The National Bank of Cambodia (NBC) has signed an agreement with a Japanese firm to develop a blockchain-based payment system that could potentially allow for the regulated usage of a cryptocurrency, which would eliminate the use of formal financial institutions to send and receive money.
The Ministry of Economy and Finance (MEF) is planning to form a joint committee chaired by government officials and microfinance institutions (MFIs) to promote small loan disbursements as the new 18 percent loan interest rate cap takes effect, according to an announcement released by the government on Friday.
AIA Cambodia Life Insurance Plc, a wholly owned subsidiary of Hong Kong-listed AIA Group Ltd, has partnered with telecommunications provider Smart Axiata to deliver life insurance products and services, according to a press release.
Cambodia's financial sector saw healthy growth last year with increased deposits and profits amid slower credit growth, reflecting sustainable development and increased public confidence in the sector, according to a recently released central bank report.
With the interest rate cap of 18 percent in full force for all new and restructured microfinance loans after the National Bank of Cambodia (NBC) issued a populist measure to curb high interest rates, microfinance institutions (MFIs) are starting to give predictions for lower profits this year as the new lending reality takes hold.
Vietnam Commercial Bank for Industry and Trade in Laos (VietinBank Lao) celebrated its fifth anniversary of operations in Laos last week at the Muong Thanh hotel in Vientiane.
The Tax Department has announced a one-month extension to its traditional March 31 deadline for companies to submit their annual corporate tax filings – an unprecedented last-minute move that some legal experts argue could be sending the wrong message to taxpayers.
The apex body for the nation’s microfinance industry announced yesterday that the central bank had tentatively agreed to a number of measures it had requested to ease the burden on microfinance lenders following last week’s unilateral decision to cap annual interest rates at 18 percent as of April 1.