digital Officer.

“We’re simplifying transactions for millions by integrating ABA PayWay’s Account-on-File into the Grab app. We’re excited to keep innovating with Grab to meet customer needs and support Cambodia’s digital transformation,” he concluded.

ABA PayWay enables businesses in Cambodia to accept online and in-store payments from any banking app and local or international cards. Customers can pay seamlessly in USD and KHR via ABA Pay, KHQR, Visa, Mastercard, UPI, JCB, Alipay, and WeChat. With this platform, businesses can monitor transactions in real time and benefit from the secure PCI-DSS-compliant integration. ​

Overview of ABA PayWay

ABA PayWay is a prominent online payment gateway in Cambodia, provided by Advanced Bank of Asia Ltd. (ABA Bank). It is designed to facilitate e-commerce transactions, allowing businesses to accept various forms of payment from customers.

Key Features:

• Multiple Payment Options: ABA PayWay supports payments through major credit cards such as Visa, Mastercard, and UnionPay, as well as local payment methods like the ABA PAY QR code. This variety ensures that businesses can cater to a broad customer base.
• Merchant Portal: The platform offers a comprehensive merchant portal where businesses can manage transactions, issue refunds, and handle invoicing. Users can also manage roles and access permissions within the portal.
• Easy Integration: The gateway can be integrated into e-commerce platforms like WooCommerce with minimal technical expertise required. This ease of setup allows businesses to quickly start accepting payments online.

Setting Up

To utilize PayWay, businesses must follow these steps:

1. Business Registration: Companies need to be legally registered in Cambodia.
2. Open a Business Bank Account: A business account with ABA Bank is necessary to receive payments.
3. Integration Process: Businesses can integrate the payment gateway using the provided API documentation and code samples, primarily in PHP. A sandbox environment is available for testing before going live.

Benefits

• Cost Efficiency: The service is designed to minimize setup costs and does not require extensive technical knowledge for integration.
• Real-Time Monitoring: Merchants can monitor transactions in real-time, providing immediate insights into sales performance.
• Support for Local Payments: The inclusion of KHQR codes allows for easy payments directly from bank accounts, enhancing convenience for customers who prefer local payment methods.

Conclusion

ABA PayWay stands out as a reliable solution for Cambodian businesses looking to expand their online payment capabilities. Its comprehensive features and user-friendly integration process make it an attractive option for both new and established e-commerce platforms in the region.

The post ABA and Grab Forge Strategic Partnership to Enhance Payment Solutions first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

To answer this, let’s explore the key areas where Cambodia is showing rapid progress and development that hint at a similar path Singapore took.

1. Economic Growth and Development

According to the world bank, Cambodia’s economic landscape has undergone significant transformation over the past two decades. Between 1995 and 2019, the country achieved an average annual GDP growth rate of 7.6%, positioning it among the fastest-growing economies globally. This economic progress has been sustained by strategic investments in sectors such as real estate, tourism, manufacturing, and the growing digital economy.

Foreign direct investment (FDI) has been pivotal, with China as a primary contributor, investing significantly in infrastructure projects, real estate developments, and manufacturing since 2005. As of 2022, Cambodia’s FDI inflows were approximately $3.58 billion, a testament to the country’s growing appeal as an investment destination (Statista, 2022). Other countries, such as South Korea and Japan, have also made substantial contributions, particularly in real estate, agriculture, and finance. This flow of FDI has created job opportunities, expanded Cambodia’s middle class, and fueled demand for urban infrastructure in rapidly developing cities like Phnom Penh and Sihanoukville.

Additionally, Cambodia’s strategic location in Southeast Asia provides easy access to major sea lanes which provides easy access to essential trading routes, enhancing its appeal as a regional hub. In a way similar to Singapore, Cambodia is leveraging its geographical location to attract foreign investments and foster economic integration within ASEAN.

2. Real Estate Boom and Urbanization

Cambodia’s real estate sector is experiencing a period of rapid growth, particularly in its capital, Phnom Penh. High-rise buildings, luxury condominiums, and mixed-use developments are transforming the city’s skyline, indicating a thriving demand for both residential and commercial properties. Districts such as Toul Tum Poung and Boeung Keng Kang (BKK1) have emerged as vibrant hubs for new projects, drawing both local and international investors who recognize Phnom Penh’s potential as a rising urban center (CBRE Cambodia, 2023).

