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.

In a message on his social media networks this afternoon, Samdech Thipadei Hun Manet said that H.E. Heng Sour, Minister of Labour and Vocational Training and Chairman of the National Council for Minimum Wage, had just reported to him that the minimum wage negotiations for 2025 were concluded with US$206, which won majority of votes, i.e. 46 out of 51.

However, the Premier has decided to add US$2 to the approved figure of US$206, therefore the monthly minimum wage for 2025 is US$208, an increase by US$4 compared to 2024.

Samdech Thipadei Hun Manet also reaffirmed the Royal Government’s continued attention to improving the living standards, careers, and well-being of people from all walks of life despite the difficult circumstances of the global economy.

The increase in the minimum wage for next year, no matter how small, is to alleviate some of the hardships of the workers and employees, he added.

“In addition to the wage increase, I would like to inform the workers and employees and the public that I will continue to urge the relevant ministries, institutions, authorities to monitor and put in place additional measures to determine the possibility of reducing the spending of workers and employees,” he underlined.

The new monthly minimum wage will take effect from Jan. 1, 2025, the Ministry of Labour and Vocational Training said, stressing that besides wage, workers in the garment, footwear and travel goods sector will receive other fringe benefits for regular attendance, transport, rent and seniority bonus.

Garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,077 factories and branches, employing approximately 800,000 workers, mostly female.

The 2024 monthly minimum wage is 2024, up from US$200 in 2023, US$194 in 2022, US$192 in 2021, US$190 in 2020, US$182 in 2019, and US$170 in 2018.

The Royal Government of Cambodia has set a policy to increase the minimum wage of workers and employees in the garment, footwear and travel goods industry every year.

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Located in Sambo district, Kratie province, the company employs nearly 600 local workers and has a office staff of 9 Cambodians and 29 foreign experts.

Green Island Agricultural’s subsidiary, Cambodian Banana Agricultural Co., Ltd, is responsible for operating the banana plantation.

To date, the company has exported an impressive 22,000 tons of bananas to the People’s Republic of China, showcasing the company’s significant contribution to Cambodia’s agricultural sector and trade relations with China.

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A key step in this direction was a recent meeting chaired by Her Excellency TOR Pila, Secretary of State of the Ministry of Commerce. Yesterday meeting aimed to promote the use of processed cashew nuts in local markets, including hotels, airlines, and restaurants.

Representatives from various sectors, including civil aviation, tourism, and the cashew industry, attended the meeting. They expressed their support for the government’s efforts to promote cashew nut consumption and implement the National Cashew Policy.

The cashew nut industry has experienced significant growth in Cambodia in recent years, driven by factors such as favorable climate conditions and increased cultivation. However, to fully realize its potential, the industry needs to diversify its markets and increase value-added processing.

Uon Silot, President of the Cashew Nut Association of Cambodia (CAC), emphasized the need for additional investment to support infrastructure development and promote local processing. He noted that increased local processing can create jobs and reduce reliance on intermediaries.

While Cambodia has achieved significant success in exporting raw cashew nuts, particularly to Vietnam, there is a growing emphasis on developing a domestic market for processed products. This not only adds value to the industry but also contributes to the country’s economic diversification.

Cambodia’s Global Recognition

Cambodia’s rise to the position of the world’s second-largest raw cashew nut producer is a testament to its agricultural prowess. This achievement is a result of various factors, including favorable climate conditions, increased cultivation, and government support for the industry.

By focusing on both domestic consumption and export markets, Cambodia’s cashew nut industry is poised to continue its growth and contribute significantly to the country’s economy.

According to the Ministry of Agriculture, Forestry, and Fisheries, Cambodia’s raw cashew nut exports witnessed a remarkable surge in the first six months of 2024.

The total export value reached nearly $1 billion, significantly surpassing the annual total for 2023. This impressive figure accounted for approximately one-third of Cambodia’s total agricultural exports, solidifying cashew nuts as the Kingdom’s top agricultural export earner.

The post Cambodia’s Cashew Nut Industry Seeks Local Boost as World’s Second-Largest Producer 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.

