Cambodia Investment Review
Phillip Bank, the only fully Singaporean-owned commercial bank operating in Cambodia, recently spearheaded an influential seminar aimed at promoting Cambodia as a prime destination for Singaporean investors. Held at the Marina Bay Sands Expo and Convention Centre, the event, titled “Cambodia: An Overlooked Destination for Business and Investment,” attracted over 100 potential investors and business professionals from Singapore.
The seminar, organized by Aquarii BD Cambodia and supported by key entities such as Khmer Enterprise, Swisscontact, and endorsed by the Cambodian Ministry of Industry, Science, Technology, and Innovation (MISTI) and the Ministry of Commerce (MOC), provided a platform to showcase Cambodia’s burgeoning economic opportunities.
Unparalleled Level Of Flexibility In Terms Of Capital Movement
Mr. Ong Teong Hoon, Director and Shareholder Representative of Phillip Bank, delivered a compelling presentation highlighting Cambodia’s attractive investment climate. “Our journey in Cambodia began with a modest investment of $100,000 in 2009. Today, our shareholder funds have grown to between $170-$180 million, reflecting the robust investment environment Cambodia offers,” Mr. Ong stated, emphasizing the bank’s growth and commitment to the Cambodian market.
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One of the key advantages Mr. Ong highlighted was the absence of exchange controls in Cambodia. “Cambodia offers an unparalleled level of flexibility in terms of capital movement. Investors can bring in funds and repatriate profits without undue restrictions, simplifying the investment process significantly,” he said, underscoring the ease of doing business in the country.
Further bolstering investor confidence, Mr. Ong discussed Cambodia’s enhanced regulatory measures, including its recent exit from the Financial Action Task Force (FATF) grey list in February 2024. “Stringent Know-Your-Customer (KYC) and anti-money laundering regulations are now in place to ensure a secure investment environment,” he noted, highlighting the country’s commitment to international financial standards.
The digital financial landscape in Cambodia was another focal point of Mr. Ong’s presentation. He noted the remarkable growth in digital transactions, which exceeded $492 billion in 2023. “The Bakong system, in particular, represents a significant milestone in facilitating seamless cross-border transactions, opening up new avenues for international trade and investment,” Mr. Ong added, illustrating Cambodia’s ambition to create a modern, inclusive financial ecosystem.
Provision Of Specialized Services To Foreign Investors
The seminar also introduced developments in trust laws, with Phillip Trustee (Cambodia), affiliated with Phillip Bank, receiving a trust license. This allows the provision of specialized services to foreign investors, including holding trust property and personal trust services. “As a trustee company, we are positioned to support foreign investors in navigating the Cambodian market, offering tailored trust structures to meet diverse investment goals,” Mr. Ong explained, emphasizing the strategic advantages for potential Singaporean investors.
The event not only highlighted Cambodia’s investment potential but also fostered deeper economic connections between Cambodia and Singapore. Through Mr. Ong’s insights and the collective efforts of the supporting partners, the seminar successfully conveyed Cambodia’s readiness to welcome Singaporean business owners and investors, underscoring the mutual benefits of enhanced trade and investment ties between the two nations.
Phillip Bank’s pivotal role in this seminar underscores its commitment to raising brand awareness and facilitating investment opportunities for Singaporean investors in Cambodia. With its strategic initiatives and comprehensive support, Phillip Bank is poised to be a key partner for Singaporean businesses exploring the dynamic Cambodian market.