This growth is further supported by major infrastructure projects aimed at enhancing connectivity and accessibility. Notable developments include new road networks, the construction of the Techo Takhmao International Airport, and extensive expressway systems. The Techo Takhmao International Airport, scheduled to open in phases beginning next year, is expected to initially accommodate 13 million passengers, with a projected expansion to 50 million by 2050 (The Sun, 2024).

At the center of this real estate expansion is Realestate.com.kh, Cambodia’s leading online real estate platform. By providing a trusted, accessible marketplace, Realestate.com.kh connects developers, agents, and buyers, facilitating property transactions on a national scale. As the exclusive marketing partner for many major projects, Realestate.com.kh is instrumental in driving awareness and building demand for new developments across Cambodia. This role not only aids in promoting high-quality projects but also strengthens investor confidence by ensuring a streamlined and transparent buying process.

Realestate.com.kh’s Connect Center has also been a game-changer, creating a space where agents and developers receive support, professional training, and access to the best tools for reaching potential buyers. This initiative is enhancing service standards across the industry, helping Cambodia’s real estate sector grow more connected, professional, and investor-friendly.

For buyers and investors, this real estate boom represents a promising opportunity. As property values in Phnom Penh continue to appreciate, developments are emerging that combine luxury living with affordability, attracting both high-end investors and young professionals. New projects are being introduced with attractive starting prices, making the dream of urban living more accessible. From affordable condos to upscale residences, the real estate market in Cambodia is evolving to cater to a diverse range of buyers, much like the early years of Singapore’s property development boom.

With these factors in play, Cambodia’s real estate market is poised for sustained growth. Investors looking for high returns are increasingly drawn to the country’s affordable property prices, strategic location, and rapidly expanding urban infrastructure. Realestate.com.kh’s expertise and influence in the market will likely continue to drive this sector forward, solidifying Cambodia’s place as a future economic and urban powerhouse in Southeast Asia.

3. Tourism and Cultural Appeal

Tourism remains a significant driver of Cambodia’s economy. In 2023, Cambodia welcomed approximately 5.43 million international tourists, marking a notable increase of 139.5% from the previous year’s 2.27 million arrivals, highlighting the resilience and importance of the sector (Tourism Cambodia, 2023). While the iconic Angkor Wat continues to attract global attention, Cambodia is diversifying its tourism portfolio with new developments in eco-tourism resorts, cultural heritage sites, and luxury hospitality projects. For instance, eco-tourism initiatives saw a 250% increase in visitors, with 341,621 domestic and foreign tourists recorded in the first four months of 2022 compared to the same period in 2021 (B Consulting Cambodia, 2022).

Singapore’s success as a tourism destination was also built on a mix of cultural heritage, innovative attractions, and exceptional hospitality. Cambodia is following suit, broadening its tourism appeal and creating sustainable tourism experiences that highlight its cultural and natural assets.

4. Emphasis on Digital Transformation

The digital economy is a priority for Cambodia’s government as it works toward a more connected future. Initiatives to promote digital literacy, expand internet access, and encourage technology startups are gaining momentum. Programs like the Cambodia Digital Economy and Society Policy Framework 2021–2035 set ambitious targets for digital transformation, aiming to make Cambodia a leader in Southeast Asia’s digital landscape.

Singapore’s own transformation into a digital economy powerhouse was driven by government support for technology adoption, education, and infrastructure. Cambodia’s current path mirrors this with a focus on digital skills development, e-commerce growth, and tech innovation.

5. Special Economic Zones (SEZs) and Free Trade

Cambodia has established several SEZs, which offer tax incentives and infrastructure support to attract foreign companies. These zones are part of Cambodia’s strategy to create a competitive manufacturing base, particularly in garment manufacturing, electronics, and automotive parts. With the signing of free trade agreements with China and South Korea, Cambodia is positioning itself as a gateway for goods and services into ASEAN markets.

Singapore’s economic success was largely based on its ability to leverage trade agreements and offer business-friendly environments for foreign companies. Cambodia is pursuing a similar strategy, striving to create a more open and efficient economy that attracts global investment.

6. Commitment to Education and Skill Development

Singapore’s rise was fueled by investments in education and a focus on skills development. Cambodia is beginning to make strides in this area as well. The government, with the support of international partners, is investing in education reforms aimed at improving literacy, digital skills, and vocational training. New universities and technical institutes are emerging to meet the needs of a growing workforce that is increasingly connected and tech-savvy.

While Cambodia’s education system still faces challenges, these efforts show a commitment to building a skilled workforce. As more young Cambodians enter the job market with relevant skills, the country’s economy will benefit from a talent pool that supports its growing industries.