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During a meeting between Toyota’s Managing Director and Cambodian Prime Minister Hun Manet, the academy plans received strong support. The Prime Minister, however, emphasized the importance of a broader training scope.

The academy should equip students for the overall needs of the domestic and international automotive job market, not just cater to Toyota’s specific needs. This collaborative approach could be achieved through either an independent academy or a partnership with an existing government training school.

Looking beyond immediate training needs, Prime Minister Hun Manet played a key role in shaping the future of Cambodia’s auto industry. He urged Toyota to consider two key areas for local partnership:

Parts Manufacturing: The Prime Minister encouraged Toyota to explore manufacturing Toyota spare parts in Cambodia. This wouldn’t just serve the Cambodian market, but potentially reach international markets as well, positioning Cambodia as a key regional player.

Local Supplier Network: The Prime Minister also championed partnerships with local Cambodian companies to supply accessories for Toyota vehicles. This would foster a strong local supplier network within the industry.

This move by Toyota, along with the Cambodian government’s focus on local partnerships, signifies a commitment to building a skilled workforce and boosting Cambodia’s automotive sector. The academy, along with potential parts manufacturing and local supplier partnerships, has the potential to create a robust ecosystem for Cambodia’s auto industry.

This year kicked off with a significant milestone for Cambodia’s auto industry: the inauguration of the first Toyota assembly plant run by Toyota Tsusho Manufacturing (Cambodia) Co., Ltd. in the Royal Group Phnom Penh Special Economic Zone.

This new car assembly factory, representing a total investment of nearly US$37 million, employs 150 people and boasts the capacity to assemble 1,320 cars in 2024. The production focuses on two popular models – the Toyota Hilux Pickup (1,030 cars) and the Toyota Fortuner SUV (290 cars).

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H.E. Rath Sovannorak, Deputy Governor of the National Bank of Cambodia, led a delegation of prominent figures, including bond investors and banking representatives, to inspect the ongoing construction.

During the visit, OCIC Chairman Lok Neak Oknha Pung Kheav Se emphasized Techo​ International Airport’s role as a “new gateway to Cambodia.” He stressed the airport’s strategic importance in contributing to the country’s economic and infrastructure development. He also underscored the project’s nearing completion, citing collaborations with world-class partners like Foster + Partners, Heerim Architects & Planners Co., Ltd., and Changi Airport International.

Oknha Charles Van, Director of Cambodia Airports Investment Private Limited (CAIC), spoke to the media after the visit. He emphasized the project’s unique scale, unprecedented in Cambodia’s history. He noted that witnessing the construction’s progress has led some commercial banks to consider further investment.

Construction of Techo International Airport, a US$1.7 billion project nearing completion in Prek Sleng commune, Kandal Steung district (Kandal province) and Bati district (Takeo province), is exceeding 78% progress and on track for its mid-2025 launch.

This significant project, developed by Cambodia Airports Investment Private Limited (CAIC) – a joint venture between OCIC and the State Secretariat of the Cambodian Civil Aviation Authority established in 2018 under the guidance of Samdech Techo Hun Sen, former Prime Minister and current President of the Senate.

The post Lok Neak Oknha Pung Kheav Se: “Techo International Airport, A New Gateway to Cambodia’s Future” first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The credit from the World Bank’s International Development Association (IDA) aims to enhance the quality and relevance of job-related skills among the country’s workforce and increase the employability and earnings of workers.

It will support the Skills for Better Jobs Project, which seeks to strengthen technical and vocational education and training, improve career guidance and job search support, and better engage employers when developing training programmes.

Cambodia’s economy and employment have grown rapidly in recent decades as macroeconomic stability, openness to trade, and preferential access to Western markets helped the country attract overseas investment. However, the quality of jobs is low: 89 percent of jobs in the country are low skilled and a large share are informal.

The five-year Skills for Better Jobs Project is designed to help Cambodia’s economy diversify into sectors that require more medium-skilled occupations. It will be implemented by the Ministry of Labour and Vocational Training and Skills Development Fund.

“As Cambodia aims to move up value chains and diversify its production, upskilling its current and upcoming workforce will be key to attracting more and better foreign direct investment and responding to employer needs,” said Ms. Maryam Salim, World Bank Country Manager for Cambodia.

