Logo of Phnom Penh Post newspaper Phnom Penh Post - Chip Mong Group bank unveiled

Chip Mong Group bank unveiled

Content image - Phnom Penh Post
A 3D model of a Chip Mong Commercial Bank branch. CHIP MONG COMMERCIAL BANK PLC

Chip Mong Group bank unveiled

The Chip Mong Group announced on Monday that it has officially expanded its business to the financial sector by unveiling its 12th subsidiary, Chip Mong Commercial Bank.

Speaking to reporters at a press conference on Monday, Chip Mong Commercial Bank Plc president Yew Wan Kup said the bank obtained an in-principle licence from the National Bank of Cambodia (NBC) last May and has been building up its team since then.

He said the bank will begin operations by offering basic banking products and then gradually move to the latest digital banking ones.

Registration

“Cambodia is growing and its banking industry is also growing. We cannot go full digital overnight, but we will do it progressively,” Yew said.

Chip Mong Commercial Bank has been registered with the Ministry of Commerce since July and lists Pheap Heak as its board chairwoman, while Leang Khun and Leang Meng were named as directors.

Yew did not disclose the amount of the bank’s capital on Monday but said in order to operate in Cambodia, banks need to have capital of at least $75 million, as stipulated by the NBC.

The NBC’s semi-annual report for this year said the Kingdom was home to 39 commercial and 15 specialised banks.

Chip Mong business operations span over the construction and materials, consumer goods, property development, food and beverage, hospitality and retail sectors.

MOST VIEWED

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the

  • S’ville set to turn into ‘second Shenzhen’

    The Ministry of Economy and Finance has awarded a master plan consultancy contract to top Chinese institute for the development and transformation of Preah Sihanouk province into a “Model Multi-Purpose Special Economic Zone”, Southeast Asia’s next logistics and resort hub and innovation centre. The