Cambodia Investment Review
Leading the charge in extending Singapore’s distinctive business practices to Cambodia, Phillip Bank’s Cambodia Director and Shareholder’s Representative, Mr. Ong Teong Hoon, hosted a presentation on the opportunities, challenges, and the Singaporean way of conducting business to a select delegation led by the Singapore Business Federation (SBF).
The SBF delegation, travelled to Cambodia to understand the Kingdom’s economic prospects and investigate potential investment opportunities, with Phillip Bank at the forefront, showcasing the Singaporean banking and financial style.
Singapore Business Federation and the Cambodian Opportunity
As the apex business chamber in Singapore with the largest membership of over 27,000 businesses, SBF’s visit to Cambodia symbolizes a landmark development in Southeast Asian economic collaboration. All business chambers and associations in Singapore are SBF members, indicating its significance in shaping and representing the business fraternity in Singapore.
The week-long visit included seminars, site visits to Special Economic Zones in Phnom Penh and Sihanoukville, and comprehensive briefings on the Cambodian market landscape. Several business networking receptions are organized to foster collaboration between different segments of the local business community.
Read more: SBF in Cambodia: A Week of Exploration, Collaboration, and Confidence in Emerging Markets
Speaking at the seminar, Mr. Ong elaborated on his topic, “Overview of the Banking and Finance industry and the Regulatory Regime” in Cambodia. He remarked, “Phillip Bank embodies the Singaporean approach in Cambodia, reflecting our commitment to nurture the relationship between the two nations. The banking landscape here consists of about 60 banks, numerous MFIs, leasing companies, and pawnshops.”
He further addressed various facets of Cambodia’s financial system, such as:
The dollarized economy that is gradually being dedollarized.Absence of foreign exchange control.Permissibility of foreign ownership of companies.Availability of insurance coverage as per usual commercial requirements.Largely collateralized lending with possibilities of cash flow lending.
Business Seminar: Cambodia – an Overlooked Destination for Investment and Business at Flatiron on August 01, 2023.
Mr. Ong emphasized, “We recognize the challenges of an imperfect market in Cambodia, but we see it as an opportunity. Phillip Bank is here to assist with loans, deposits, funds transfers, and other financial products tailored to the Cambodian economy.”
The SBF’s visit, with Phillip Bank as a key participant, marks an essential step in strengthening Singapore’s engagement with Cambodia’s emerging market. It showcases the possibilities of infusing Singapore’s method of doing business in a new, vibrant economy.
Read more: Singapore Business Federation Joins ‘Cambodia – an Overlooked Destination for Investment and Business’ Seminar
In the words of Mr. Ong, “This delegation is more than a business expedition; it’s a bridge between cultures and economies. Phillip Bank is honored to play a role in this significant stride towards a more unified Southeast Asia.”
The visit opens a pathway for more Singaporean businesses to explore and engage in Cambodia, with Phillip Bank setting a promising example. It will undoubtedly shape the way forward for Singaporean businesses, amplifying their influence in the rapidly growing Cambodian market.