7. Future Outlook

In the years ahead, Cambodia has the potential to emerge as a competitive player in Southeast Asia’s economy. With the right mix of government policies, foreign investments, and local initiatives, Cambodia could indeed chart a path similar to Singapore’s. By embracing modernization while preserving its unique culture, Cambodia has the opportunity to create its own success story and become a dynamic, prosperous nation.

Conclusion: Cambodia’s Journey Toward a Bright Future

While Cambodia may not yet be “the new Singapore,” its transformation is certainly capturing the world’s attention. With robust economic growth, a thriving real estate market, digital transformation, and a commitment to sustainable development, Cambodia is well on its way to becoming an influential player in the region. The next decade will be crucial, as Cambodia continues to build on its strengths and address its challenges.

As investors, citizens, and stakeholders, supporting Cambodia’s vision for the future is essential. Through strategic planning, innovation, and international partnerships, Cambodia can build a future that rivals the success of its Southeast Asian neighbors, including Singapore.

The post Emerging Giant: How Cambodia is Following in Singapore’s Footsteps first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

This​ new​ infusion​ brings​ the​ Bank’s​ total​ shareholder’s​ equity​ to​ US$2.2​ billion,​ solidifying​ its​ position​ as​ the​ leading​ player​ in​ the​ Cambodia’s​ dynamic​ banking​ sector.

The​ shareholders’​ decision​ to​ inject​ this​ capital​ is​ a​ powerful​ endorsement​ to​ ABA​ Bank’s​ growth​ trajectory​ and​ unwavering​ commitment​ to​ Cambodia’s​ economic​ development.​

Notably,​ the​ shareholders​ have​ never​ repatriated​ any​ profit​ generated​ by​ ABA.​ Instead,​ they​ have​ continuously​ invested​ it​ back​ to​ the​ ABA​ ecosystem,​ focusing​ on​ technological​ advancements​ and​ continuous​ development​ of​ human​ capital.

Boost​ to​ Financial​ Stability​ and​ Technology

This​ latest​ capital​ injection​ not​ only​ enhances​ ABA​ Bank’s​ financial​ stability​ but​ also​ supports​ its​ vision​ for​ sustained​ growth​ and​ innovation.​ With​ the​ increased​ capital​ base,​ the​ Bank​ is​ better​ positioned​ to​ navigate​ economic​ uncertainties,​ ensuring​ greater​ stability​ and​ resilience​ in​ Cambodia’s​ financial​ landscape.

The​ new​ funding​ will​ accelerate​ ABA’s​ investments​ in​ cutting-edge​ technologies,​ enhancing​ its​ digital​ banking​ services​ and​ supporting​ the​ growth​ of​ SMEs.​ By​ focusing​ on​ these​ areas,​ ABA​ aims​ to​ empower​ local​ businesses​ and​ drive​ economic​ activity​ across​ multiple​ sectors,​ all​ while​ providing​ customers​ with​ more​ accessible,​ efficient,​ and​ secure​ banking​ solutions.​

Askhat​ Azhikhanov,​ CEO​ of​ ABA​ Bank,​ remarked,​ “This​ capital​ infusion​ is​ a​ clear​ example​ of​ the​ foreign​ direct​ investment​ in​ the​ economy​ thanks​ to​ continuous​ trust​ of​ our​ shareholders​ in​ Cambodia​ and​ in​ ABA.​ The​ additional​ capital​ enables​ us​ to​ continue​ providing​ loans​ to​ SMEs,​ keep​ investing​ in​ cutting-edge​ technologies,​ and​ deliver​ exceptional​ financial​ services​ while​ contributing​ to​ Cambodia’s​ economic​ progress.”

Continuous​ Contribution​ to​ National​ Economy

ABA​ Bank​ has​ also​ distinguished​ itself​ as​ a​ model​ corporate​ citizen​ in​ Cambodia,​ receiving​ the​ prestigious​ “GOLD”​ Certificate​ of​ Tax​ Compliance​ from​ the​ General​ Department​ of​ Taxation​ (GDT)​ for​ six​ consecutive​ years​ since​ 2019.​

This​ recognition​ underscores​ ABA’s​ consistent​ commitment​ to​ transparency​ and​ good​ corporate​ tax​ governance.​ The​ Bank​ has​ fully​ complied​ with​ Cambodia’s​ tax​ regulations,​ paying​ taxes​ in​ full​ and​ with​ 100%​ transparency.​ In​ recognition​ of​ these​ efforts,​ the​ bank​ was​ also​ honored​ with​ a​ Letter​ of​ Appreciation​ from​ the-then​ Prime​ Minister​ Hun​ Sen​ in​ May​ 2022.​

