spot_img

Z1 FINANCIAL launches its flagship ONETIME – Online Financial Education Program

Gareth Johnson

Southeast Asia’s leading digital investment platform – Z1 FINANCIAL – in collaboration with the Securities and Exchange Regulator of Cambodia (SERC) – held the workshop on the illegality of Ponzi schemes and launched its flagship ONETIME an online financial education program in Cambodia.

With the honor permission of H.E. Dr. Aun Porn Moniroth, Deputy Prime Minister, Minister of Economy and Finance and Chairman of the Non-Banking Financial Services Authority, the workshop was presided by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of the SERC as an honorable guest speaker.

The whole-day gala event was hosted at the OCIC building in Phnom Penh featuring distinguished guest speakers including:

  • Mr. Kuy Vat, Group Chairman of Zillennium Group
  • Mr. Say Sokheng, Chairman and CEO of Z1 FINANCIAL
  • Mr. Khim Sok Heng, Board Member of Z1 FINANCIAL
  • Mr. Soush Mony Udham, Researcher on Legal and Social Matters Related to Fraud
  • Mr. Na Peoupagnarith, Director of Legal Affairs Department
ONETIME – Online Financial Education Program launch.

This event was also attended by over 800 people including executives of SERC, Z1 FINANCIAL, Zillennium Group, Securities Firms, Fund Management Companies, Central Counterparty, Derivative Brokers, Professional Firms, Banks, Insurance Companies, Real Estate Companies, Universities, Firms Providing Services in the Securities Sector, Acleda Institute of Business, General Department of National Television of Cambodia and other institutions from the private sector.

Read more: CIR Media and SERC sign partnership to promote Cambodia’s capital markets

Ponzi schemes in Cambodia

Named after the Italian immigrant to the United States, Charles Ponzi. The original idea was legitimate and involved the arbitrage of international reply coupons (used by international postal services). The business involved exploiting the different exchange rates of currencies to offer a huge return to investors.

Customers would be lured in by huge return rates, so when the actual exchange of the coupons proved unfeasible Ponzi would pay new investors from old investors’ money. This meant those people paid out would report how successful it was, which in turn fuelled more investors to come forward.

Alas with no actual product to sell, and people being paid out from other investors’ money, eventually all Ponzi schemes come crashing down.

Mr. Kuy Vat, Group Chairman of Zillennium Group and H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC.

Despite the term Ponzi scheme originating over 100 years ago, the scheme has continued unabated, making a particular resurgence during the digital era. Victims not familiar with the schemes are targeted on chat platforms, such as Telegram, or WeChat, with huge returns offered for investment in Crypto Currencies, or even tangible assets such as gold and many different form of investment products.

Fraudsters are now particularly focusing on people in developing countries such as Cambodia, where they deem that there is a lack of financial know-how, one of the reasons for the launch of ONETIME. Avoiding such schemes was relatively easy according to Law Researcher Mr. Soush Mony Odham when addressing the attendees who stated “If it looks and sounds too good to be true, then it probably is”.

ONETIME – Online Financial Education Program

It was this perceived lack of education that in part led to the setting up of the ONETIME – an Online Financial Education Program by Z1 FNANCIAL with the strong support, endorsement and guidance of SERC. ONETIME aims to provide financial literacy and investment knowledge by incorporating practical experiences from business leaders in the region.

ONETIME will help people to get better financial and investment knowledge as their foundation to make wiser financial and investment decisions.

ONETIME Financial Education Program expert speakers included:

  • Khim Sok Heng, Entrepreneur, Investor and Motivator
  • Okhna Sok Piseth, CEO & Co-Founder of GGear Group
  • Audray Souche, Regional Managing Partner of DFDL
  • Rath Sophoan, CEO of Maybank
  • Chan Rotha, CEO of FWD Cambodia
  • Ratana Phurik Callebaut, Chairperson & Founder of the Cambodia Community Professionals
  • Mao Savin, Country Head of Emerging Markets Investment Advisors
  • Olivier Hurbert, Managing Partner of AlterCFO
Khim Sok Heng, Z1 FINANCIAL board member and Mr. Say Sokheng, Chairman and CEO of Z1 FINANCIAL.

Mr. Say Sokheng, Chairman and CEO of Z1 FINANCIAL commented: “ONETIME is specifically designed and consists of three courses including Personal Finance, Investment Foundation and Personal Development which all of these will become the fundamental components and play a crucial role in minimizing risk from falling into some scheme trap, like PONZI and to reach financial goals”.

As part of the 30-day, program participants would also be given a $100 investment reward to test and experience the investment on the Z1 FINANCIAL’s platform after completing those three course. 

Z1 FINANCIAL

Formed in June of 2021 Z1 FINANCIAL describes itself as the “first company in Southeast Asia that has developed a digital investment platform utilizing Blockchain technology”. Z1 FINANCIAL allows users to transact on the platform using its utility token called ZTU (Zillion Trust Unit) as an offering.

The company utilizes blockchain technology to help people invest in real estate through tokenization, a system common in other jurisdictions in the world that have more fully embraced blockchain technology.

Mr. Soush Mony Udom, Researcher on Legal and Social Matters Related to Fraud and Mr. Na Peoupagnarith, Director of Legal Affairs Department.

Read more: Z1 FINANCIAL launches its Digital Investment Platform for physical real estate and digital assets

ZTUs can be used to invest in development projects for a fixed return of up to 18% Annual Profit Yield (APY) through Project Staking or invest in whole or fraction of real estate, arts, and various types of entertainment through our NFT Marketplace.

The company has been incorporated legally in Singapore, Cambodia and Dubai (United Arab Emirates) and is in the process of obtaining a license from the Securities and Exchange Regulator of Cambodia.

Over 800 people attend the event.

Telegram Channel

Cambodia's best investment news & views direct into your Telegram account.

spot_img

Related Posts

spot_img