Cambodia and South Korea launch cross-border credit sharing initiative

Economy and Industry

Cambodia and South Korea launch cross-border credit sharing initiative Cambodia and South Korea have introduced a cross-border credit report sharing service to improve financial access for citizens relocating between the two countries. The initiative allows financial institutions to securely access credit histories, enabling smoother credit assessments. With over 50,000 Cambodians living in South Korea, this service addresses challenges in accessing financial services abroad. This system enables Cambodian citizens in Korea to use their Cambodian credit histories to access financial services, while Korean nationals residing in Cambodia can similarly obtain credit by utilizing their Korean credit records. As global workforce mobility increases, this solution seeks to address the issue of cross-border exchange of credit reports. (Source: Khmer Times)

Cambodia and Japan collaborate to enhance Sihanoukville Port On Friday, the Ministry of Public Works and Transport (MPWT) and the Japan International Cooperation Agency (JICA) held discussions about the master plan to transform the Sihanoukville Autonomous Port (PAS), Cambodia's largest seaport, into a regional hub and logistics center. Peng Ponea, Minister of MPWT, elaborated that the objective is to greatly enhance PAS's ability to operate and expand its range of services, making it stronger and more effective. This will reduce transportation expenses and boost its competitiveness compared to leading regional ports. He also mentioned that these initiatives would support the growth of the national economy and align with the goal of turning Cambodia into a high-income nation by 2050. (Source: Khmer Times)

Vocational training empowers Cambodian youth Cambodia's vocational and technical training programs have enrolled over 113,000 young people nationwide. These initiatives aim to equip youth with skills in various fields, including construction, electronics, and agriculture. The Royal Government of Cambodia launched a vocational and technical training program to offer free education to 1.5 million young individuals from underprivileged and vulnerable backgrounds. Participants are also provided with a monthly allowance of 280,000 Riel (around $70). The initiative is designed to empower Cambodian youth with professional and essential life skills, enabling them to obtain higher-paying employment opportunities in the future.. The programs also offer internships, fostering job readiness and economic growth. (Source: Khmer Times)

Corporate News

Phillip Bank introduces its first concept branch, merging finance with culture Phillip Bank has introduced its first concept branch, blending finance with art and culture, at its newly relocated Norodom Branch in Phnom Penh's Boeung Keng Kang district. This innovative approach aims to redefine customer experience by integrating high service standards inspired by Singapore with the refined preferences of Cambodian clients. The branch features a rotating showcase of Cambodian artwork, curated in collaboration with Angkor Arts, allowing visitors to appreciate and purchase local art. This initiative not only enhances the ambiance but also supports Cambodian creativity and craftsmanship. Exclusive meeting rooms are designed with attention to detail, offering bespoke scents, premium refreshments, and advanced video conferencing tools for seamless discussions with local and international experts. (Source: Cambodia Investment Review)

Stock Market

CSX index edges lower amid mixed performances; PEPC leads gains On the Main Board, PEPC (+7.69%) led the gainers, while PPAP (-0.85%), MJQE (-0.47%), PWSA (-0.32%), GTI (-0.28%), and ABC (-0.28%) posted losses. PPSP, PAS, and CGSM remained unchanged. On the Growth Board, DBDE was flat, while JSL declined by 0.95%. Total trading volume for the day reached 110,786 shares, with a turnover of KHR 666 million. (Source: YSC Research)

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