In​ 2023​ alone,​ ABA​ Bank’s​ income​ tax​ and​ other​ tax​ expenses​ amounted​ to​ $85​ million.​ In​ the​ first​ 8​ months​ of​ 2024,​ tax​ contributions​ already​ reached​ $80​ million.​

Cumulatively​ from​ 2009​ to​ 2024,​ ABA​ has​ contributed​ approximately​ $446​ million​ in​ taxes​ to​ the​ state​ budget,​ significantly​ supporting​ government​ initiatives​ in​ building​ infrastructure​ for​ the​ benefit​ of​ the​ people.

Investment​ in​ Human​ Capital

ABA​ Bank’s​ impressive​ growth​ is​ not​ just​ a​ result​ of​ financial​ strength​ and​ technological​ innovation,​ but​ also​ its​ unwavering​ commitment​ to​ developing​ human​ capital.​ Having​ created​ more​ than​ 9,300​ jobs,​ the​ Bank​ places​ great​ emphasis​ on​ nurturing​ talent​ and​ fostering​ a​ high-performance​ culture.​

ABA’s​ continuous​ investment​ in​ training​ and​ professional​ development​ ensures​ that​ its​ staff​ are​ well-equipped​ to​ meet​ the​ evolving​ needs​ of​ customers​ and​ the​ challenges​ of​ a​ fast-changing​ financial​ landscape.

Through​ leadership​ programs,​ skill-enhancement​ workshops,​ and​ career​ progression​ opportunities,​ the​ Bank​ supports​ the​ personal​ and​ professional​ growth​ of​ its​ employees,​ empowering​ them​ to​ drive​ innovation​ and​ deliver​ top-tier​ service.

The​ strong​ workforce,​ combined​ with​ advanced​ technologies,​ allows​ ABA​ to​ maintain​ its​ market​ leadership​ and​ continue​ setting​ new​ benchmarks​ in​ Cambodia’s​ banking​ industry.

Appreciation​ for​ Customer​ Trust

The​ Bank’s​ remarkable​ growth​ in​ its​ customer​ base​ reflects​ its​ commitment​ to​ excellence.​ Today,​ ABA​ Bank​ serves​ over​ 4​ million​ customers,​ 3.8​ million​ of​ whom​ are​ the​ ABA​ Mobile​ app​ users.​

This​ rapid​ expansion​ underscores​ the​ trust​ and​ confidence​ that​ Cambodian​ customers​ place​ in​ the​ bank.​ ABA​ extends​ its​ deepest​ appreciation​ to​ its​ customers​ for​ their​ loyalty​ and​ commitment,​ which​ has​ been​ pivotal​ in​ cementing​ its​ position​ as​ the​ leading​ digital​ bank​ in​ the​ country.

Expanding​ Market​ Footprint

With​ the​ additional​ capital,​ ABA​ Bank​ is​ ready​ to​ further​ consolidate​ its​ leadership​ in​ Cambodia’s​ competitive​ banking​ sector.​ The​ Bank​ continues​ to​ differentiate​ itself​ with​ competitive​ innovative​ financial​ products​ and​ a​ deep​ commitment​ to​ digital​ innovation.​

As​ ABA​ Bank​ continues​ to​ expand​ its​ footprint​ and​ capabilities,​ it​ remains​ dedicated​ to​ its​ mission​ of​ enhancing​ the​ financial​ well-being​ of​ its​ customers​ and​ contributing​ to​ the​ nation’s​ overall​ prosperity.

ABA​ Bank’s​ growth​ aligns​ with​ the​ Cambodian​ Government’s​ Pentagonal​ Strategy,​ supporting​ the​ country’s​ aspirations​ for​ sustainable​ and​ inclusive​ development.​ The​ Bank​ looks​ forward​ to​ serving​ even​ more​ Cambodians,​ reinforcing​ its​ role​ as​ the​ most​ trusted​ and​ secure​ banking​ institution​ in​ the​ Kingdom.

All​ in​ all,​ as​ ABA​ Bank​ continues​ to​ innovate​ and​ grow,​ it​ remains​ dedicated​ to​ supporting​ Cambodia’s​ economic​ development,​ ensuring​ that​ it​ remains​ at​ the​ forefront​ of​ the​ country’s​ financial​ services​ sector,​ delivering​ value​ to​ its​ shareholders,​ customers,​ and​ the​ community.

