The National Bank of Cambodia this week signed a Memorandum of
Under-standing with the State Bank of Vietnam that would allow for the
exchange of information to fight money laundering and terrorism
financing.
The MoU, signed by NBC Governor Chea Chanto and SBV
Governor Nguyen Van Binh in Phnom Penh on Wednesday, will allow the
individual countries to leverage the databases and information held by
the other country in combatting the two issues.
The Kingdom and
Vietnam also signed an MoU on Wednesday to enhance their respective
financial industries through worker development programs.
Source: http://www.phnompenhpost.com/index.php/2012033055326/Business/cambodia-vietnam-to-fight-financial-crimes.html
Credit bureau launches after delays
The Credit Bureau of Cambodia officially
commenced operations at its Phnom Penh headquarters on Monday,
according to CBC spokesman Steve Vaile, almost four years from when the
idea for the bureau was first conceived.
The CBC, a joint venture between Australia and New Zealand-based Vida Advantage, the Cambodia Microfinance Association and Association of Banks in Cambodia, aims to centralise loan information from the Kingdom’s banks and microfinance institutions in order to allow for better lending facilitation in the country.
Lenders will have easier access to the loan records of potential debtors, which causes a “reduction in finance sector loan rates because they have more information”, Vaile said.
“Foreign direct investment increases as there is more transparency in the sector,” he added.
Subscribe to:
Comments (Atom)