Cambodia Investment Review
Cambodia Investment Review and the Trust Regulator (TR) have joined forces to raise awareness and promote the rapidly expanding trust market in the country.
The groundbreaking partnership aspires to bridge the gap between the complex financial regulations and the general public by providing accurate and reliable information through news and educational articles, fostering a transparent and trustworthy financial system in Cambodia.
The Royal Cambodian Government implemented the Trust Law in 2019, which established guidelines and procedures for four types of trusts: Commercial Trust, Public Trust, Social Trust, and Personal Trust.
Since its inception, 512 trusts have been registered, with a total value of approximately $939 million as of March 2023. However, there remains a pressing need for increased awareness and understanding of trusts among both local and international investors.
Transparency and communication in building a trustworthy financial system
The Memorandum of Understanding (MoU) was signed by CIR Media Founder & CEO Harrison White and TR Director General H.E. SOK Daraat the TR headquarters in Phnom Penh. Under this partnership, CIR Media will actively promote the trust sector in Cambodia, ensuring the dissemination of truthful and reliable information to positively impact the country’s trust market.
Read more: Investors seek tax clarification on Cambodia’s developing trust law framework
This collaboration aims to enhance cooperation mechanisms and raise awareness of Cambodia’s capital market among local and international audiences. For international investors, common questions revolve around taxation, trust creation, and trust income. On the other hand, local investors require more educational resources to better understand the concepts, benefits, and requirements of trusts.
Harrison White, CEO of CIR Media – the umbrella company of Cambodia Investment Review, emphasized the importance of transparency and communication in building a trustworthy financial system. He said, “Ongoing training and workshops that bring regulators, media, and the public together play a crucial role in building this collaborative ecosystem.”
He added that CIR Media’s commitment to training and workshops enables effective communication of financial regulations to the public, resulting in a more transparent and collaborative financial system that benefits all stakeholders.
CIR’s second collaboration with Non-Bank Financial Services Authority
This MoU marks CIR Media’s second collaboration with the recently formed Non-Bank Financial Services Authority. Their first agreement was signed with the Securities and Exchange Regulator of Cambodia, followed by hosting workshops and publishing educational and informative market updates.
Read more: CIR Media and SERC sign partnership to promote Cambodia’s capital markets
Harrison White also expressed his deep gratitude to His Excellency Aun Pornmoniroth, the Minister of Economy and Finance and Deputy Prime Minister, for continuing to believe in Cambodia Investment Review as trusted media partners to the Kingdom of Cambodia.
H.E. Sok Dara, Director General of the Trust Regulator, highlighted the strategic partnership with news agencies in the development of Cambodia’s trust sector. He expressed his hopes and beliefs that the MoU would encourage the public, investors, businesses, and professionals to gain a broader understanding of the trust operation process and the underlying business opportunities in the Trust sector in Cambodia.
Trust sector’s significant contribution to diversifying investment choices
H.E. Sok Dara also emphasized the trust sector’s significant contribution to diversifying investment choices for asset owners, offering an alternative to direct investment and a risk-mitigation mechanism.
Read more: Cambodia’s Trust Regulator Awards Inaugural Trust Licenses to Six Firms
He noted that public awareness is a core element requiring the full support and participation of the media. H.E. Sok Dara commended CIR Media for its unwavering commitment to raising public awareness and promoting participation in the trust sector.
Furthermore, H.E. Sok Dara elaborated on the role of trusts in Cambodia’s financial landscape. He explained that trusts serve as a risk-mitigation mechanism, equipping investors with confidence in operating their trust businesses.
Additionally, trusts enable asset owners with limited knowledge of investment opportunities in Cambodia to still invest in the country through a qualified and licensed trustee. This expands the range of options available to investors, ultimately strengthening the nation’s financial sector.
The first agreement of its kind with an English language media outlet
The partnership between Cambodia Investment Review and the Trust Regulator also aims to educate the public on the legal and regulatory aspects of trusts, including registration, management, and control.
As the first agreement of its kind with an English language media outlet, this partnership marks a significant milestone in Cambodia’s efforts to engage with international investors and share its growing financial market with the world.
By hosting workshops, training sessions, and other educational initiatives, Cambodai Investment Review and the Trust Regulator hope to foster a sense of trust and understanding between financial regulators, the media, and the public. This collaborative approach is expected to pave the way for increased investment in Cambodia’s trust sector and contribute to the country’s overall economic development.
Launched in September 2021, Cambodia Investment Review is focused on encouraging more quality investment in Cambodia by publishing the latest business and investment news to both local and international audiences.
