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

  • Municipal hall releases map detailing colour coded Covid risks by commune

    Phnom Penh municipal governor Khuong Sreng released an official map detailing the red, yellow and dark yellow zones within the city under the new lockdown orders for Phnom Penh announced on April 26. The designation of red, dark yellow and yellow corresponds to areas with high,

  • Inter-provincial travel ban lifted; Phnom Penh and Takmao not exempted

    The government on April 25 decided to lift the inter-provincial travel ban and the closure of tourist attractions across the country, effectively immediately. The travel ban and closures of all resorts were imposed on April 6 and 17 respectively in a bid to curb the spread of Covid-19,

  • Phnom Penh, Takmao lockdown extended for another week

    The government late on April 26 announced an extension of lockdown in Phnom Penh and adjacent Takmao town in Kandal province for another seven days – or longer if residents do not comply with Covid-19 preventive measures and the community outbreak does not subside – until May 5. According

  • Gov't mulls extension of Phnom Penh, Takmao lockdown

    The Inter-ministerial National Commission for the Control and Enforcement of Lockdown held a video conference meeting on April 25 to review a draft document on the extension of lockdown in Phnom Penh and adjacent Kandal province’s Takmao town. The meeting was chaired by Minister of

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a