The rate of microfinance loans with overdue payments dropped noticeably with the nonperforming loans ratio at one per cent at the end of last year, according to the National Bank of Cambodia (NBC) annual report.
Cambodia-based digital microfinance start-up Digicro Pte Ltd has raised $300,000 in seed capital from the Tokyo-headquartered Showcase Capital Co Ltd which will help them develop their microloan service mobile application, according to an announcement from the firm.
The National Bank of Cambodia (NBC) last year used less riel to buy US dollars thanks to more financial institutions using the central bank’s new monetary policy instruments. As a result, the exchange rate was stabilised.
The General Department of Taxation (GDT) collected over $2 billion in tax revenue last year, up 13.37 per cent from the same period in 2017, according to a statement released by the department on Tuesday.
Cambodia's financial sector continued to expand robustly last year, with outstanding loans and deposits at the end of the year maintaining double digit growth with bad loans remaining low, according to the central bank’s annual report published on Saturday.
The Chip Mong Group announced on Monday that it has officially expanded its business to the financial sector by unveiling its 12th subsidiary, Chip Mong Commercial Bank.
Cambodians may be able to market rice in the EU tariff-free if they sell the semi-processed grain to European millers instead of finished products to end consumers, as the former is still subject to a zero tax rate, said an exporter.
Insurance is a key player in ensuring financial security for farmers, which is crucial for an agriculture-based country such as Cambodia. One of the players in the insurance market, Forte Insurance, has been providing such policies, in a pilot project for the sector, since 2015.
SME Bank, the Kingdom’s new bank with an initial capital of $100 million that’s set to provide financing for small and medium enterprises (SMEs), is expected to launch later this year as funds are already in place for activation, a senior finance ministry official said on Tuesday.