The post ABA​ Bank​ secures​ $220​ million​ in​ capital​ injection,​ commits​ to​ country’s​ economy first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The launch event was attended by Neak Oknha Kith Meng, Chairman & CEO of Royal Group, Ms. Ivana Tranchini, Visa Country Manager for Cambodia, and distinguished representatives from Wing Bank and other companies.

Neak Oknha Kith Meng expressed his pride in the partnership and confidence in Wing Bank’s commitment to delivering exceptional products and services.

“The Cambodian economy is thriving, and there’s a growing demand for high-end banking services tailored to local needs,” said Ms. Ivana Tranchini, Visa Country Manager for Cambodia. “We’re delighted to collaborate with Wing Bank to deliver a premium card that combines value, security, and convenience.”

The Wing Bank Visa Infinite Credit Card boasts impressive features, including an extended interest-free period of up to 55 days, credit limits of up to USD 1 million, and a $1 million life cover.

Cardholders can also enjoy exclusive access to Wing Bank Premier Banking Lounges, global airport lounges, and the option to add up to five supplementary cards for family members. For added security, the card incorporates advanced EMV 3-D Secure Authentication and a unique numberless design.

Wing Bank, a leading mobile banking provider in Cambodia and a subsidiary of Royal Group, serves over 10 million customers through its network of more than 10,000 nationwide agents. Offering a wide range of financial services including transfers, bill payments, cash withdrawals, and loans, Wing Bank is dedicated to providing accessible and affordable banking solutions to all Cambodians.

The post Wing Bank and Visa Introduce Premium Credit Card to Cambodia first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Through six auctions held in the first six months, the government garnered approximately $63 million or 255.3 billion riels. Investors snapped up one-year, two-year, and three-year securities with varying interest rates.

One-year securities totaled 32 billion riels with a 3.50% coupon rate and 3.75-3.95% yield, two-year securities reached 40 billion riels with a 4.00% coupon rate and 4.70-4.75% yield, while three-year securities amounted to 183.3 billion riels with a 4.50% coupon rate and 4.00-5.25% yield.

The government has set an ambitious target of issuing 440 billion riels worth of securities throughout 2024. To broaden investor participation, the NBC is facilitating entry for non-bank financial institutions into both the primary and secondary securities markets.

The Ministry of Economy and Finance emphasized the crucial role of government securities in financing public expenditure. Beyond raising capital, these instruments contribute to strengthening the government’s financial position, establishing a sustainable financial framework, and deepening the domestic financial market.

As of June 2024, approximately $115 million (457.3 billion riels) worth of securities remained outstanding. Coupon payments totaled $1.15 million (4.6 billion riels) and principal repayments reached $6.98 million (28 billion riels) during the first half of the year.

The successful securities issuance reflects the growing confidence in Cambodia’s economy and its commitment to sustainable development.

The post Cambodia Government Raises Over $60 Million Through Securities Sales first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Key stakeholders, including the Secretariat of the Master Plan to Develop Preah Sihanouk Province into a Model Multi-purpose SEZ, led by H.E. Chea Kok Hong, and the General Secretariat of Non-Bank Financial Services Authority, headed by H.E. Mey Vann, participated in the discussions. Representatives from Canopy Sands Development Company were also present.

H.E. Chea Kok Hong provided strategic insights to shape the IFC’s development. His recommendations focused on aligning the project with the broader vision of transforming Preah Sihanouk into a regional economic hub. By fostering high-end tourism and financial services, the IFC is expected to attract substantial foreign investment into the province.

The meeting underscored the commitment of government and private sectors to collaborate on this ambitious project. The IFC is seen as a catalyst for economic growth and development in Preah Sihanouk and the surrounding region.

The post High-Level Meeting Discusses International Financial Center’s Development in Preah Sihanouk first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

Meanwhile, ACLEDA Securities Plc. (“ACS”) has taken a significant step forward in Cambodia’s capital markets by obtaining approval from the Securities and Exchange Regulator of Cambodia (“SERC”) to act as a “Distributor Company” for this Collective Investment Scheme (“CIS”) funds.

The inauguration was presided over by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director-General of Securities and Exchange Regulator of Cambodia (SERC), Dr. Prom Visoth, Director of ACS, Oknha Sen Pisethvannida, Director of BAMC and other investors from various sectors.

