A senior tax official pledged to facilitate all tax issues for Japanese investors currently investing or doing business in Cambodia to ensure things go smoothly, as part of a broader effort to create productive feedback channels, and improve transparency and operational efficiency, according to the General Department of Taxation (GDT).
The combined real estate and construction loan exposure of the Cambodian banking industry stood at 31 per cent of the sector’s $33.9 billion total loan book in end-June, at about $10.5 billion, according to the central bank.
The Kingdom’s banking and financial institutions have restructured 22.2 trillion riel ($5.5 billion) in loans for 367,239 borrowers in the first half of this year, to ease the burden on the public as the ongoing coronavirus outbreak dampens economic activity, according to the National Bank of Cambodia (NBC).
National Bank of Cambodia (NBC) director-general Chea Serey was tapped on July 26 as an advisory board member of ASEAN Financial Innovation Network (AFIN) where she hopes to see more Cambodian financial technology (fintech) players and financial institutions (FI) on the API Exchange (APIX) platform.
Cambodia is among the East Asian and Pacific (EAP) countries set to receive financial support from the World Bank to underpin a resilient post-Covid-19 economic recovery, fuelled by solid vaccination progress, the Washington-based development lender’s president told The Post.
Bank set for growth as owners reaffirm commitment to the Kingdom
The Ministry of Economy and Finance’s General Department of Taxation (GDT) collected $1.51590 billion in taxes in the first half of 2021, down 10.60 per cent from the same period last year.
The private sector rejoiced as new legislation entered into force, laying out the organisation and functions of the Non-Bank Financial Services Authority’s (NBFSA) individual units, a move widely-believed to spur further progress and strength in the non-banking financial services sector.
Global cross-border payment network Thunes has entered into a partnership with ABA – Cambodia’s largest commercial bank – to allow millions of overseas Cambodians to send money back home faster and more affordably, and cement its focus on the Kingdom as a vital Asian market, “with more capabilities to be rolled out in the near future”.
PPCBank has launched a new card management service for PPCBank Mobile App users as part of its commitment to embracing innovative technologies to create convenient banking for clients.