Taiwan Co-operative Bank opened its first branch in Phnom Penh yesterday. It is second Taiwanese bank to enter the Kingdom’s market since the opening of the Mega International Commercial Bank in September, 2011.

The growing presence of  Taiwanese banks in Cambodia reflects the surge of Taiwanese entrepreneurs into the country — especially in the garment industry.

According to the bank’s press release, it received its business licence from the National Bank of Cambodia (NBC) on March 6 this year.

“The Phnom Penh branch of the Taiwan Co-operative Bank is the beginning of . . . its expansion onto the Indochina peninsula,” chairman Ling-long Shen said.

“This branch is its second stronghold within ASEAN, as it already has a Manila branch in the Philippines.”

NBC deputy governor Ouk Maly said the opening of a branch in Cambodia emph-asised private-sector confidence in the local banking and finance industry.

It would bring new technology to Cambodia and create jobs, she said.

Shen said the bank would bring experience in the Taiwanese rice sector to the Kingdom and support Taiwanese businesses in joint ventures.