The Kingdom’s insurance industry generated more than $190 million in gross premiums last year – an increase driven by life insurance of nearly 30 per cent over the previous year – the Insurance Association of Cambodia (IAC) said.
Encouraging the use of riel will help contribute to Cambodia’s economic growth despite low usage rates in the Kingdom’s economy, according to National Bank of Cambodia (NBC) deputy governor Neav Chanthana.
The General Department of Taxation (GDT) has ordered that all taxpayers show the total amount of their tax invoices in Cambodian riel. The change will come into effect on April 1.
The use of the riel in the Cambodian economy is set to see a significant increase as more use it for large transactions, but its market share remains dwarfed by the dollar, according to a survey by the National Bank of Cambodia (NBC) and the Japan International Cooperation Agency (Jica).
Cambodian mobile payment app Pi Pay has shown progress since its service was unveiled in mid-2017, with total transaction value amounting to $170 million and total transactions reaching 7.5 million, the firm’s CEO said on Monday.
The American Chamber of Commerce in Cambodia (AmCham) has said an end to the Kingdom’s access to a US preferential tariffs agreement after the introduction of the “Cambodia Trade Act of 2019” by Washington would be “counterproductive”.
The National Bank of Cambodia (NBC) launched the National Strategy for Combating Money Laundering and Financing of Terrorism (ML/FT) 2019-2023 on Thursday and provided stakeholders with a document outlining the key strategies to fight ML/FT in the next five years.
Chip Mong Commercial Bank Plc began offering its first loan service on Wednesday, as it hopped onto the property sector by signing a partnership agreement with its sister company Chip Mong Land to provide loans for home buyers featuring more attractive terms.
The General Department of Taxation (GDT) on Wednesday held the first ever Cambodia-China Tax Forum in Phnom Penh to push awareness of the Cambodian taxation system among the growing Chinese firms in the Kingdom.
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.