Chief Cambodia Specialized Bank, a subsidiary of a Hong Kong-based brokerage firm, will begin operations in Cambodia next month, its management said on Monday.
Sokun Chakriya, head of marketing and sales at Chief Cambodia, said the bank aims to increase access to finance in Cambodia’s agricultural sector.
“We received a licence from the National Bank of Cambodia, so legally we now have everything in hand,” she said, adding that the new office would open in December at Canadia Tower.
Specialised banks do not accept deposits but provide loans to targeted sectors.
According to the National Bank of Cambodia, Chief Cambodia will be the eighth specialised bank in the country.
Yang Saing Koma, president of the Cambodian Center for Study and Development in Agriculture, said high interest rates and a lack of collateral still made funding challenging for farmers.
“It is also much better if the service can reach wider to small-scale farmers.”