“The establishment the Collective Investment Scheme (CIS) fund in Cambodia has been a result of careful planning and consideration by the SERC,” said H.E. Sou Socheat.”Through research and experience from various countries and international organizations like IOSCO, and based on the roadmap of Cambodia’s financial sector development strategy (2011-2020 and the updated 2016-2025 version), SERC has been instrumental in shaping this initiative.”

This milestone was achieved on February 6th, 2024, making ACS the first official CIS Fund Distributor in the Kingdom.

ACS further announced it received approval to commence distribution of the BAMC Asia Equity Fund (“BAEF”) on July 12th, 2024. This paves the way for Cambodian investors to access global markets through regulated CIS funds, a development applauded by both ACS and BAMC.

Banjaran Asset Management (Cambodia) PLC (“BAMC”) had already secured SERC approval to launch the BAEF last November. The company received the final green light for fund registration on July 15th, 2024, allowing BAEF to begin investing and reflecting the underlying asset valuation in its daily pricing. This cooperation between ACS and BAMC signifies a turning point for Cambodia’s capital markets, aligning them more closely with international trends.

As Dr. Prom Visoth, Director of ACS, stated: “We are pleased to collaborate with BAMC, pioneering this new development within Cambodia’s Capital Market sector. Following our research visit to Singapore, we recognize this as a natural evolution in the securities industry. We hope that our partnership will contribute to Cambodia’s continued growth and progress.”

Oknha Sen Pisethvannida, Director of BAMC, echoed this sentiment, highlighting the ease of access for investors: “We are honored to be able to work with ACLEDA Group on the distribution of BAEF. This final piece will allow investors to approach any ACS branch to buy and sell units in our daily traded BAEF.”

The introduction of CIS funds brings a layer of security and transparency to Cambodian investment opportunities. As the press release mentions, “CIS funds are highly regulated and investments made within the funds are subjected to multiple checks and balances by independent parties.

Periodic reports are given to investors to ensure transparency.” This aligns perfectly with Cambodia’s mission to ensure financial stability within the financial sector. Both BAMC and ACS aim to establish a new standard for responsible investment practices in Cambodia.

ACLEDA Securities Plc. (“ACS”)
ACS is a wholly-owned subsidiary of ACLEDA Bank Plc. and provides a range of services including Securities Brokerage, Securities Selling Agent, Bondholders Representative and Fund Distribution to individual and institutional customers, investors and the public. ACS has won the Best Securities Broker Award numerous times by the Cambodia Securities Exchange (“CSX”).

Banjaran Asset Management (Cambodia) PLC (“BAMC”)
BAMC was incorporated in the Kingdom of Cambodia in 2022 and holds a fund management license issued by the SERC to establish and manage public fund of collective investment scheme. BAMC is a joint venture between Banjaran Holdings Pte Ltd from Singapore, Best Magnet Capital Co., Ltd and Primo Plus Co., Ltd. Banjaran Holdings and BAMPL are related companies.

BAMC Asia Equity Fund (“BAEF”)
The BAEF is a unit trust fund that invests in stocks listed in major stock exchanges in Asia Pacific Ex-Japan. It aims to deliver an expected return of 7-10%* per annum over the medium to long term. The Fund is expected to be diversified with at least 30 stocks across Asia (eg. Singapore, Hong Kong/China, Australia, Thailand, Malaysia, Indonesia, Philippines etc.) and across various sectors (eg. Banking, Property, Industrials, Consumer, Telecoms, Technology, etc.). The Fund is domiciled in the Kingdom of Cambodia and is USD-denominated. The Fund will accept subscriptions and redemptions daily and the daily unit price of the Fund will be available on various media channels.

The post Cambodia Opens Up Investment Landscape with First CIS Fund Distributor and Launch of BAEF first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

In this meeting, His Excellency the Secretary of State shared the Ministry’s progress on SETFO, as well as the Ministry’s commitment to completing this work on time to effectively facilitate the development of the financial sector in Cambodia, promote banking operations, and all types of financing.

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Dr. Serey attributed this growth to the introduction of new features in the Bakong system, which has driven user adoption and financial inclusion in Cambodia. Launched in October 2020, Bakong facilitates secure and efficient interbank transactions between financial institutions, promoting financial inclusion as a core objective. The system empowers users to make mobile payments and transfers seamlessly across different institutions within the country. Additionally, Bakong has integrated with regional partners, enabling cross-border money transfers.

The post Bakong Processes over $38.8 Billion and 64.9 Trillion Riel in Transactions (H1 2023) first appeared on Estatedia | Economy & Real Estate Media in Cambodia.