The trust sector in Cambodia is rapidly evolving, with significant developments shaping its role in the country’s financial landscape. At the forefront of this growth is the newly launched Cambodia Trust Registration System, aimed at enhancing transparency and streamlining trust management. With over 1,042 registered trusts valued at USD 1.68 billion as of October 2024, the sector is becoming an essential pillar in the Kingdom’s financial strategy, supporting investment diversification, economic stability, and sustainable growth.
Expanding the Role of Trusts in Cambodia
Trusts in Cambodia serve multiple purposes, from commercial and financial asset management to real estate holdings and social trust services. The sector has been a key driver of investment confidence, offering a structured mechanism for managing assets securely. Commercial trusts dominate the landscape, accounting for USD 1.16 billion across 1,021 cases, while individual and financial trusts continue to see steady expansion. Real estate remains a significant component, with over USD 700 million in trust assets supporting developments across the country.
The 2024 Cambodia Trust Forum, held on October 30 at Sokha Hotel in Phnom Penh, reinforced the trust sector’s potential. Themed “Trust: Beyond a Platform for Trust Building,” the forum highlighted the Cambodian government’s commitment to advancing the sector, with H.E. Sok Dara, Director General of the Trust Regulator, emphasizing its role in the Financial Sector Development Strategy 2021-2025.
“Establishing a strong trust sector is essential for financial services growth and investment confidence. The introduction of the Trust Registration System ensures transparency, efficiency, and compliance with global standards,” Sok Dara stated.
Phillip Trustee: Setting Standards for Trust Services
Among the key players in Cambodia’s trust sector is Phillip Trustee (Cambodia), a subsidiary of Phillip Bank, which has positioned itself as a leader in trust asset management. The firm’s recognition at the 2024 Cambodia Trust Forum, where it received the Outstanding Trust Service Provider award, underscores its role in supporting foreign investments and business expansion.
Since entering the market in 2022, Phillip Trustee has offered comprehensive trust services, including holding trust property for commercial, social, and personal purposes, acting as an escrow agent for real estate transactions, and providing investment management services for clients upon request. The company’s expertise has made it a preferred partner for investors looking to navigate Cambodia’s financial landscape securely.
“We are honored to receive this award, which reaffirms our commitment to building trust-based financial solutions in Cambodia. With Phillip Capital Group’s extensive resources, we are well-positioned to support investors seeking structured and secure asset management,” said Proeung Sopheap, General Manager of Phillip Trustee (Cambodia).
The Future of Cambodia’s Trust Market
The Cambodian government sees trust services as a critical component of its long-term economic strategy. H.E. Ros Seilava, Secretary of State at the Ministry of Economy and Finance, highlighted the trust sector’s contribution beyond traditional banking and finance, extending into insurance, real estate, and securities markets.
“Trust services play a vital role in economic growth, tax revenue generation, and compliance with global financial standards, particularly in anti-money laundering and counter-terrorist financing,” Seilava stated.
The launch of the Trust Registration System marks a turning point in the sector, providing digital tools for trustees to create, renew, and manage trusts efficiently. This advancement is expected to strengthen regulatory oversight and enhance investor confidence, further solidifying Cambodia’s position as an attractive destination for financial investments.
As demand for trust services continues to grow, Phillip Trustee and other licensed operators are expected to drive industry expansion, offering innovative solutions that cater to both local and international investors. With a commitment to transparency, security, and strategic growth, Cambodia’s trust market is poised to become a cornerstone of the country’s financial future.
