Harrison White
Phillip Bank, the sole fully Singaporean-owned commercial bank in Cambodia, recently played a key role in showcasing Cambodia’s investment potential to over 100 potential Singaporean investors and businessmen. In an exclusive interview with Cambodia Investment Review’s Leader Talks, Mr. Ong Teong Hoon, Director and Shareholder Representative of Phillip Bank, shared his insights on the opportunities for investment in Cambodia and how Phillip Bank can assist investors.
The seminar, titled “Cambodia: An Overlooked Destination for Business and Investment,” took place on March 22, 2024, at the Marina Bay Sands Expo and Convention Centre in Singapore. Orchestrated by Aquarii BD Cambodia and supported by significant entities such as Khmer Enterprise and Swisscontact, the event was endorsed by the Cambodian Ministry of Industry, Science, Technology, and Innovation (MISTI) and the Ministry of Commerce (MOC). The forum emphasized Cambodia’s growing status as a promising destination for trade and investment.
Mr. Ong delivered key insights into Cambodia’s investment opportunities. “Our journey in Cambodia, starting with a modest investment of $100,000 in 2009, has grown our shareholder funds to between $170-$180 million today. This growth is a testament to the country’s robust investment environment,” he stated, highlighting the bank’s significant commitment and success in the Cambodian market.
Mr. Ong underscored the absence of exchange control as a significant advantage for investors. “Cambodia offers an unparalleled level of flexibility in terms of capital movement. Investors are free to bring in funds and repatriate profits without undue restrictions, simplifying the investment process significantly.”
He also addressed Cambodia’s enhanced regulatory measures, noting the country’s 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 in place to ensure a secure investment environment,” he remarked, emphasizing Cambodia’s commitment to international standards in financial governance.
Highlighting the digital financial services landscape, Mr. Ong pointed out the remarkable growth in digital transactions, which exceeded $492 billion in 2023. “The Bakong system represents a significant milestone in facilitating seamless cross-border transactions, opening up new avenues for international trade and investment,” he said.
An integral part of the seminar was the introduction of the latest developments in trust laws and the granting of a trust license to Phillip Trustee (Cambodia), affiliated with Phillip Bank. “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, highlighting the strategic advantages for potential Singaporean investors.
The forum successfully articulated Cambodia’s readiness to welcome Singaporean business owners and investors, underscoring the mutual benefits of enhanced trade and investment ties between the two nations. Through Mr. Ong’s detailed insights and the collective efforts of the supporting partners, the event fostered deeper economic connections and highlighted the numerous opportunities for investment in Cambodia.