“Technical skills training, when demand-responsive and supplemented with training in complementary skills, such as digital and behaviuoral skills, can support Cambodia in achieving its objectives,” she said.

The key expected outcomes of this project include greater employer satisfaction with the skills of training-programme graduates; an increase in the share of graduates who find jobs paying more than the national median wage; increasing industry’s voice in training design and delivery, and facilitating dialogue and collaboration between training institutions and employers; an improved labour market information system; and increasing the number individuals receiving job counseling and career guidance. AKP

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GWM, a leading global manufacturer of SUVs and pickups, is known for its rapid development and customer satisfaction. Minister Pheaktra was impressed by GWM’s modern cars, including some powered by renewable energy, a plus for Cambodia’s environmental goals.

He noted the rising living standards in Cambodia, allowing people to afford new, modern cars. To further connect with Cambodian consumers, Minister Pheaktra suggested GWM collaborate with local media to promote their vehicles in Khmer, Chinese, and English across social media platforms.

Responding to Cambodia’s economic growth and increasing demand for new cars, GWM representatives confirmed they are importing high-quality vehicles for the Cambodian market.

Interestingly, GWM’s reach extends beyond car sales. Their Dubai headquarters facilitates the export of Cambodian agricultural products, including fragrant rice, cashew nuts, mango jam, and lentils, to the Arab market.

Minister Pheaktra highlighted Cambodia’s abundance of agricultural products like rice, pepper, durian, fruits, and bananas, already exported internationally. He believes GWM’s involvement in processing and packaging Cambodian agricultural products can significantly benefit farmers. This collaboration can provide valuable knowledge and skills in processing and packaging for export markets.

Minister Pheaktra encouraged GWM to expand its support for Cambodian products by processing and packaging a wider range of goods. GWM representatives expressed their commitment to expanding their market reach for Cambodian products internationally.

The post Minister Pheaktra Welcomes GWM: Boosting Cambodia’s Economy Through Manufacturing and Exports first appeared on Estatedia | Economy & Real Estate Media in Cambodia.

The first-ever direct flight between the two countries, is scheduled to commence in June 16 with four flights per week.

The airlines hosted a prestigious event at the Shangri-La Hotel in New Delhi to promote the new “Phnom Penh – New Delhi” on May 14 in New Delhi.

The event was attended by over 230 representatives from the civil aviation and tourism sectors of both Cambodia and India, alongside numerous mainstream media outlets.

During the event, Cambodian national flag carrier officially announced the launch of the first-ever direct flight between the two countries, scheduled to commence on June 16. Initially, there will be four flights per week, with plans to increase the frequency to seven flights per week by the end of the year.

H.E. Koy Kuong, Ambassador of Cambodia to India, warmly congratulated the inauguration of the first-ever direct flight between both countries. He expressed optimism about doubling the tourist flow between Cambodia and India.

He pledged to facilitate partnerships and investment exchanges between the two countries’ tourism sectors and expressed hope for exploring new collaborations in various fields.

Mr. David Yuhong Zhan, Director of Cambodia Tourism Board, Vice Chairman and CEO of Cambodia Angkor Air, stated that Cambodia Angkor Air is deeply honoured to serve the people of India and Cambodia through this historic direct flight.

“We will warmly showcase the ‘Khmer Smile’ and provide a safe and comfortable journey. Cambodia Angkor Air will soon also launch new routes from Siem Reap to Delhi and from Phnom Penh to Mumbai,” he added.

Travel World Online, a leading global news and B2B networking platform for the travel, tourism, and hospitality industry, signed a memorandum of understanding with the Cambodia Tourism Association (CATA) on the occasion of announcement of India First-Ever Direct Flight Roadshow 2024.

“Under this new agreement, CATA members will gain the opportunity to engage and collaborate with a vast network of Indian travel agents registered on the TWO platform,” said CATA president Mrs. Chhay Sivlin.

“This initiative is expected to open new channels for increased business interactions and cultural exchange between Cambodia and India,” she said. AKP

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