Archive for the ‘Economy’ Category

Central Bank to plan to purchase $5 m

Posted by admin on September 1st, 2010

In order to protect of the depreciation of value of Cambodia’s currency and stabilize the Cambodia’s macroeconomics, the National Bank of Cambodia has tried to raise the value of Riel by purchasing a further US$5 million. The total of amount of dollars the central bank purchased reached US$48 million for the year.

Since mid-April, Cambodia’s currency goes down nearly 2 percent against dollar but it has held steady after the NBC has taken immediately action to stabilized Riel by purchasing the riel in a bid to create artificial demand for the notes and raising its value against greenback.

Tay Nay Im, The National Bank of Cambodia’s Director General, said that in general, appreciates staring October. She added that “the riel depreciates seasonally. We do not see anything abnormal.”

The NBC will auction the next $5 million in five separate $1 million lots from September 01 to 10 at the Central bank’s headquarters in Phnom Penh.

Last year, NBC purchased $54 million.

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Premium insurance revenues increased 18 percent

Posted by admin on July 20th, 2010

The figures from the General Insurance Association of Cambodia – GIAC – revealed that the premium revenues from Cambodia’s insurance sector was up by 18 percent to USD8.2 million during the first five months of 2010, but it was down 25 percent compared to the same period last year.

Chhay Rattanak, GIAC Chairman, was quoted by the Post as saying that the premiums from firs insurance contributed 26 percent, motor and miscellaneous insurance 25 percent each, and medical and health insurance, 16 percent to revenues.

The sum for claims in the first five months of 2010 was USD2.34 million, down 25 percent in comparison with the same period last year.

In General, the trend for buying premium insurance has been increasing. The upward trend is back on track, especially engineering and medical insurance, said Rattanak. He forecast that the industry would grow by between 10 to 15 percent this year.

At the present, there are six insurances companies operating in Cambodia, including Forte, CAMINCO, Asia, Campubank Lonpac, Infinity, and Cambodia-Vietnam Insurance. The insurance industry made total premium revenue of USD20.07 million last year.

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Commecial bank to manage pensions

Posted by admin on July 20th, 2010

A leading Commercial bank – Canadia Bank – signed agreement with the National Social Security Fund for Civil Servants (NSSFCS) yesterday in Phnom Penh in order to manage a pension and social security fund to Cambodian civil servants.

Initially, offering fund is for civil servants in Phnom Penh and it will be available through the banks a standalone bank account with its own ATM card. Having the account accessible through the bank would allow the correct funds to get to the end-users in a timely manner.

Chou Ratanak, the director for the Fund, was quoted by the Post as saying that the new NSSFCS fund aims to manage and insure a social security fund for when a civil servants retires or becomes handicapped, pregnant or is involved in an accident at work resulting in disability or death.

“Moreover, they can save their money through the fund, which will also have an interest rate with Canadia Bank,” Chou Ratanak said.

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Malaysian company to expand e-commerce in Cambodia

Posted by admin on July 20th, 2010

MobilityOne, which is Malaysian-based e-commerce Company, is looking online business in Cambodia by linking between banks and telecommunications. It is hopeful to launch an online mobile-banking, top-up and bill-payment system, accessible on the internet, mobile phones and ATMs within 2 to 3 months.

Prakash Rao, Cambodia business development manager, was quoted by the Post as saying that five of the country’s nine telecommunications providers- Qb, Hello, Metfone, Smart Mobile and Starcell- having signed up, and two more are close to signing. He added that the company is in talks and conducting tests with a few of the country’s 28 banks.

MobilityOne company is the holding company of an established group of companies based in Malaysia, namely MobilityOne Sdn Bhd (MobilityOne Malaysia), Netoss Sdn Bhd (Netoss) and PT MobilityOne Indonesia (collectively known as “Group”) in the business of providing e-commerce infrastructure payment solutions and platforms through their proprietary MoCS and ABOSSE technology solutions.

The Group has developed an end-to-end e-commerce solution which connects various service providers across several industries such as banking, telecommunication and transportation through multiple distribution devices such as EDC terminals, SMS, ATMs, and Internet banking. (more…)

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